玛丽•夏皮罗的工作是解决美国证券交易委员会。她并没有就此停止。 满足了顽强的监管谁了显着的四年运行
兵家2013年9月2日
由LYNDA DUGDALE

玛丽•夏皮罗被任命为第29届会长
美国证券交易委员会和它的第一位女性主席|图片：安德鲁•戈尔迪 美国证券交易委员会（SEC ）的缫丝的苛刻，但合理的批评之后未能预测，控制，甚至包含了全球金融危机。 根据其手表，骗子马多夫管理，以¬操作上最大的庞氏骗局在历史上和华尔街伟岸雷曼兄弟倒闭，取数十亿美元，商业信心和声誉下跌。 这是一个令人兴奋的时间与交易商投资于他们的计划，更遑论监管，不理解，其行为他们无法预测。
相关阅读：美国证券交易委员会的小规模战斗过的标准
美国证券交易委员会，以及许多世界各地的金融监管机构，被赤裸裸地暴露为没有能力处理全球各地的混乱爆发。 美国政府啪陷入危机模式，并交给了该¬金融部门数十亿美元的救市的非凡之举。但仍然是经济震动。 进入玛丽•夏皮罗，职业监管，抢救一个含情脉脉的美国证券交易委员会。她的工作是评估什么地方出了错，并确保它没有再次发生。 ¬ 夏皮罗被任命为美国总统巴拉克奥巴马作为美国证券交易委员会的第29届主席和第一位女性主席 - 虽然这个事实，她说，迷失在分配给她的任务有多么艰巨。 “当我加入了2009年6月，我的想法是恢复金融监管社区内机构的活力和公信力， ”夏皮罗说INTHEBLACK访问期间，悉尼最近。 “我的理解它是如何真正的关键是我们经济的成功有一个机构，这是高功能，灵活和智能，并致力于保护投资者和市场的完整性。 “我认为我对，而不是100天一天，”她说，备受吹捧的头100天里使用的许多高管负责周围转动挥舞公司。 那么，如何执行去收拾残局和最大的金融灾难在现代历史上的一个后制定的4000员工一个联邦监管机构恢复计划？ 夏皮罗说，她有三个重点：评估什么需要在组织内进行;换档机构的焦点回到保护投资者;并承认自己的错误。 新主席需要一个新的高管团队。 “我需要招募新人才，新技能，该机构并没有传统上 - 它一直很律师为中心，我的观点是，我们需要¬分析师和人民谁知道交易，市场结构，公司治理和整体那将是重要的未来的技能范围， “她说。 她也需要人来重整美国证券交易委员会最大的部门 - 执法检查 - “使该稳压器反应更灵敏，更敏捷和聪明，能够看到周围的角落，以找出其中的下一个问题是，他们打我们的脸前。有很多伟大的人谁愿意离开华尔街，坐在桌子的另一边，我们注意到了充分利用。 “ 但夏皮罗，谁该机构从1988年专员至1994年曾表示，美国证券交易委员会也有优秀的员工在其书，谁需要更多的“振兴领导”员工的职业生涯。新的领导团队开始再培训，提高技能和激励员工。 借力是一个字夏皮罗使用了很多，当她谈到战略和她说，她通过引进新的领导利用了美国证券交易委员会的天赋。 “它结束了是非常有建设性的， ”她说。

