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SEC Announces Agenda and Panelists for Roundtable on Microcap Securities


Washington, D.C., Oct. 11, 2011 – The Securities and Exchange Commission today announced the panelists and final agenda for a public roundtable on microcap securities to be held next week.

The October 17 roundtable, announced last month, is being sponsored by the SEC’s Microcap Fraud Working Group and will feature three panels discussing key regulatory issues, including anti-money laundering monitoring, compliance challenges, and potential changes to the microcap regulatory framework.

The event will begin at 1 p.m. in the multi-purpose room at the SEC’s Washington D.C. headquarters, with public seating on a first-come, first-served basis. The event also can be viewed by live webcast, and will be archived on the website for later viewing.

Members of the public who wish to provide their views on the matters to be considered at the roundtable discussion may submit comments through one of the following methods:

Electronic Comments

Use the SEC’s Internet comment form or send an e-mail to rule-comments@sec.gov and include File Number 4-639 on the subject line.

Paper Comments

Send paper submissions in triplicate to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, 100 F Street, N.E., Washington, D.C. 20549-1090, and refer to File Number 4-639.

Any comments submitted in connection with the roundtable will be made available to the public.

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Agenda and Panelists

1:00 p.m.

Call to Order and Opening Remarks: Chairman Mary Schapiro and Robert Khuzami, Director of the Division of Enforcement

1:15 p.m.

Panel 1 — Compliance Challenges Associated with Microcap Securities

Moderator: Peter Curley, Associate Director, Division of Trading and Markets.


  • Claire Santaniello — Managing Director and Chief Compliance Officer, Pershing
  • Mihal Nahari — Chief Compliance Officer, The Depository Trust & Clearing Corporation (“DTCC”)
  • Thomas Merritt — Senior Managing Director, Deputy General Counsel and Corporate Secretary, Knight Capital Group
  • Steven Nelson — Chairman, Continental Stock Transfer and Trust Company
  • Marvin Pickholz — Partner, Duane Morris
  • Brian Lebrecht — Founder, The Lebrecht Group, APLC
  • David Chapman — Director, Department of Market Regulation, FINRA

2:15 p.m.


2:30 p.m.

Panel 2 — Anti-Money Laundering Monitoring

Moderator: Sarah Green, Bank Secrecy Act Specialist for the Office of Market Intelligence


  • Betty Santangelo — Partner, Schulte Roth & Zabel
  • Susan DeSantis — Managing Director and Deputy Chief Compliance Officer, DTCC
  • Lynne Johnston — US Head of Anti-Money Laundering Compliance, RBC Capital Markets
  • Harold Crawford — Global Director of Anti-Money Laundering & Sanctions, Brown Brothers Harriman & Co.
  • Aaron Fox — Managing Director, IPSA International Inc.
  • Jeff Horowitz — Managing Director and Chief Anti-Money Laundering and OFAC Officer, Pershing
  • Bill Park — Director, FINRA Department of Enforcement

3:30 p.m.


3:45 p.m.

Panel 3: Potential Changes to the Regulatory Framework Concerning Microcap Securities

Moderator: John Polise, Associate Director, Office of Compliance, Inspections and Examinations.


4:45 p.m.

Concluding Remarks (John Polise)

5:00 p.m.




Modified: 10/11/2011