Annette Nazareth

Last updated
Annette Nazareth
Annette Nazareth.jpg
Personal details
Born (1956-01-27) January 27, 1956 (age 68)
Providence, Rhode Island, U.S.
Political party Democratic
Spouse Roger W. Ferguson Jr.
Education Brown University (BA)
Columbia University (JD)

Annette LaPorte Nazareth (born January 27, 1956) is an American attorney who served as a Commissioner of the U.S. Securities and Exchange Commission from August 4, 2005 to January 31, 2008. She is currently a partner at Davis Polk & Wardwell, where she works on regulatory matters and transactions in the firm's Washington, D.C. office. [1] In 2021, she was appointed as Co-Chair of the Integrity Council for the Voluntary Carbon Market. [2] and in 2024 as a Freeman of London. [3]

Contents

Education

Born on January 27, 1956, in Providence, Rhode Island. She grew up near Providence. In 1978, Nazareth graduated from Brown University with an A.B., magna cum laude and Phi Beta Kappa. She went on to receive a Juris Doctor from Columbia Law School, where she was a Harlan Fiske Stone Scholar. [4]

Early career

Following law school, Nazareth was an associate with the law firm of Davis Polk & Wardwell in 1981. From 1986 to 1994, she served as managing director and general counsel of Mabon Securities Corp. and its predecessor business, Mabon, Nugent & Co. From 1994 to 1997, Nazareth was a senior vice president and senior counsel of the fixed income division of Lehman Brothers. From 1997 to 1998, she was a managing director of Citigroup's Salomon Smith Barney unit as deputy head of the capital markets legal group. [5]

Securities and Exchange Commission

In 1998, Nazareth joined the Securities and Exchange Commission as senior counsel to former SEC chairman Arthur Levitt and served briefly as the interim director of the Division of Investment Management. She then served as SEC director of the Division of Market Regulation from March 1999 to August 2005. As director, she had primary responsibility for the supervision and regulation of the U.S. securities markets. [5]

SEC Commissioner

Nazareth, a Democrat, was a political appointee as an SEC commissioner on August 4, 2005, by Republican President George W. Bush. (By statute, no more than three SEC commissioners may belong to the same political party.) As a commissioner, she worked on numerous initiatives, including execution quality disclosure rules, implementation of equities decimal pricing, short sale reforms, implementation of a voluntary regime for consolidated supervision of broker-dealer holding companies and modernization of the national market system rules. Nazareth also served as the commission's representative on the Financial Stability Forum from 1999 to 2008. [6]

Consolidated Supervised Entity

According to the SEC, "Ms. Nazareth also championed the introduction of prudential regulatory principles to the Commission's work under the Consolidated Supervised Entity program, a voluntary supervisory regime for the nation's largest investment bank holding companies." [7]

Following the collapse of Lehman Brothers, the sale of Bear Stearns and Merrill Lynch to bank holding companies, and the conversion of Morgan Stanley and Goldman Sachs into bank holding companies, the CSE program was left without participating investment bank holding companies. As a result, SEC Chairman Christopher Cox in September 2008 announced a decision by the Commission to end the CSE program. The Commission's official press release stated:

"The last six months have made it abundantly clear that voluntary regulation does not work. When Congress passed the Gramm-Leach-Bliley Act, it created a significant regulatory gap by failing to give to the SEC or any agency the authority to regulate large investment bank holding companies, like Goldman Sachs, Morgan Stanley, Merrill Lynch, Lehman Brothers, and Bear Stearns." [8]

Cox took care not to attribute the demise of Bear Stearns to the CSE program, however. In a March 20, 2008, letter to the Chairman of the Basel Committee on Banking Supervision, Cox stated, "As you will see, the conclusion to which these data point is that the fate of Bear Stearns was the result of a lack of confidence, not a lack of capital. When the tumult began last week, and at all times until its agreement to be acquired by JP Morgan Chase during the weekend, the firm had a capital cushion well above what is required to meet supervisory standards calculated using the Basel II standard." [9]

Integrity Council for the Voluntary Carbon Market

In 2020 Mark Carney established a taskforce for scaling the voluntary carbon markets, chaired by Bill Winters with Nazareth as the operations lead. After a public consultation process, the group released its first report [10] at Davos 2021 [11] that recommended [12] the establishment of an umbrella governance body to improve the robustness of carbon offsets. Nazareth chairs the resulting new integrity council [13] and leads the development of its "core carbon principles" that lay out more robust standards [14] for carbon offsetting.

Related Research Articles

<span class="mw-page-title-main">U.S. Securities and Exchange Commission</span> Government agency overseeing stock exchanges

The U.S. Securities and Exchange Commission (SEC) is an independent agency of the United States federal government, created in the aftermath of the Wall Street Crash of 1929. Its primary purpose is to enforce laws against market manipulation.

