The SEC Wants a Bigger Allowance Because Robots

Posted on by Adrienne Gonzalez

The U.S. Securities and Exchange Commission needs more money to properly police equity markets and detect potential misconduct, especially in a world of rapid-fire trading, SEC Chair Mary Jo White told lawmakers on Tuesday.

"We… have focused intensively on potential misconduct in the equity markets," White told a U.S. House of Representatives appropriations panel in prepared testimony.

"But detecting misconduct in constantly evolving securities markets, including as a result of the growth of algorithmic, automated trading and 'dark pools,' requires substantial resources," she added. [Reuters]

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Mary Schapiro Wants Accountants to Get Better at Their Jobs

Did you work hard this past busy season? Did you toil away for hours and hours to provide exemplary client service? Did you take one for the team when that creeper client contact wanted to dance at the end-of-the-year party? Great. Well done, good and faithful capital market servant. But guess who still isn’t satisfied? The SEC Chair, Mary Schapiro. Why? Well, it’s becuase you’re still not meeting investors expectations and the SEC is hearing about it. Everyone is demanding the best and you’re simply not cutting it right now.

“At the SEC, we have heard from investors that they are not as confident as they could be, and they have areas in which we all could expect more from accountants, from accounting standards, from regulators and from those who provide assurance through the audit process,” she said. “I believe that, when your customer asks for more, especially after the challenges of recent years, you need to listen.”

So maybe this is what KPMG is talking about when they say things are going to the next level?

SEC’s Schapiro Says Investors Expect More from Accountants [AT]