EIGHTH ANNUAL A.A. SOMMER, JR. LECTURE ON CORPORATE, SECURITIES, AND FINANCIAL LAW[dagger], THE

Fordham Journal of Corporate & Financial Law, 2008 by Treanor, William Michael, Indek, Ben A, Fisch, Jill E, Atkins, Paul S

Commissioner Atkins received his J.D. from Vanderbilt University School of Law, where he was senior student writing editor of the Vanderbilt Law Review?1 He received his B.A. from Wofford College and was a member of Phi Beta Kappa.58

It's my great pleasure to welcome him here tonight and to introduce you to Commissioner Paul Atkins.

FEATURED LECTURER

COMMISSIONER ATKINS: Thank you, Ben [Indek], for that kind introduction. Thank you also, Dean Treanor, [Professor] Jill Fisch, and Mrs. Sommer. Before I get started, and as all of you may expect, I need to tell you that the comments that I am about to make are my own and do not necessarily reflect official sec policy or the opinions of my fellow commissioners.

It is a true honor to be with you here today. Over the last eight years, this lecture has become a prominent feature in the ongoing dialogue among securities regulators, practitioners, and the regulated community. That is fitting, given that the lecture honors the legacy of former sec Commissioner and former securities law practitioner, Al Sommer. The sec has seen many commissioners come and go over the last seventy-three years, and it would be difficult for even the most seasoned sec veteran to name them all, much less point out their legacy. But I am sure that many of even the newest securities practitioners have heard of Al Sommer and his legacy at the Commission. At the sec, Commissioner Sommer was extremely wellregarded for his efforts to eliminate fixed commissions in the brokerage industry and his work in creating and overseeing an advisory committee on corporate disclosure that eventually resulted in the promulgation of Regulation S-K.59 Among other things, Regulation S-K was a much needed rationalization of the corporate disclosure rules;60 for once, there was essentially one place to go to find a set of integrated requirements. After he left the sec, Commissioner Sommer made his mark in private practice, primarily at Morgan, Lewis & Bockius, and in his role in the accounting industry's Public Oversight Board and the American Institute of Certified Public Accountants.61

From a personal perspective, I very much enjoyed working with Al. When I worked for Chairman Richard Breeden in the early 1990s, Al was a great adviser and was always ready to help us accomplish what needed to be done. For example, you might not think of Al as a party planner, but when we were searching for a way to be able to host the 16th annual conference of the International Organization of securities Commissions,62 Al stepped in to head up a private committee that hosted several events to showcase the best and the brightest of the American capital markets for several hundred international guests. At the time, the sec had no budget for that sort of thing. Al was also immensely kind. After I left the SEC, he continued to be a kind and helpful friend and advisor.

I am honored to deliver this lecture tonight in Commissioner Sommer's memory, particularly in the presence of his widow, Starr Sommer, his daughter and son-in-law.