<span class="mw-page-title-main">Christopher Cox</span> American lawyer and politician (born 1952)

Charles Christopher Cox is an American attorney and politician who served as chair of the U.S. Securities and Exchange Commission, a 17-year Republican member of the United States House of Representatives, and member of the White House staff in the Reagan Administration. Prior to his Washington service he was a practicing attorney, teacher, and entrepreneur. Following his retirement from government in 2009, he returned to law practice and currently serves as a director, trustee, and advisor to several for-profit and nonprofit organizations.

<span class="mw-page-title-main">Lehman Brothers</span> Defunct American financial services firm

Lehman Brothers Inc. was an American global financial services firm founded in 1850. Before filing for bankruptcy in 2008, Lehman was the fourth-largest investment bank in the United States, with about 25,000 employees worldwide. It was doing business in investment banking, equity, fixed-income and derivatives sales and trading, research, investment management, private equity, and private banking. Lehman was operational for 158 years from its founding in 1850 until 2008.

<span class="mw-page-title-main">Bear Stearns</span> American investment bank

The Bear Stearns Companies, Inc. was an American investment bank, securities trading, and brokerage firm that failed in 2008 during the 2007–2008 financial crisis and the Great Recession. After its closure it was subsequently sold to JPMorgan Chase. The company's main business areas before its failure were capital markets, investment banking, wealth management, and global clearing services, and it was heavily involved in the subprime mortgage crisis.

<span class="mw-page-title-main">Davis Polk</span> International law firm headquartered in New York City

Davis Polk & Wardwell LLP, commonly known as Davis Polk, is an American multinational law firm headquartered in New York City with offices in Washington, D.C., Menlo Park, London, Madrid, Brussels, Hong Kong, Beijing, Tokyo, and São Paulo. The firm maintains an all-equity partnership, with profits per partner of over $7 million.

<span class="mw-page-title-main">Naked short selling</span> Short-selling practice

Naked short selling, or naked shorting, is the practice of short-selling a tradable asset of any kind without first borrowing the asset from someone else or ensuring that it can be borrowed. When the seller does not obtain the asset and deliver it to the buyer within the required time frame, the result is known as a "failure to deliver" (FTD). The transaction generally remains open until the asset is acquired and delivered by the seller, or the seller's broker settles the trade on their behalf.

<span class="mw-page-title-main">TD Ameritrade</span> American online broker

TD Ameritrade was a stockbroker that offered an electronic trading platform for the trade of financial assets. The company was founded in 1975 as First Omaha Securities. In 2006, it acquired the United States operations of TD Waterhouse from Toronto-Dominion Bank and was renamed TD Ameritrade. In 2020, TD Ameritrade was acquired by Charles Schwab Corporation.

Steven F. Goldstone has managed Silver Spring Group, a private investment firm, since 2000. From 1995 until his retirement in 2000, Goldstone was chairman and chief executive officer of RJR Nabisco, Inc.. Prior to joining RJR Nabisco, Inc., Goldstone was a partner at the Davis Polk & Wardwell law firm in New York City. He is chairman of the board of ConAgra Foods, Inc. and a director of Greenhill & Co., Retail DNA, Inc., Merck & Co., and New Castle Hotels. Mr. Goldstone also sits on the American Standard Companies board of directors.

<span class="mw-page-title-main">Jon Leibowitz</span> American lawyer

Jonathan David Leibowitz is an American attorney who served under President Barack Obama as Chair of the Federal Trade Commission (FTC) from 2009 to 2013. Leibowitz was appointed to the commission in 2004, and resigned in 2013. During Leibowitz's tenure, the FTC brought privacy cases against Google, Facebook and others for violating consumer privacy, as well as enforcement against "pay-for-delay" deals in which pharmaceutical companies paid competitors to stay out of the market. Prior to joining the FTC, Leibowitz was Vice President for Congressional Affairs from 2000 to 2004 of the MPAA.

The subprime mortgage crisis impact timeline lists dates relevant to the creation of a United States housing bubble, the 2005 housing bubble burst and the subprime mortgage crisis which developed during 2007 and 2008. It includes United States enactment of government laws and regulations, as well as public and private actions which affected the housing industry and related banking and investment activity. It also notes details of important incidents in the United States, such as bankruptcies and takeovers, and information and statistics about relevant trends. For more information on reverberations of this crisis throughout the global financial system see 2007–2008 financial crisis.

<span class="mw-page-title-main">Bangladesh Securities and Exchange Commission</span> Government regulatory body overseeing the stock market

The Bangladesh Securities and Exchange Commission (BSEC) is the regulator of the capital market of Bangladesh, comprising Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE). The commission is a statutory body and attached to the Ministry of Finance.

