Regulatory Ramblings

Reflections on a Career in Securities Regulation

January 17, 2024 Reg/Tech Lab - HKU-SCF FinTech Academy - Asia Global Institute - HKU-edX Professional Certificate in FinTech Season 1 Episode 36
Regulatory Ramblings
Reflections on a Career in Securities Regulation
Show Notes Chapter Markers

Marc I. Steinberg is the Rupert and Lillian Radford Chair in Law and Professor of Law at Southern Methodist University’s (SMU) Dedman School of Law in Dallas, Texas.  He has served as a professor, fellow or has lectured at several other prominent universities – including the University of Cambridge, Oxford University, King’s College-University of London, Heidelberg University, Stockholm University, University of Tel Aviv, Moscow State University, University of Sydney, Auckland University, University of Hong Kong, University of Tokyo, UCLA and the University of Pennsylvania.

Professor Steinberg was an attorney for the U.S. Securities and Exchange Commission (SEC) in the SEC’s Division of Enforcement and its Office of General Counsel.  He also has been retained as an expert witness in several high-profile cases, including Enron, Martha Stewart, Mark Cuban, and the National Prescription Opioid Litigation.

Marc is the most prolific author of securities law scholarship in the United States, having authored approximately 150 law review articles as well as approximately 45 books. One of his recent books, Rethinking Securities Law (Oxford University Press 2021), was awarded Winner for the best law book in the United States for 2021 by American Book Fest. He is editor-in-chief of The International Lawyer and The Securities Regulation Law Journal. Professor Steinberg is a member of The American Law Institute.

In this episode of Regulatory Ramblings, he talks with host Ajay Shamdasani about his background, growing up in Detroit, Michigan, being hired by the SEC as a staff attorney during the federal hiring freeze imposed during the Carter administration and what he learned during his time as an enforcement lawyer there.

Marc also shares his views on why he believes the United States’ regulatory structure is a key component in the success of its capital markets, as well as his thoughts on the Private Securities Litigation Reform Act (1995), the Sarbanes Oxley Act (2002) and the Dodd-Frank Act (2010), and whether overlaying rules upon rules makes the U.S. regulatory system complex and unwieldy.

The conversation concludes on the topic of legal pedagogy, such as how best to teach core, doctrinal, foundational financial law courses such as securities regulation, as well as the topic of legal ethics and what can be done to inculcate such values into future law school graduates. Also discussed is the four-tier structure of U.S. law schools and the contemporary pervasiveness of grade inflation in academia more generally.

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Background of Professor Marc I. Steinberg.
What compelled you to go to law school?
Talk to me as a regulator. What is it like at the SEC?
What do you think the US regulatory apparatus has done to contribute to market success?
Thoughts on the Private Securities Litigation Reform Act of 1995.
Thoughts on the 2002 Sarbanes–Oxley Act and the evolving political landscape.
Is Wall Street capable of regulating itself? (Thoughts on self-regulation)
Why does the US seem to be reactionary? (Thoughts on overlaying rules upon rules, making the regulatory system complex).
Thoughts on legal ethics and former US presidents.
Thoughts on the quality of law schools, student motivation, strategizing to advance a career, and grade inflation.