Complicated Rules Need to Be Done Correctly: White

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Nov. 12 (Bloomberg) -- Mary Jo White, U.S. Securities and Exchange Commission Chairman, talks with Peter Cook about the challenges of rules implementation, tightening enforcement and the push for admission of guilt by financial entities. She speaks on Bloomberg Television’s “Lunch Money.”

Pay for play debate.

Mary jo white spoke with bloomberg's chief washington correspondent at the annual meeting of the main lobbying group, system or.

We are being faithful to the statutory mandate which includes the prohibition, and also we are making sure that for the exemption, market making, hedging exemption, that those are being done right as well so we are not having unintended negative consequences about liquidity and what people need to be able to do safely.

So, all the issues are obligated, need to be done correctly, and it is taking time, but we have made extremely good process -- progress.

You are satisfied at the end of the day you will be able to make that distinction between hedging and marketing, that regulators can do that.

Because there was question in congress whether you could.

I think you have to recognize that once the rules are done, we need to see how they operate, also.

Down the road, this is something that we need to change, tighten up, we are not shy about that.

You have not been shy on the reports as well.

Talk about the messages you are sending to folks here on wall street about what is different with the sec today.

I know you're not critical about the previous enforcement activities of the sec, but it is different.

We have a very strong program.

I draw from my experience as a prosecutor as well as a private attorney.

We want to have an even stronger deterrent message to wall street, make certain investors know that we care about them in compliance with the rules designed to protect them.

That is one of the reasons we are not focusing on the biggest violations, but also compliance rules that maybe have not got as much attention in the past from enforcement, but very important roles, particularly at the retail level.

Coming into the job, i have the luxury of a very strong division in enforcement.

The biggest change maybe this notion of having folks admit responsibility, guilt in certain circumstances.

Why is this so important?

I think it is important.

Certain cases deserve, require really, an extra amount of public accountability.

Those cases include ones where we have the most egregious, the harm most widespread, the risk to the marketplace most severe.

It is a change.

But also to emphasize the know admit-no denied protocol we used for so many years -- it is an extremely important tool in our arsenal and we continue to use that.

We use allocations promptly and money is returned to investors very quickly without having to wait for the outcome of litigation or the risk of litigation.

But there are some cases where i think it is very important we have a look at the ability.

Steve cohen and sac capital, is that one of those cases?

Can't talk about that.

That is ongoing.

The new sheriff of wall street, is that a title you wear proudly?

I would not reject it.

Peter cook there with the new sheriff of wall street.


This text has been automatically generated. It may not be 100% accurate.


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