Iain Murray My CEI colleague John Berlau, however, maintains that most cryptocurrencies fall outside even Howey’s broad definition of securities, and the SEC is clearly exceeding its jurisdiction. [4], Atkins began his career as a lawyer in New York City with Davis Polk & Wardwell, focusing on a wide range of corporate transactions for U.S. and foreign clients, including public and private securities offerings and mergers and acquisitions. Ryan Radia John Berlau Keeping strict limits on accredited investor status is a classic example of governmental paternalism that “protects” Americans from investment gains as much as investment losses. Paul Atkins is chief executive of Patomak Global Partners, LLC, a financial services consultancy that provides industry and regulatory expertise, delivers value in an efficient manner, and provides a competitive edge to companies navigating the global marketplace. He represented the SEC at various meetings of the US–EU Transatlantic Economic Council, the President’s Working Group on Financial Markets, the World Economic Forum, and the Transatlantic Business Dialogue. Now, ordinary investors who hold credentials like Series 7 certifications may join the “accredited” club and have the same opportunity to build their wealth by buying shares in early-stage growth companies. Angela Logomasini In a nation in which many people believe that opportunities for wealth accumulation are unequal, this “modernization,” as the Commission termed it, is a step toward making opportunities for both risk and reward equally available to all. Consider environmentally motivated investors who shun big energy companies that currently sell a lot of oil and gas. Manhattan Street Capital, for example, has a short explainer on how crypto tokens could be considered an investment contract under Howey, and therefore be subject to regulation by the SEC. James Copland is a senior fellow and director of legal policy at the Manhattan Institute. Our guests also reviewed the recent reform of the Commission’s “accredited investor” rule, which limits who can invest in the private equity world. Travis Burk In 2017, Mr. Atkins also served on the president's Strategic and Policy Forum, advising on financial markets regulation and economic policy. Ryan Young, Copyright © 2020 Competitive Enterprise Institute, CEI Event with Hester Peirce and Paul Atkins: ESG, Crypto, and other SEC Hot Topics, New CFPB Reports Find Consumer Credit Resiliency During the COVID-19 Pandemic, California’s Proposed Mini-CFPB Is Cronyist and Ill-Conceived, Pension Managers Must Focus on Retiree Security, Not Politics, CEI Comment on Employee Benefits Security Administration Proposed Rule "Fiduciary Duties Regarding Proxy Voting and Shareholder Rights". Paul Adkins OFC stock SEC Form 4 insiders trading Paul has made over 1 trades of the Corporate Office Properties Trust stock since 2017, according to the Form 4 filled with the SEC. Besides English, he speaks German and French. But Commissioner Peirce also looked at the question as a matter of a token issuer’s timeline, or lifecycle. He is Vice Chairman of the American Council on Germany, and from 2013-2017 was a member of the Committee for Economic Development of the Conference Board. Yesterday, in the most recent installment of the Competitive Enterprise Institute’s “Repeal for Resilience” event series, CEI President Kent Lassman welcomed Securities and Exchange Commission (SEC) member Hester Peirce and former SEC Commissioner Paul Atkins for a discussion on the future of finance regulation. Paul Atkins is chief executive of Patomak Global Partners, LLC, a financial services consultancy that provides industry and regulatory expertise, delivers value in an efficient manner, and provides a competitive edge to companies navigating the global marketplace. Peirce and Atkins also considered the regulatory prospects for cryptocurrencies. Under Chairman Breeden, he assisted in efforts to improve regulations regarding corporate governance, enhance shareholder communications, strengthen management accountability through proxy reform, and decrease barriers to entry for small businesses and middle market companies to the capital markets. Originally from Lillington, North Carolina, Atkins grew up in Tampa, Florida. Paul Atkins Washington Mr. Atkins was a SEC Commissioner 2002-08. Under Chairman Levitt, he was responsible for organizing the SEC's individual investor program, including the first investor town hall meetings, and an SEC consumer affairs advisory committee. In its early phase, raising capital for the launch of a new cryptocurrency may look like an investment contract, but in its mature phase, the token may trade in a way that is very different. [4] He served with chairmen Harvey Pitt, William H. Donaldson, and Christopher Cox. Paul Atkins is chief executive of Patomak Global Partners, LLC, a financial services consultancy that provides industry and regulatory expertise, delivers value in an efficient manner, and provides a competitive edge to companies navigating the global marketplace. ESG activists should be careful what they ask for. Paul S. Atkins is CEO of Patomak Global Partners LLC, which provides consulting services regarding financial services industry matters, including regulatory compliance, risk and crisis management, public affairs, independent reviews, litigation support, and strategy. He also serves as an independent director and non-executive chairman of the board of BATS Global Markets, Inc., a leading operator of electronic U.S. and European securities markets trading listed cash equity … He started his public service work in 1990, serving on the staffs of SEC chairmen Richard C. Breeden and Arthur Levitt as chief of staff and counsellor, respectively, until 1994. Previously, the SEC would only allow wealthy investors—those with income in excess of $200,000 a year or net worth (excluding personal residence) of more than $1 million—the opportunity to invest in private stock offerings not weighed down by the red tape from laws like Sarbanes-Oxley and Dodd-Frank. Richard Morrison Fred L. Smith, Jr. As a commissioner, Paul Atkins was critical of the rule called Regulation National Market System (NMS), saying it could impede true price discovery and encourage gaming of the system. Scooter Schaefer, Contributors He founded the company in 2009. '", Associate Editors Paul Atkins, a former Commissioner of the Securities and Exchange Commission, is CEO of Patomak Global Partners. In the lead-up to the 2016 election and 2017 inauguration, Mr. Atkins led the President-elect’s transition team for independent financial regulatory agencies. In our purportedly enlightened era, we pin scarlet letters on allegedly offending corporations without bothering much about facts and circumstances and seemingly without caring about the unwarranted harm such labeling can engender. Christine Hall Prior to founding Patomak, from July 2002 to August 2008, Mr. Atkins served as a Commissioner of the U.S. Securities and Exchange Commission. From 2012 to 2015, Mr. Atkins served as an independent director and non-executive chairman of the board of BATS Global Markets, Inc., a leading operator of electronic U.S. and European securities markets trading listed cash equity securities and equity options. Therefore, throttling access to investor capital to Chevron and Exxon today might actually slow the adoption of new, cleaner energy sources tomorrow. At Patomak, Mr. Atkins leads client work for financial services firms regarding an array of issues, including regulatory requirements, investigating and improving the effectiveness of compliance systems, and designing and implementing compliance policies and procedures. A frequent speaker and television commentator on regulatory and capital markets issues, he is a visiting scholar at the American Enterprise Institute for Public Policy Research in Washington. Assisting the company’s court-appointed bankruptcy trustee, Atkins served as crisis president of Bennett’s sole surviving subsidiary, according to his SEC biography. Paul S. Atkins was appointed by President George W. Bush to be a Commissioner of the Securities and Exchange Commission on July 29, 2002. Trusted Advisors in a Challenging Environment, Paul Atkins biography, CEO of Patomak Global Partners, (Message automatically replaces this text). During his two terms, he advocated better transparency and consistency in the SEC’s decision-making and enforcement activities and smarter regulation that considers costs and benefits. Patrick J. Michaels He was resident for 2½ years in his firm's Paris office and admitted as conseil juridique in France in 1988.[2]. Greg Conko Mr. Atkins regularly serves as an independent compliance consultant and a court-appointed monitor in settlements involving the Department of Justice, the Securities and Exchange Commission, the Commodity Futures Trading Commission, and the Financial Industry Regulatory Authority.