Since the passage of the Sarbanes‐Oxley Act, the Securities and Exchange Commission has been very active setting up rules designed to deal with a series of corporate scandals that undermined investor confidence in U.S. corporations. The stock exchanges have also been busy implementing their own sets of corporate governance reforms. Do the exchanges have better incentives than the SEC to become the primary regulators of corporate governance, disclosure, and accounting? Should the SEC’s role be limited to the enforcement of those rules? Or do the rulemaking and enforcement functions rest with one government agency? Please join us for a timely discussion on the regulation of the securities markets.