In the wake of what some call one of the biggest regulatory failures in memory, the Chairman of the Securities and Exchange Commission is calling for a new era of responsibility on Wall Street. Chairman Mary Schapiro called broker-dealer compliance executives to join in the new era Tuesday, at the 2nd Annual CCOutreach BD National Seminar.
Schapiro noted the loss of confidence in the markets, although she said that the SEC has taken steps towards the goal of restoring confidence.
"Among other things, the Enforcement Division has been uncuffed; there is a new initiative to improve the processing of whistleblower tips; and a roundtable has been announced to examine the important topic of credit rating agency oversight," she noted. "But there is so much more that can be done and that's where all of you are critical."
She called on financial services firms to "lead the charge" in repairing the regulatory structure.
"Reforms can — and will — be imposed by the SEC to try to repair the damage that has been done to investor confidence and to assure that investors are protected when they place their trust in financial services firms and the markets," she added.
However, she said that the SEC can only do so much, and it is counting on the compliance officers. Specifically, she said the officers should feel "empowered" to promote compliance as an essential ingredient in the success of a firm.
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December 19, 2025 15:10 ET U.S. inflation data and interest rate decisions by major central banks were the highlights of this busy week for economics news flow. Employment data and survey results on the housing markets also gained attention in the U.S. In Europe, the European Central Bank and Bank of England announced their policy decisions and macroeconomic projections.