夏皮罗会见美国总统奥巴马
和财政部盖特纳部长
工作人员被送往资格成为注册舞弊审核。辗转管理的一整层和那些员工被调往前线。 另外万多员工被分为专业单位，以重点关注的领域，如腐败国外的做法，内幕交易，市场操纵及结构性产品 - 这个以前从未在SEC进行。 该战略的工作和SEC看到两个记录年执行。所有这些都是对新技术的平台来实现。夏皮罗说，证交会已经“技术饿死” 。 她的第二优先是把设备到位，以保证“麦道夫”可能不会再发生该机构。她把它称为投资者为重点的议程，她的领导下的一个标志。 有关于她的办公室门上的牌子，上面写着：“它是如何帮助投资者”她预期，大家从工作人员到银行到交易所的成员来解决这个问题在与她讨论。 “因为如果不是这样，我们真的没有时间了现在。也许有一天，但现在我们都了解我们如何帮助投资者， “她常说。 “我想确保我们在最大的投资银行是我们的责任和什么样的风险，他们提出的顶部。没有我们需要什么样的规则来编写或行动没有我们需要确保我们了解这个行业，我们是规范？ “ 在此期间，对冲基金登记第一次和机构的审查程序进行了修订更加基于风险作出。规则还分别设置为场外交易衍生工具和资产支持证券¬ 。 2010年7月美国证券交易委员会达成与金融机构的规模最大的一次结算时，高盛被罚款5.5亿美元用于通过误导投资者对按揭证券之前，美国住房市场崩溃，2007年实施欺诈。 夏皮罗说，从金融危机的最明显的教训之一是缺乏注意风险在企业的各个层面 - 从董事会和高级管理层及向下流动到各级决策。 “必须有¬注意在各个层面和它必须非常认真地对待， ”她说。 “这是关于理解的风险，并具有透明性，足以了解你正在服用的风险。然后构建结构，以确保有遵守所有的规则。监管机构将有一个巨大的专注于风险管理如履薄冰了。我们都明白这是每个金融机构的成功和金融体系将整体的成功多么重要。“ 而解决这个庞大的问题，夏皮罗相对uncriticised ，尽管一些人认为，她不采取积极行动，以领先的个人在谁促成了金融危机的银行都收取。 一个关键的举措，她显然感到高兴的是建立举报人程序。这不仅仅是提供一个安全的途径，告密者讲述自己的故事。 它是关于协调所有的提示到一个中央数据库中，以便能够追踪移动和侦测证券违法行为。和它是如何使用包含在 - 组织知识。 “我们希望利用公众和业内人士，我们希望利用自律组织，当我们没有足够的资源来完成这项工作， ”夏皮罗说。 “因为美国证券交易委员会并不大，因为它需要是，鉴于这项工作的规模，杠杆事情是¬真正重要的是我，我们在那些早年谈了一遍又一遍。 ”

夏皮罗在参议院作证
银行，住房和城市事务委员会。
夏皮罗寻找一种方式来鼓励告密者挺身而出。美国证券交易委员会最终去美国国会计划为人们提供金钱奖励，如果他们提供的关于正在进行的证券违法违规行为，导致一个成功的执行¬换货行动的信息。这样做的权力是多德 - 弗兰克法案（见事实文件，左） 。 “这被证明是非常成功的， ”她说。 夏皮罗的第三个任务是应对金融危机本身，并承认了错误，美国证券交易委员会提出，因为公众相信它有一个看门狗和看门狗让他们失望。 美国证券交易委员会不得不承认其性能的差距，让别人像麦道夫拉过他的骗局了这么久。 麦道夫在承认经营了数十亿被判入狱，2009年150年 - 美元的庞氏骗局，涉及数千¬投资者，通过他的财富管理公司，而¬纳斯达克的非执行董事长。 夏皮罗说，美国证交会她的任期内，她曾形容为像在冲刺跑马拉松的过程中立下了汗马功劳。但她担心，在目前的低利率环境下，券商和投资者都达到了产量和承担高风险的产品，而并不总是了解的缺点。 “我们已经看到增加的销售是相当复杂的产品，其中有潜在的更大的回报，但也有可能¬更大的风险， ”她说。 “有一些真正重要的投资问题在那里 - 做了很多，但很多工作要做，我害怕。 ” 玛丽•夏皮罗从美国证券交易委员会在2012年12月辞职。在2013年，她加入了其他监管机构前任在海岬金融作为顾问，以寻求符合规定的金融机构。 她还对全球企业通用电气的董事会。她访问了澳大利亚，解决委员会澳大利亚经济发展。

事实档案
多德 - 弗兰克华尔街改革和消费者保护法案（ 2010年7月）促进美国通过提高金融体系，结束了大到不能倒的组织，通过结束救助保护纳税人的问责制和透明度的财务稳定性和保护消费者免受滥用金融服务的做法。 庞氏骗局是一种投资欺诈涉及付款的资金贡献的新投资者，以现有的投资者声称的回报。 庞氏骗局的组织者往往通过承诺高额回报，很少或没有风险招揽投资者。
玛丽•夏皮罗：我学到了什么
是一个很好的同事。是去到的人，他们有人可以依靠，帮助他们做任何他们需要做的。 成为专家，再次成为去到人，谁知道一切有了解的课题。它可以是狭窄的开始，但你可以建立它。这是一种方式来建立你的信誉。知道你的东西然后分享它慷慨帮助别人去做的是什么，他们需要做的。 把整个人的照顾。工作是非常重要的，希望大家从我们的工作中获得大笔，所以它必须是有意义的，一些你很高兴起床，做的每一天。但是，不要忽视你的家人，你的朋友，你的社区。 转一转，通过政府。借此机会从事公务的人员，并把你已经开发的所有的专业知识。 很难在政府，聚光灯可以很明亮，就业困难，但认为这是我们的孩子和孙子们，我们有一个工作的一个政府的成功有多么重要，那就是充满了谁想要得到它的人权利，并确保每个人都有机会繁荣。人们不得不采取政府一转，以确保这些事情发生。

