Baker McKenzie Partner Peter Chan Addresses US House of Representatives Financial Services Capital Markets Subcommittee Regarding SEC Rulemaking, Enforcement

Baker McKenzie Partner Peter Chan testified Feb. 4 before the US House of Representatives Financial Services Capital Markets Subcommittee, discussing how the US Securities and Exchange Commission can establish policies to ensure fairness in both enforcement and rulemaking.

The hearing in Washington, DC included testimony from leaders in the financial services industry. Peter, who spent 20 years at the SEC's Division of Enforcement before joining Baker McKenzie, advises financial firms, public and private multinationals, pension funds, auditors and executives on enforcement and regulatory concerns from the SEC and other agencies. Peter is a frequent speaker on SEC enforcement trends and developments, and has authored numerous papers and articles on these issues, including a letter urging the SEC to modernize its approach to executive compensation disclosures, and a recent piece on revitalizing the US IPO market. Peter's testimony centered on how to ensure a culture of fairness at the SEC.

The SEC should "establish clear rules to hardwire fairness into the SEC's culture," Peter testified, proposing the Commission create an independent advisory committee of outside experts, which would "help the SEC further identify methods to align Staff incentives to revitalize the SEC's culture of fairness."

Watch a recording of the hearing here and learn more about Baker McKenzie's government enforcement group here.