Sunday, November 9, 2008
Newly appointed SEC Commissioner Luis A. Aguilar made his first publicly available speech before the 14th Annual Securities Litigation and Regulatory Practice Seminar in Atlanta, Georgia on October 31, 2008. Among other things, he stated:
While I applaud the tireless work of our staff, I do think the Commission can do more to fulfill its law enforcement role. I am particularly concerned by the potential drop off in large investigations, and by the dramatic decline in the past few years in the amount of penalties the Commission seeks and collects. In light of recent events, it is important now more than ever for the Commission’s enforcement staff to focus resources on cases involving the most egregious behavior with broad market effect and to be able to clearly send a message of deterrence.