Luis Aguilar, one of five commissioners of the Securities and Exchange Commission, called for regulators to unite to defend the “fundamentals of regulation,” including enforcement, against an attack “on multiple fronts”—from underfunding of the SEC to industry efforts to claw back or delay implementation of Dodd-Frank Act provisions.
“It is clear that understanding the principles of regulation and implementing those principles through robust oversight is the core mission of a regulator,” said Aguilar at the North American Securities Administrators Association (NASAA) annual public policy conference yesterday. “A key aspect of robust oversight is ensuring compliance and prosecuting those who violate the law.”
