About Us  |   Contact Us  |   Register  | Login  |   

Follow HedgeWorld on Twitter HedgeWorld on LinkedIn






HEDGEWORLD NEWS
Search the News
Advanced News Search
HedgeWorld News by Region
United States / Americas
Europe
Asia / Australia
International
HedgeWorld News Sections
Managed Futures & Derivatives
Daily News
Regulatory/Legal
Strategies/Analysis
Technology
Opinion
People
Indexes
Other News Features
Most Popular
LexisNexis Headlines
Reuters Headlines
The HedgeWorld Blog
Alternative Advantage Daily Newsletter
RSS Service
Sign Up For Email News Alerts
Reprints



UPDATE 1-FINRA taps U.S. Treasury official as chief economist
04/30/2013 Email this story  |  Printable Version

(Adds details and comment from James Overdahl, former SEC economist)

By Suzanne Barlyn

April 30 (Reuters) - The Financial Industry Regulatory Authority (FINRA) has hired a high-ranking U.S. Treasury Department official to become its first chief economist, the Wall Street industry-funded watchdog announced on Tuesday.

Jonathan S. Sokobin, currently acting deputy director of research and analysis in the Treasury Department's office of financial research, will join FINRA on May 20, according to FINRA. He will report directly to Richard Ketchum, FINRA's chairman and chief executive.

His new office will work with FINRA's general counsel and other departments in developing new rules and analyzing their potential costs and benefits to the industry and investors. Sokobin's office will also be involved in reviews of existing rules, according to FINRA.

The move is part of a broader effort at FINRA to more deeply scrutinize the potential costs and benefits of securities industry rules it wants to propose.

The U.S. Securities and Exchange Commission, which must approve changes to FINRA's rules, wants FINRA to better support the economic aspects of proposals it submits to the SEC for review, Robert Colby, FINRA's chief legal officer, said last year.

The SEC became more concerned about costs and benefits of industry rules when a federal court, in 2011, threw out an important part of the Dodd-Frank financial oversight law involving shareholders' ability to nominate corporate directors, saying the agency's economic analysis was flawed.

Wall Street's top lobbying group, the Securities Industry and Financial Markets Association, has also been pushing for more detailed analyses of the costs of certain rules to the industry.

Sokobin, who received an MBA and PhD in finance from the University of Chicago, joined the Treasury Department in 2011 as chief of analytical strategy in the office of financial research. Earlier, he was acting director of the SEC's division of risk, strategy and financial innovation. He joined the SEC in 2000 and was named deputy chief economist in 2004.

"I expect he'll do well," said James Overdahl, an economist in the securities finance practice at NERA, a global business consultancy. "He has seen all aspects of the SEC's rulemaking and enforcement agenda," said Overdahl, a former SEC chief economist from 2007 to 2010. Sokobin was his deputy for part of that time.

Sokobin did not immediately return a call requesting comment. (Reporting by Suzanne Barlyn in New York, additional reporting by Sarah N. Lynch in Washington; Editing by Phil Berlowitz and Nick Zieminski)


Email This Story to a Friend   |   Display Printable Version of This Story

Story Copyright © 1999-2014 Reuters HedgeWorld All rights reserved.

HedgeWorld News is sponsored by:






Lipper    Privacy   User Policy  Legal Disclosure Copyright/DMCA  Site Map    FAQ    Glossary  Thomson Reuters for Hedge Funds
All rights reserved. Users may download and print extracts of content from this website for their own personal and non-commercial use only. Republication or redistribution of HedgeWorld content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. HedgeWorld is a registered trademark of Thomson Reuters.