Academic journal article Fordham Journal of Corporate & Financial Law

THE SEVENTH ANNUAL A.A. SOMMER, JR. LECTURE ON CORPORATE, SECURITIES AND FINANCIAL LAW[dagger] "THE U.K. FSA: NOBODY DOES IT BETTER?"

Academic journal article Fordham Journal of Corporate & Financial Law

THE SEVENTH ANNUAL A.A. SOMMER, JR. LECTURE ON CORPORATE, SECURITIES AND FINANCIAL LAW[dagger] "THE U.K. FSA: NOBODY DOES IT BETTER?"

Article excerpt

WELCOME

DEAN TREANOR: I'm Bill Treanor. I'm the Dean of Fordham Law School. It's my pleasure to welcome you to tonight's event, which is the Seventh Annual A.A. Sommer, Jr. Lecture on Corporate, Securities and Financial Law.

Fordham is a school that has always taken incredible pride in its business law offerings. We're a school that is ranked in the top twenty nationally in terms of our business law program.5

We have really an extraordinary faculty. This year we welcome two new corporate law hires: Sean Griffith6 and Richard Squire.7 We have a remarkable adjunct faculty that brings leading practitioners in to offer courses on really the cutting edge of practice.

We have ajournai, the Fordham Journal of Corporate & Financial Law8 which I am now holding up to you. It has been cited by the Supreme Court.9 It is available outside.

And we also have-and are now, I think, in the fifth year of-our Corporate Center, which really brings it all together.10 I'd like to thank the leadership of the Corporate Law Center. John Peloso," who is with us here today, has really led the way and was really a visionary in this area, so I wanted to thank John.

We have a remarkable faculty who has always supported it. I see Gus Katsoris12 here, who is a legend in the business law field. We have two brilliant faculty directors: Jill Fisch, who is one of the leaders in corporate law in the country, has just been so superb; and Caroline Gentile,13 who has really done an amazing job in her relatively brief period at Fordham, comes to us from Cravath. Ann Rakoff14 has provided great leadership this year.

And again, the Corporate Center is really our jewel, and of its jewels the A.A. Sommer, Jr. Lecture is really something that we have taken such great pride in since its origins.

We are joined here tonight by Starr Sommer. Thank you very much for coming up from Washington to be here tonight.

It should be a fabulous lecture. Our lecturer tonight is really an extraordinary one, Margaret Cole, who is, as I assume you all know, one of London's most experienced and respected financial services litigators. She became the Director of Enforcement of the Financial Services Authority (FSA) in July of 2005.15 The FSA regulates all financial services in the United Kingdom (U.K.), including the banking, insurance, mortgage, and securities industries. We're just so delighted that she is here tonight delivering this great lecture, continuing really such a fabulous series.

Now, to do the formal introduction, it's my pleasure to introduce Ben Indek, a Partner at Morgan, Lewis & Bockius, who will present tonight's opening remarks.

OPENING REMARKS

MR. INDEK: Good evening, everybody. On behalf of Morgan, Lewis & Bockius, welcome to the Seventh Annual A.A. Sommer, Jr. Lecture.

This lecture was established by Morgan Lewis to honor our partner most identified with the securities industry. Al Sommer was a Partner at Morgan Lewis from 1979 until 1994, when he became counsel to the firm and its clients. He was a terrific lawyer and a prolific author and commentator on a wide range of securities law issues. Al is best known for his service as an sec Commissioner from 1973-1976, and as Chairman of the Public Oversight Board of the American Institute of CPAs.16

I am particularly pleased that Margaret Cole, the U.K. FSA's Director of Enforcement, will deliver tonight's lecture for two reasons. First, over the last ten months in which I've gotten to know Margaret, I came to see that, because of her years spent in the defense bar, Margaret would take a practical approach to issues, but, at the same time, be a passionate regulator, with a no-nonsense attitude towards securities law violators. As a private lawyer and government regulator, I think Al would have appreciated both qualities.

Second, Margaret's remarks on U.K. enforcement issues would have been of keen interest to Al. …

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