SEC to Hold Public Roundtable on Microcap Securities

October 11, 2011 /

The Securities and Exchange Commission has announced the panelists and final agenda for a public roundtable on microcap securities to be held on October 17.

Next week’s roundtable is being sponsored by the SEC’s Microcap Fraud Working Group, a joint initiative of the Division of Enforcement and Office of Compliance Inspections and Examinations.

The Working Group is the SEC’s primary resource for issues relating to market participants and trading practices concerning securities primarily quoted on the OTC Bulletin Board (OTCBB) or OTC Quote (previously Pink Sheets).

The roundtable is part of an ongoing SEC effort to focus on the particular challenges facing issuers and regulated entities within the changing business and regulatory climates.

The purpose of the roundtable is to enable the SEC staff to gather ideas and request input for regulatory measures surrounding the execution, clearance and settlement of low-priced securities.

The event will feature three panels discussing key regulatory issues, including anti-money laundering monitoring, compliance challenges, and potential changes to the microcap regulatory framework. It 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 first set of panelists, which will discuss the compliance challenges associated with microcap securities at 1:15 p.m., include Claire Santaniello, Managing Director and Chief Compliance Officer, Pershing; Mihal Nahari, Chief Compliance Officer, The Depository Trust & Clearing Corporation; Thomas Merritt, Senior Managing Director, Deputy General Counsel and Corporate Secretary at Knight Capital Group; Steven Nelson, Chairman, Continental Stock Transfer and Trust Company; Marvin Pickholz, Partner, Duane Morris; Brian Lebrecht, Founder, The Lebrecht Group, APLC; and David Chapman, Director, Department of Market Regulation, FINRA.

The second panel, which will tackle about anti-money laundering monitoring at 2:30 p.m., include 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; and Bill Park, Director, FINRA Department of Enforcement.

The third panel includes David Feldman, Partner, Richardson & Patel LLP; Susan Merrill, Partner, Bingham McCutchen; Chris Stone, Vice President of Equity Products, FINRA; Susan Grafton, Of Counsel, Gibson, Dunn & Crutcher; Walter Van Dorn, Partner, SNR Denton US LLP; and R. Cromwell Coulson, President, Chief Executive Officer and Director, OTC Markets Group. They will discuss the potential changes to the regulatory framework concerning microcap Securities

The event 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 the SEC’s Internet comment form or send an e-mail to and include File Number 4-639 on the subject line.

The public is also advised to submit comments by sending in their forms in triplicate to Elizabeth 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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