夏皮罗在国际财务报告准则
美国的立场并没有真正改变了多年。有一种观点认为，如果我们能达成一套全球性的，高质量的会计准则，这将是一个非常好的结果。 在我的时间在SEC有，并且，一对夫妇的问题。其一是，机构投资者都非常熟悉美国会计准则[一般公认会计原则] ，他们认为，对于一些特别的行业，美国公认会计准则给出了一个更好，更细致的介绍，他们在寻找使他们的资本分配决策有用。 我觉得另一个问题对美国是有大约10,000的上市公司。他们中的绝大多数没有交易在全球市场，所以打算从美国通用会计准则国际财务报告准则的成本是巨大的，他们没有看到一个好处，因为他们不会有一个国际市场对他们的股票。 最后，我认为这是有关监管机构的问题之一是，如果每个国家都已经适应了国际财务报告准则一点点，我们真的有国际会计准则的全球集，还是我们有很多的略有不同的标准，以国家为？ 不同的行业得到区别对待根据会计准则，因为它们是在该国更加突出比他们可能是在另一个国家。虽然我知道有一个关于继续与财务会计准则委员会[财务会计准则委员会]上收敛议程共同努力倦意，我认为这项工作是非常重要的，我希望它会继续下去。

本文是从2013年9月发行INTHEBLACK杂志。
Mary Schapiro will step down next month as U.S. Securities and Exchange Commission chairman, turning over the reins to Commissioner Elisse Walter in a move industry observers say will bring little change at the agency. Schapiro, 57, who took the SEC’s top job in 2009 as it reeled amid public rebukes for failing to rein in Wall Street abuses, will leave the post Dec. 14, the agency said in a statement today. President Barack Obama named Walter to succeed Schapiro as the SEC navigates a flood of mandates from the 2010 Dodd-Frank Act and pursues efforts to overhaul regulation of money-market mutual funds and high-frequency trading. “Elisse Walter is a safe choice,” James Angel, a visiting finance professor at the University of Pennsylvania’s Wharton School of Business, said in a telephone interview. “She has the experience, she has credibility and she hasn’t offended too many people. With all the other problems the administration has to deal with, with the fiscal cliff and everything else, the last thing they need is a major confirmation battle.” Walter, 62, who served as interim chairman before Schapiro took over, will step in again as the agency works to implement Dodd-Frank measures such as the so-called Volcker rule limits on banks’ trading and tries to overhaul the money-market mutual fund industry after Schapiro’s initial effort ended in failure. The agency has also struggled under Schapiro’s leadership to enact rules for implementing the financial-regulation overhaul, keep pace with industry advances in high-speed trading and win legal settlements that pass muster with a public seeking to place blame for the financial crisis. Schapiro Ally

A Democrat who has backed Schapiro on virtually every rulemaking vote, Walter was an executive vice president at the Financial Industry Regulatory Authority, where Schapiro was chairman and chief executive officer before rejoining the SEC. Her views “are consistent with the views of the administration,” Ken Bentsen, executive vice president at the Securities Industry and Financial Markets Association, said today in a telephone interview. It’s “entirely logical and appropriate” for Obama to put her at the helm, Bentsen said. “Elisse Walter brings tremendous institutional knowledge and experience,” he said. “She’s been at the table during this tumultuous period in the financial markets.” It was unclear how long Walter might serve as chairman. Her five-year term as commissioner expired June 5, and under current law, she’s entitled to work through the end of 2013 without being reconfirmed. The president has the right to designate any sitting commissioner as chairman. Future Nominee

