Thank you for that introduction, William. I am pleased to welcome everyone to the Division of Investment Management’s inaugural Conference on Emerging Trends in Asset Management.

As is customary, I’d like to note that my views are my own as Chair of the Securities and Exchange Commission, and I am not speaking on behalf of my fellow Commissioners or the staff.

Later this month marks 90 years since President Franklin Roosevelt signed the first of the federal securities laws, the Securities Act of 1933.

Roosevelt and Congress knew, however, that their work wasn’t done.

That’s why they passed the Securities Exchange Act of 1934, which covered intermediaries such as exchanges and broker-dealers as well as established our agency to oversee the securities markets.

They knew, however, there still was more work to be done.

In 1935, Congress mandated that the newly formed SEC conduct a study of investment trusts and investment companies, report to Congress on their findings, and make recommendations. [1]

The Commission subsequently reported to Congress that investment trusts should provide everyday investors with an ability to participate in diversified pools of securities while making capital available to issuers. [2]