WASHINGTON, Aug 23 (Reuters) – Republican Michael Piwowar,
the newest member of the U.S. Securities and Exchange
Commission, urged regulators on Friday to study the issues
surrounding Nasdaq OMX’s trading halt before pressing
ahead with final market structure reforms.
Piwowar issued the following statement:
“It may take time to gather all of the facts about this
week’s market disruptions and evaluate the cause and extent of
the problems, but three things are already clear.”
“First, these events raise fundamental investor protection
questions. Second, the commission must engage in a thoughtful
dialogue on comprehensive market structure issues while working
with the industry to develop solutions, rather than allocating
the commission’s limited resources to non-mission critical
issues such as corporate disclosures of political spending,
median pay ratio, and climate change. “
“Third, the commission must use the information we learn
from these trading disruptions to become a smarter, more
effective regulator and, accordingly, should re-evaluate the
assumptions underlying the Regulation SCI proposal before moving
forward with further rulemaking.”
(Reporting by Sarah N. Lynch; Editing by John Wallace)