<span class="mw-page-title-main">Linda Chatman Thomsen</span> American lawyer and government official

Linda Chatman Thomsen is an American attorney who was director of the Division of Enforcement for the U.S. Securities and Exchange Commission from 2005 until early 2009. Since arriving at the SEC in 1995, she worked under four SEC Chairmen: Arthur Levitt, Harvey Pitt, William H. Donaldson, and Christopher Cox. William Donaldson named her director of the Division of Enforcement on May 12, 2005. She is the first woman to serve as director of the Division of Enforcement. Thomsen is known for her role in the suits by the SEC against Enron and Martha Stewart, and for not having investigated Bernard Madoff. She succeeded Stephen M. Cutler. As of 2016, she has been a senior counsel at Davis Polk & Wardwell.

<span class="mw-page-title-main">Paul S. Atkins</span> American businessman

Paul S. Atkins is CEO of Patomak Global Partners LLC, which provides consulting services regarding financial services industry matters, including regulatory compliance, risk and crisis management, public affairs, independent reviews, litigation support, and strategy. He also serves as an independent director and non-executive chairman of the board of BATS Global Markets, Inc., a leading operator of electronic U.S. and European securities markets trading listed cash equity securities and equity options.

The government interventions during the subprime mortgage crisis were a response to the 2007–2009 subprime mortgage crisis and resulted in a variety of government bailouts that were implemented to stabilize the financial system during late 2007 and early 2008.

The uniform net capital rule is a rule created by the U.S. Securities and Exchange Commission ("SEC") in 1975 to regulate directly the ability of broker-dealers to meet their financial obligations to customers and other creditors. Broker-dealers are companies that trade securities for customers and for their own accounts.

<span class="mw-page-title-main">Timothy Geithner</span> American former central banker and politician

Timothy Franz Geithner is an American former central banker who served as the 75th United States Secretary of the Treasury under President Barack Obama from 2009 to 2013. He was the President of the Federal Reserve Bank of New York from 2003 to 2009, following service in the Clinton administration. Since March 2014, he has served as president and chairman of Warburg Pincus, a private equity firm headquartered in New York City.

<span class="mw-page-title-main">Elisse B. Walter</span> American lawyer

Elisse B. Walter was the 30th Chair of the U.S. Securities and Exchange Commission (SEC) from December 14, 2012 – April 10, 2013. She was appointed chair by President Barack Obama on November 26, 2012, and sworn in on December 14, 2012. She was originally appointed as one of five SEC Commissioners by President George W. Bush and sworn in on July 9, 2008. Under designation by President Obama, she later served as Acting Chair during January 2009. She served as a Commissioner of the SEC until August 9, 2013.

Gary J. Aguirre is an American lawyer, former investigator with the United States Securities and Exchange Commission (SEC) and whistleblower.

<span class="mw-page-title-main">Ronnie Abrams</span> American judge (born 1968)

Ronnie Abrams is a United States district judge of the United States District Court for the Southern District of New York.

<span class="mw-page-title-main">Jay Clayton (attorney)</span> American attorney (born 1966)

Walter Joseph "Jay" Clayton III is an American attorney who was the chairman of the U.S. Securities and Exchange Commission from May 4, 2017 until December 23, 2020. He was nominated for the position by President Donald Trump.

References

  1. ↑ Official biography Davis Polk & Wardwell website(accessed September 16, 2010)
  2. ↑ "Who we are at the Integrity Council for Voluntary Carbon Markets". ICVCM. Retrieved 2022-04-18.
  3. ↑ Mayor Mainelli (2024-06-20). "Court of Common Council" (PDF). City of London.
  4. ↑ "Annette Nazareth". Institute at Brown for Environment and Society | Brown University. Retrieved 2024-07-22.
  5. 1 2 "SEC.gov | Annette L. Nazareth". www.sec.gov. Retrieved 2024-07-22.
  6. ↑ Commissioner Nazareth Announces Intention to Leave SEC (press release) https://www.sec.gov/news/press/2007/2007-210.htm
  7. ↑ "Press Release: Commissioner Nazareth Announces Intention to Leave SEC (Press Release No. 2007-210; October 2, 2007)".
  8. ↑ "Press Release: Chairman Cox Announces End of Consolidated Supervised Entities Program; 2008-230; Sept. 26, 2008".
  9. ↑ "Press Release: Chairman Cox Letter to Basel Committee in Support of New Guidance on Liquidity Management; 2008-48; March 20, 2008".
  10. ↑ Tim Adams; Bill Winters; Annette Nazareth (January 2021). "Taskforce on Scaling Voluntary Carbon Markets: Phase 1 report" (PDF). Institute of International Finance.
  11. ↑ Davos agenda (2021). Carbon Markets: A Conversation with Bill Gates, Mark Carney, Annette Nazareth and Bill Winters.
  12. ↑ Ingrid York; Seth Kerschner; Vic Sohal. "Scaling Voluntary Carbon Markets: Phase II Report". White & Case LLP.
  13. ↑ ICVCM (2022). "ICVCM: who are -- Annette Nazareth".
  14. ↑ Camilla Hodgson (March 2023). "Head of carbon credit task force says market must 'step up'". Financial Times.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.