Securities and Exchange Commission Historical Society

The Bright Image: The SEC, 1961-1973

Growing Political Concerns

Putting Teeth to the Law

In a March 2, 1972 memo, Casey announced the creation of an Advisory Committee on Enforcement Policies and Practices. The Committee, which included John A. Wells and former SEC Chairmen Ralph H. Demmler and Manuel F. Cohen, was commissioned to work with the staff in examining the SEC's enforcement objectives, policies and practices.

While enforcement responsibilities had been handled for years as part of the Division of Trading and Exchanges, later known as the Division of Trading and Markets, Casey saw a need to create a separate division that could move rapidly and respond effectively to enforcement issues. The Committee delivered its report in June, and by August, Casey announced a major SEC reorganization, creating the Division of Enforcement with Irving M. Pollack as its head, and a new Division of Market Regulation, with General Counsel G. Bradford Cook as its director.

The duties of regulating mutual funds were split off from the old Division of Corporate Regulation and given to the newly created Division of Investment Companies, with Allan S. Mostoff as director.(25)

The Division of Enforcement would become a major force in insuring compliance with federal securities laws.

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Footnotes:

(25) "S.E.C. to Shift Personnel In Over-All Reorganization," New York Times, August 2, 1972, 47.


Related Museum Resources

Papers

March 2, 1972
image pdf (Government Records)
June 19-23, 1972
Manual for SEC Enforcement Training Program

(Courtesy of Gregory G. Faragasso)

Photos

1967

Presentation of Distinguished Service Award

October 4, 1972

(left to right) Alan Rosenblat, Chief Counsel, Division of Investment Management; Lew Mendelson, Assistant Director, Division of Investment Management; Sydney Mendelsohn, Assistant Director, Division of Investment Management; Allan Mostoff, Director, Division of Investment Management; Aaron Levy, Director, Division of Corporate Regulation; Karl Smeltzer, Chief Financial Assistant, Division of Investment Management; Phil Gross, Special Counsel, Division of Enforcement; Bernard Wexler, Director, Office of Policy Planning; and Sandra Monse, Staff Assistant, Division of Investment Management

(Photo and identification courtesy of Karl Smeltzer )

Oral Histories

30 October 2002

Allan Mostoff

16 January 2002

Irving Pollack

  • - Part 1
  • - Part 2
  • - Part 3
  • edited transcript (pdf)
23 September 2003

Stanley Sporkin

Programs

25 September 2002

Roundtable on Enforcement

Moderator: Irving Pollack, Stanley Sporkin

Presenter(s): Theodore Altman, David Doherty, Benjamin Greenspoon, Theodore Levine, Alan Rosenblat, Thomas Rae, Richard Rowe, David Silver, Theodore Sonde, Wallace Timmeny

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