NERA Expert Interviewed on Futures and Securities Regulation
15 October 2008
NERA Vice President Dr. Sharon Brown-Hruska, former Commissioner and Acting Chairman of the US Commodity Futures Trading Commission, was recently interviewed by SFO Magazine to share her insights on how futures and securities regulators perceive current oversight issues. Harvey L. Pitt, former Chairperson of the Securities and Exchange Commission, also was interviewed for the piece. Drawing from their experiences, Dr. Brown-Hruska and Mr. Pitt each discussed a range of topics, including how the philosophy of a regulator affects retail traders; the Treasury's "Blueprint for a Modernized Financial Regulatory Structure;" how regulators can position US markets to stay competitive on a global basis; and what regulatory structures or rules need to be updated to bring the US system current with developments in the financial world. In addition, Dr. Brown-Hruska offered advice to those currently at the helm of US regulatory bodies, warning them to avoid the temptation to adopt politically motivated quick fixes and to focus instead on principles-based approaches. She also advised regulatory authorities to pursue a more targeted enforcement of laws with the imposition of penalties appropriately tailored according to principles of deterrence. Finally, in the international arena, she advised regulators to pursue global cooperation that includes continuous dialogue among regulators and the regulated.
