Steven M.H. Wallman
FOLIOfn, Inc., a financial technology and Internet-based financial services and brokerage company; Founder and Chief Executive Officer (1998 - Current). FOLIOfn Investments, Inc., the wholly-owned self-clearing securities brokerage subsidiary of FOLIOfn has two operating divisions, Folio Investing (www.FolioInvesting.com) which offers services directly to individual investors and Folio Institutional (www.FolioInstitutional.com) which offers services to registered investment advisers, introducing broker-dealers and other financial intermediaries. FOLIOfn currently has a number of issued patents as well as proprietary technology that allow investors or firms to create and customize personal securities portfolios obtaining the diversification benefits of a typical mutual fund or exchange traded fund, but with the ability to tailor portfolios to individual needs, and with lower costs and significant tax efficiencies.
The Brookings Institution, Washington, D.C.; Senior Fellow (nonresident) (1997 - 2004).
United States Securities and Exchange Commission; Commissioner (July, 1994-October, 1997).
Led the Commission's agenda on the impact of technology, particularly the Internet, on market structure, securities offerings and trading; led activities to modify regulatory structure to accommodate new technologies; led effort to "decimalize" the markets so that investors can realize savings by trading in "dollars and cents" rather than fractions; began examination of the accounting and disclosure model, and auditor independence requirements, to make the presentation of information, including disclosures relating to intellectual capital, derivatives and risk, more meaningful to investors and to permit the profession to satisfy better its public responsibilities; focused on shareholder democracy to make corporate governance more effective; provided for an effective and fair safe-harbor for forward-looking statements; assisted in resolving stock option accounting debate.
Chaired Commission's Advisory Committee on Capital Formation which recommended major changes to the current securities issuance process to improve the capital formation process by reducing costs of capital raising while enhancing investor protection (many recommendations of which are now being implemented).
Represented the Commission at the Council of Securities Regulators of the Americas (the securities commissions of North, South and Central America) and was instrumental in advancing the efforts of COSRA to improve the markets of developing and emerging countries.
Member of NASAA (state securities commissions' association) Blue Ribbon Task Force on Federal/State Relations offering recommendations to rationalize the dual federal/state regulation of securities.
Covington & Burling, Partner (1986-1994); Associate (1978-1986).
Specialized in corporate, securities, contract and business law: advised numerous small companies and larger companies on financings, mergers and acquisitions, partnering, business structure, capital formation, intellectual property licensing; authored state statues permitting corporate directors to consider the interests of employees and communities, as well as shareholders, when taking corporate action (now enacted in a majority of states) and statutes moderating the impact of corporate takeovers (enacted in a variety of states); commentator on corporate law and governance issues; represented a variety of clients including the Business Roundtable and the National Football League.
- J.D. 1978, Columbia University School of Law
- S.M. 1976, Massachusetts Institute of Technology,
- Sloan School of Management
- S.B. 1975, Massachusetts Institute of Technology
- MIT Undergraduate student body president (1974-75).