On April 24th, the SEC announced it is forming an internal, cross-divisional COVID-19 Market Monitoring Group. This temporary, senior-level group will assist the SEC and its various divisions and offices in SEC and staff actions and analysis related to the effects of COVID-19 on markets, issuers, and investors, including main street investors. It will also guide responding to requests for information, analysis and assistance from fellow regulators and other public sector partners.
The COVID-19 Market Monitoring Group will work closely with personnel from across the SEC. This will include staff in the Division of Economic and Risk Analysis (DERA), Division of Trading and Markets, Division of Investment Management, Division of Corporation Finance, Office of Municipal Securities, Office of Credit Ratings, Office of Compliance Inspections and Examinations (OCIE), Office of International Affairs, Office of the Chief Accountant and the SEC’s Activities-Based Monitoring Committee. In addition, the group will assist in the SEC’s efforts to coordinate with and support the COVID-19-related efforts of other federal financial agencies and other bodies, including the President’s Working Group on Financial Markets (PWG), Financial Stability Oversight Council (FSOC) and the Financial Stability Board (FSB), among others.
The COVID-19 Market Monitoring Group will be chaired by S.P. Kothari, the SEC’s Chief Economist and Director of DERA. Jeffrey Dinwoodie, Chief Counsel and Senior Policy Advisor for Market and Activities-Based Risk in the Office of the Chairman, will assist Dr. Kothari in managing and coordinating the efforts of the group. The COVID-19 Market Monitoring Group will also initially include the following representatives from across the SEC:
- Dalia Blass, Director, Division of Investment Management
- Peter Driscoll, Director, OCIE
- Raquel Fox, Director, Office of International Affairs
- William Hinman, Director, Division of Corporation Finance
- Timothy Husson, Associate Director and Head of Analytics Office, Division of Investment Management
- Jessica Kane, Director, Office of Credit Ratings
- Rebecca Olsen, Director, Office of MunicipalSecurities
- Sumit Rajpal, Senior Policy Advisor
- Brett Redfearn, Director, Division of Trading and Markets
- David Saltiel, Associate Director and Head of Office of Analytics and Research, Division of Trading and Markets
The SEC believes its monitoring of, and responses to, the effects of COVID-19 on capital markets often must take into account complexities, interconnections and continually evolving dynamics. The COVID-19 Market Monitoring Group will help to continue and expand upon interdisciplinary work across the SEC’s offices and with other government agencies.
Sources:
Division of Corporation Finance Statement Regarding Requirements for Certain Paper Documents (other than Forms 144) in Light of COVID-19 Concerns (www.sec.gov)
