ARTICLE
21 March 2017

SEC Investor Advisory Committee Examines Investor Research And Disclosure Initiatives

CW
Cadwalader, Wickersham & Taft LLP

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Cadwalader, established in 1792, serves a diverse client base, including many of the world's leading financial institutions, funds and corporations. With offices in the United States and Europe, Cadwalader offers legal representation in antitrust, banking, corporate finance, corporate governance, executive compensation, financial restructuring, intellectual property, litigation, mergers and acquisitions, private equity, private wealth, real estate, regulation, securitization, structured finance, tax and white collar defense.
The SEC Investor Advisory Committee ("IAC") discussed SEC investor research initiatives, the FINRA 2016 Financial Capability Study, and academic research on financial literacy and the unequal voting rights of common stock.
United States Corporate/Commercial Law

The SEC Investor Advisory Committee ("IAC") discussed SEC investor research initiatives, the FINRA 2016 Financial Capability Study, and academic research on financial literacy and the unequal voting rights of common stock.

At the open meeting, SEC Acting Chair Michael S. Piwowar outlined recent disclosure-related SEC initiatives and emphasized that "disclosure-based securities regulation is the great innovation of our agency."

SEC Commissioner Kara M. Stein urged the Commission to "use a data-centric approach to understanding today's investor" by "conduct[ing] outreach and using technology to identify gaps in investor protection," as well as gaps in the financial literacy of investors. She cautioned that "some innovation may prove detrimental to investors," and called on the SEC to "be mindful of the precedent being created" for areas such as the Commission's "regime for initial public offerings."

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