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William A. Birdthistle

SEC Investment Management Chief Speaks on Doing Investment Companies Well

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Good morning. Thank you, Eric, for your kind introduction. I appreciate the ICI’s invitation and I hope – if you decide ever to renew it – that I’ll be able to join you all in person someday.

Please allow me, if I may, to make clear that my comments today are my own and do not necessarily reflect the views of the Commission, the Commissioners, or the SEC Staff.[1]

As Eric mentioned in his introduction, I am new to this position. Indeed, today marks the end of only my third month on the job. The SEC announced my appointment

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SEC Investment-Management Chief Speaks at Investment-Adviser Conference

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Good morning. Thank you, Karen, for your kind introduction and for inviting me to speak today. I am delighted to join you for my first public address as the Director of the Division of Investment Management.

Let me begin, if I may, by making clear that my remarks today are my own and do not necessarily reflect the views of the Commission, the Commissioners, or the SEC staff.[1]

Just over two months ago, I was both an academic and a student, studying the economic history of post-bellum America, a time when the country emerged from war to confront income

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The Anti-SPAC Attack Claque

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A joint letter by 58 law firms is certainly a notable declaration, particularly when pulled together within a mere 10 days after litigation initiated by esteemed scholars. Observers might be tempted to wonder whether the motivation for such a quick and public press release is the signatories’ concern with analyzing a legal issue carefully, or with losing a large book of business and being called to account for legal advice that now stands in question.  The New York Times quotes one attorney as saying, “We really needed something powerful to take away” the “P.R. narrative.”

Upon what, precisely, have all … Read more

Funding Crises: An Empirical Study of the Paycheck Protection Program

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Soon after the coronavirus pandemic erupted in the spring, Congress enacted the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, pumping $2.2 trillion into the economy. Now, nine months later, many of that law’s critical elements have ended or will soon expire. Senate Majority Leader McConnell and Speaker of the House Pelosi are engaging in talks but have yet to agree on a new stimulus package.[1] When they do, we believe they can learn several important lessons from the effects of the CARES Act. In our article, we conducted an empirical study of important elements of the CARES … Read more

Operating Systems: How Tech Is Changing Asset Management

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The impact of technology on finance (FinTech) is one of the hottest topics in business, law, and regulation, with academics and practitioners considering a host of issues that include cryptocurrencies, robo-advice, initial coin offerings, and algorithmic analyses of big data.  Yet very little analysis has been devoted to the world’s largest financial industry: asset management.

The Rise of Concentrations of Digital Technology: Financial Operating Systems

In a new paper, we identify and explore a topic of major significance in FinTech: the rise of financial operating systems (FOS) and their evolution in the global asset management industry. These digital technology ecosystems … Read more