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A live forum will be held in New York City on June 1 to discuss modernization of the Securities Investor Protection Corporation (SIPC). The forum will be held from 1-4 PM at the Grand Hyatt New York, near Grand Central Terminal, and will be an opportunity for the public to offer opinions to the SIPC Modernization Task Force on how best to improve the mission and operations of SIPC.
The forum will be the second in a series of national public forums designed to solicit public input about the modernization of SIPC. According to the task force, the effort is part of the SIPC modernization initiative launched on June 17, 2010. The forums are part of a full-scale review of the operations of SIPC, which has not been the focus of major new legislation in 30 years. The first forum was held online on Sept. 7, 2010 on the SIPC modernization website, SIPCModernization.org.
The website is designed to facilitate the widest possible range of public comments on current SIPC operations and possible changes to them, and features:
- Key topics (e.g., "levels of protection") that can be commented on and rated by visitors
- The ability for visitors to add new topics in order to express and solicit views
- A national webcast with phone and e-mail interaction opportunities
- A live national forum for members of the public to share their views with SIPC task force members.
SIPC maintains a special reserve fund mandated by Congress to protect the customers of insolvent brokerage firms. The task force will not be answering questions or providing information at the forum; it is designed solely to solicit information and public feedback from individuals.
Task force members who will be attending the June 1st forum to hear public feedback include:
- Sharon Bowen, vice chair, SIPC, and an attorney with Latham & Watkins LLP
- Joseph Borg, director, Alabama Securities Commission
- Steven Caruso, an attorney with Maddox, Hargett, & Caruso, P.C.
- John Coffee, Adolf A. Berle Professor of Law, ColumbiaUniversity Law School
- James Giddens, Lehman Brothers Inc. Trustee, and an attorney with Hughes Hubbard & Reed LLP.
Those who wish to attend should register online or by phone at 1-877-772-1510. When registering, attendees who wish to speak can also reserve a three-minute speaking slot. Those who are unable to attend in person will be able to listen to a live audio stream of the event either online or by calling 1-866-843-0890 and using access code 65432. Written comments to the task force are being accepted through the SIPC Modernization Task Force website.
The input from the live forum will be reviewed by the full 10-member task force.