RMSC: Introductory Remarks by SEC Commissioner Gallagher

The opening session of the Conference was the keynote address by Commissioner Daniel Gallagher of the Securities & Exchange Commission ("SEC"). Commissioner Gallagher's bio can be found here.  Commissioner Gallagher's remarks were his own personal views and not necessarily those of the Commission.  Generally, but very candidly, the Commissioner discussed important issues currently facing the SEC and fielded a few questions about the recently enacted JOBS Act. 

Commissioner Gallagher highlighted the importance of maintaining a regional SEC presence for facilitating enforcement and the protection of investors.  Another issue the Commissioner discussed was the restructuring of the Commission's Division of Enforcement and the benefits gained therefrom.  He stated the restructuring provides a more effective and efficient use of the monetary and personnel limits placed on the Commission's scarce resources.  Two related topics included the SEC's new electronic Tip, Complaint, and Referral ("TCR") system and the Commission's commitment to full and fair procedural due process for those individuals and companies under investigation.  The Commissioner highlighted the increased expertise and efficiencies gained from such initiatives. 

The next session focuses on current issues regarding enforcement, including the perspective from the defense.

Todd Penner