{'fraction_non_alphanumeric': 0.022763366860772894, 'fraction_numerical': 0.0026469031233456856, 'mean_word_length': 5.585365853658536, 'pattern_counts': {'":': 0, '<': 0, '<?xml version=': 0, '>': 0, 'https://': 0, 'lorem ipsum': 0, 'www.': 0, 'xml': 0}, 'pii_count': 0, 'substrings_counts': 0, 'word_list_counts': {'cursed_substrings.json': 0, 'profanity_word_list.json': 0, 'sexual_word_list.json': 0, 'zh_pornsignals.json': 0}}
The Future of the Securities and Exchange Commission in a Changing World

On May 1, 2015, sixty-five prominent current and former SEC officials, lawyers, accountants, officers of business and financial institutions, and representatives of nonprofit organizations gathered at a program entitled “The Future of the Securities and Exchange Commission in a Changing World.” The participants examined policies, approaches, and strategies aimed at improving the effectiveness of the SEC in a new financial and global environment. This report contains a summary of the presentations and discussions at the Assembly, where no attempt was made to reach conclusions or achieve consensus. Although the participants in the Assembly are identified in the report, their views and recommendations are reported without attribution. A series of questions were presented to the participants and discussed in five separate sessions. Topics discussed included improvement of the SEC’s disclosure regime, examination of the Commission’s enforcement policies and positions, developments and challenges to the SEC in regulating investment markets, the better use by the Commission of data and economic analysis, the SEC’s budget, international securities regulation, accounting and auditing regulation, and other topics. SEC Chair Mary Jo White engaged in discussion with former SEC Chairmen Harvey L. Pitt and David S. Ruder regarding several topics, including the role of the SEC in regulating systemic risk, the Sunshine Act, the so-called “revolving door problem”, security-based swaps, and municipal securities. The questions presented at the Assembly and discussion by participants of problems confronting the SEC provide important markers for the Commission in the future. The authors believe they have accurately reported the views presented by the extremely well informed group of Assembly participants.