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.”

An examination program overseen by the Office of Compliance Inspections and Examinations is also important for a strong regulatory system, said Aguilar, who spoke on his own behalf and not for the Commission. Thought the OCIE was put in “handcuffs” after certain internal policies became effective in 2007, new guidelines to overcome “these burdensome hurdles” have recently been implemented, he said.

The SEC's lack of proper data-collection technology is also a handicap for the agency, said Aguilar. “It remains shocking to me that the Commission is deprived of basic data in so many ways— I have repeatedly spoken about the need for the Commission to have direct access to real-time data about the markets and market participants that we regulate, and I will continue to do so until this goal has been reached.”