Commissioner Aguilar discusses U.S. Equity Market Structure: Making Our Markets Work Better for Investors

The following public comments were released by Commissioner Luis A. Aguilar, U.S. Securities and Exchange Commission (SEC)[1] on May 11, 2015.  A copy of them appears on the SEC website, here.

I. Introduction

It is well known that the Commission needs to undertake a holistic review of our current equity market structure. In fact, the Commission has formed an advisory committee to assist that review.[2] In furtherance of that process, the following is intended to focus on certain issues that any serious review should consider—such as the various issues that have arisen from our markets’ increasingly fragmented … Read more

Commissioner Aguilar discusses Weakness in SEC’s Enforcement Program

The following Dissenting Statement was delivered by Commissioner Luis A. Aguilar of the U.S. Securities and Exchange Commission in the Matter of Lynn R. Blodgett and Kevin R. Kyser, CPA, Respondents. A copy of the Statement is also available here.

During my tenure, I have been a strong supporter of the SEC’s Enforcement program.  I have advocated for an effective Enforcement program by focusing on individual accountability, effective sanctions that deter and punish egregious misconduct, and policies designed to eradicate recidivism.[1]  The importance of a strong and robust Enforcement program cannot be overstated.  It is a vital component of … Read more

Commissioner Aguilar discusses Addressing Risks to Protect Investors

The following remarks were delivered by Commissioner Luis A. Aguilar of the U.S. Securities and Exchange Commission in Washington, D.C. at SEC Speaks on January 21, 2014.  A copy of the speech is also available here.

Thank you for that kind introduction.  I am honored to be here today.  Before I begin my remarks, let me issue the standard disclaimer that the views I express today are my own, and do not necessarily reflect the views of the U.S. Securities and Exchange Commission (the “SEC” or “Commission”), my fellow Commissioners, or members of the staff.

This is the sixth … Read more

SEC Commissioner Aguilar discusses the SEC’s Crowdfunding Proposal

The following is a speech given by SEC Commissioner Luis A. Aguilar on October 23, 2013, available here.  It is entitled “Harnessing the Internet to Promote Access to Capital for Small Businesses, While Protecting the Interests of Investors.”

Today, the Commission is proposing new rules to implement Title III of the JOBS Act, which exempts qualifying crowdfunding transactions from the registration and prospectus delivery requirements of the Securities Act.[1]  The new Regulation Crowdfunding is expected to be used primarily by small companies.  As is well known, although personal savings is the largest source of capital for most … Read more

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