SEC.gov | Financial Innovation and the SEC

Fintech - The Evolving Financial Marketplace

DID YOU KNOW

The SEC formed the Distributed Ledger Technology Working Group to build expertise; identify emerging risk areas, and coordinate efforts among the SEC’s divisions and offices. The approximately 75 members of the working group also assist in coordination with federal, state, and local law enforcement and regulatory partners and liaising with industry.

SEC Fintech Forum

The SEC hosted a forum to discuss innovation in the financial services industry Nov. 14, 2016, at SEC headquarters in Washington, D.C.

Forum panels discussed issues such as blockchain technology, automated investment advice or robo-advisers, online marketplace lending and crowdfunding, and how they may impact investors.

Webcast Archives

Fintech Forum Webcast Archive Part 1
Fintech Forum Webcast Archive Part 2
Fintech Forum Transcript

Sunshine Act Notice
Press Release Announcing Fintech Forum
Press Release Announcing Fintech Forum Agenda and Panelists

Fintech Forum Agenda (Panelists as scheduled to appear)

7:45 a.m. ET | Doors Open
[+]9:00-9:15 a.m. ET | Opening Remarks

Opening Remarks by Chair White, followed by Commissioner Stein, and Commissioner Piwowar
[+]9:15-10:30 a.m. ET | Panel 1 – Impact of Recent Innovation in Investment Advisory Services
Moderator: Kristin Snyder, Co-Head of the Investment Advisor/Investment Company program in
the SEC Office of Compliance Inspections and Examinations

Panelists
- Ben Alden, General Counsel of Betterment
- Bo Lu, Co-Founder and CEO of Future Advisor at Blackrock
- Mark Goines, Vice Chairman of Personal Capital
- Neesha Hathi, Executive Vice President for Investor Services Platforms,
  Strategy and Client Experience at Charles Schwab
- Jim Allen, Head of Capital Markets Policy Group, CFA Institute
10:30-10:45 a.m. ET | Break
[+]10:45 a.m.-12:15 p.m. ET | Panel 2 – Impact of Recent Innovation on Trading, Settlement, and Clearance Activities
Moderator: Valerie Szczepanik, Head of the SEC Distributed Ledger Technology Working Group;
Assistant Director, SEC Division of Enforcement

Panelists
- Brad Peterson, Executive Vice President and
  Chief Information Officer/Chief Technology Officer at Nasdaq
- Chris Church, Chief Business Development Officer, Digital Asset Holdings
- Mark Wetjen, Head of Global Public Policy at DTCC
- Professor Emin Gun Sirer, Cornell University
- Grainne McNamara, Principal in the Capital Markets team at PricewaterhouseCoopers
12:15-1:30 p.m. ET | Lunch Break
[+]1:30-3:00 p.m. ET | Panel 3 – Impact of Recent Innovation in Capital Formation
Moderator: Sebastian Gomez Abero, Head of the Office of Small Business Policy,
SEC Division of Corporation Finance

Panelists
- Matt Burton, CEO, co-founder of Orchard Platform
- Conor French, General Counsel of Funding Circle and co-founder of
  the Marketplace Lending Association
- Javier Saade, Managing Director at Fenway Summer Ventures
- Sara Hanks, Co-founder and CEO of CrowdCheck
- Michael Pieciak, Commissioner of the Vermont Department of Financial Regulation and
  Chair of NASAA Corporate Finance Section
- Karen Mills, Senior Fellow at Harvard Business School
- Ram Ahluwalia, CEO and Co-Founder of PeerIQ
3:00-3:15 p.m. ET | Break
[+]3:15-4:30 p.m. ET | Panel 4 – Investor Protection in the Fintech Era
Moderator: Marc Wyatt, Director of SEC Office of Compliance Inspections and Examinations

Panelists
- Travis Schwab, CEO of Eventus Systems
- John Walsh, Partner at Sutherland Asbill & Brennan LLP
- Nikhil Lele, Principal in the Financial Services Office at Ernst and Young
- Rick Fleming, SEC Investor Advocate
4:30 p.m. ET | Fintech Forum concludes

Crowdfunding

Starting May 16, 2016, companies were able to use crowdfunding to offer and sell securities to the investing public.

Regulation Crowdfunding Final Rule
Investor Bulletin: Crowdfunding for Investors
Crowdfunding White Paper
Crowdfunding offerings data

Blockchain/Distributed Ledger

On July 25, the SEC issued an investigative report cautioning market participants that ICOs may be subject to federal securities laws.

Staff Letter and Responses: Fund Innovation and Crypto Holdings
Statement on unlawful platforms for digital assets
Hinman speech on digital asset transactions
Press Release: SEC Report on DAO Tokens and ICOs
Investor Bulletin: Initial Coin Offerings
Transfer Agent Concept Release (blockchain applications)

Automated Investment Tools/
Robo-Advisers

On a mobile device or a desktop computer, investors can access a broad range of automated investment tools. With ease-of-use also comes risk.

Guidance Update: Robo-Advisers
Investor Bulletin: Robo-Advisers
Investor Alert: Automated Investment Tools

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Financial Innovation and the SEC

DID YOU KNOW

SEC Fintech Forum

Fintech Forum Agenda (Panelists as scheduled to appear)

7:45 a.m. ET | Doors Open

[+]9:00-9:15 a.m. ET | Opening Remarks

[+]9:15-10:30 a.m. ET | Panel 1 – Impact of Recent Innovation in Investment Advisory Services

Moderator: Kristin Snyder, Co-Head of the Investment Advisor/Investment Company program in
the SEC Office of Compliance Inspections and Examinations

Panelists

10:30-10:45 a.m. ET | Break

[+]10:45 a.m.-12:15 p.m. ET | Panel 2 – Impact of Recent Innovation on Trading, Settlement, and Clearance Activities

Moderator: Valerie Szczepanik, Head of the SEC Distributed Ledger Technology Working Group;
Assistant Director, SEC Division of Enforcement

Panelists

12:15-1:30 p.m. ET | Lunch Break

[+]1:30-3:00 p.m. ET | Panel 3 – Impact of Recent Innovation in Capital Formation

Moderator: Sebastian Gomez Abero, Head of the Office of Small Business Policy,
SEC Division of Corporation Finance

Panelists

3:00-3:15 p.m. ET | Break

[+]3:15-4:30 p.m. ET | Panel 4 – Investor Protection in the Fintech Era

Moderator: Marc Wyatt, Director of SEC Office of Compliance Inspections and Examinations

Panelists

4:30 p.m. ET | Fintech Forum concludes

Crowdfunding

Blockchain/Distributed Ledger

Automated Investment Tools/
Robo-Advisers