Obama intends to make a nomination to the SEC in the near future because Schapiro’s departure will leave the five-person panel one member short, according to an administration official. The person, who spoke on condition of anonymity, didn’t say whether the nomination would be for a chairman. “I’m confident that Elisse’s years of experience will serve her well in her new position, and I’m grateful she has agreed to help lead the agency,” Obama said in his statement, which also praised Schapiro. Senator David Vitter of Louisiana, a Republican on the Banking subcommittee that oversees the SEC, said the selection of Walter represents an “arrogant bypassing of Congress.” “The Obama administration needs to appoint people who are focused on ending too-big-to-fail and bailouts, but unfortunately someone with that mentality won’t even get a fair consideration,” Vitter said in a statement. ‘Practical Response’

Senator Jack Reed, a Rhode Island Democrat who leads the Securities, Insurance and Investment subcommittee, said the SEC needs the leadership that a permanent appointee would bring. “I think it’s a practical response to Mary’s departure, but I think in a timely and deliberate way they should send up a nomination to chair,” Reed said in a statement. “Elisse is extraordinary talent, but acting is different than confirmed.” Walter had been a senior official at the National Association of Securities Dealers Inc., the brokerage industry’s self-regulator, before it merged with oversight functions of the New York Stock Exchange to become Finra in 2007. Her history at the SEC goes back to her days as a staff lawyer starting in 1977, according to her SEC biographical entry. Like Schapiro, Walter also served at the Commodity Futures Trading Commission, where she was general counsel. Schapiro, a former CFTC chairman, was appointed by Obama to run the SEC in January 2009, shortly after the credit crisis pushed Congress to approve billions of dollars in bailout funds for Wall Street firms that became overextended on the agency’s watch. A political independent, Schapiro replaced Christopher Cox, a Republican who had held the office since 2005, as she became the first woman to lead the agency on a permanent basis. Stronger Agency

“When Mary agreed to serve nearly four years ago, she was fully aware of the difficulties facing the SEC and our economy as a whole,” Obama said. “She accepted the challenge, and today, the SEC is stronger and our financial system is safer and better able to serve the American people -- thanks in large part to Mary’s hard work.” After passing a set of money fund rules in 2010 that tightened credit standards and introduced liquidity minimums, Schapiro argued the funds still posed a danger to the global financial system and pushed for even tougher changes opposed by asset managers. Schapiro shelved her plan in August when all the other commissioners except for Walter said they wouldn’t support it. Looking to prevent the Financial Stability Oversight Council from taking over the process to resolve the impasse, fund company executives last month floated a compromise plan built around allowing funds to restrict withdrawals when they are under stress. Compromise Talks

Walter’s designation as chairman “means more of the same, although any fresh face has the potential for renewing compromise talks,” Peter Crane, president of money-fund research firm Crane Data LLC, said in an interview. “A new SEC chair supporting systemic rules would make them a lot easier to finalize, but Treasury holds the big gun,” Karen Shaw Petrou, managing partner of Washington-based research firm Federal Financial Analytics Inc., said in an e-mail. Schapiro’s SEC also struggled to show it has a grasp on an increasingly fragmented market dominated by electronic and high-speed trading. She supervised adjustments of trading practices and set the stage for a future computer surveillance system after a computer program employed by one firm sparked a 20-minute plunge in stock prices on May 6, 2010, temporarily erasing $862 billion of market value. Following Knight Capital Group Inc. (KCG)’s $457 million loss because of a trading error in August, the agency is grappling with the need to ensure that brokers and exchanges can avoid technology mishaps that may harm investors. Nasdaq Stock Market flubbed Facebook Inc. (FB)’s initial public offering in May, two months after Bats Global Markets Inc. withdrew its own IPO because of a technology malfunction. Madoff Fraud

The start of Schapiro’s tenure was dominated by public criticism over the agency’s failure to detect Bernard L. Madoff’s multi-billion dollar fraud, which was uncovered a month before her appointment. At the same time, the regulator was under fire for its role in supervising Lehman Brothers Holdings Inc., which filed the biggest U.S. bankruptcy in September 2008. Kayla Gillan, Schapiro’s deputy chief of staff until last year, said her former boss deserves credit for fighting back against arguments that the SEC be dissolved after its failures. “Mary has served four of the most difficult years the SEC has ever faced,” Gillan said in an interview. Gillan, now a principal at PricewaterhouseCoopers LLP, said Schapiro “restored the agency and the capital markets to a place the investors can rely on them again.” Schapiro tapped a former federal prosecutor, Robert Khuzami, to reinvigorate the SEC enforcement division, setting in motion the biggest overhaul in that unit’s history. The division, which has since filed dozens of cases related to the financial crisis, has also faced criticism from lawmakers, judges and investors that it has gone easy on top