The last study of the capital markets was conducted more than five decades ago and laid the foundation for years of sound regulation. But the U.S. and global securities markets have undergone tremendous change since then, driven by globalization, advances in information technology, and regulatory choices at the federal and international levels. A new examination of the securities markets is urgently needed to better understand the relationships between market microstructure and regulatory reform.
The New Special Study will be conducted in three stages. The first stage was completed in Summer 2018 and consisted of:
Seven papers were commissioned from leading figures across the fields of primary markets, trading markets, intermediaries and globalization.
Featuring acting SEC Chairman Michael Piwowar, the conference invited over 100 leading academics, practitioners and regulators to present and comment on draft papers.
Securities Market Issues for the 21st Century includes final versions of the foundational papers along with an overview that ties them together and incorporates commentary from the conference.
Featuring SEC Commissioner Robert Jackson and held at Columbia Law School, the panel discussed the most pressing issues concerning securities markets.
The workshop focused on what the regulatory environment for Initial Coin Offerings would look like if designed from scratch.
This half-day conference featured the recent work on debt markets by Allen Ferrell of Harvard Law School, and Larry Glosten, Columbia Business School, among others.
Stage II began in July 2018. Its components include:
Stage III will begin in the Fall of 2023. This final stage will involve implementation of the Prospectus, completion of the identified research projects, and preparation of the final report. The final report will be published as a hard copy and e-book and delivered to Congress and the relevant regulators, as well being made available to the public.
For a more detailed account of the history and future trajectory of the New Special Study, see The New Special Study of the Securities Markets.