David P. Semak
5310 Camino Bosquecillo
San Clemente, CA 92673
949-366-2560 Fax: 949-366-2564
Email: info@semakconsulting.com
Web Site: www.semakconsulting.com




PROFESSIONAL EXPERIENCE
  • Securities Markets Consultant
    September 1999 to Present

    Operating as an independent consultant in the areas of arbitration/litigation support and securities market regulation, and specializing in expert testimony; case evaluations; trading analysis; market reconstructions; and market surveillance and enforcement issues.

  • Pacific Exchange
    Vice President, Regulation
    1988 to September 1999

    Responsible for the Regulation Division, which was comprised of the following departments: Equities and Options Surveillance; Equities and Options Enforcement; Member Examinations (financial compliance); Securities Qualification (listings); Regulatory Policy; and Regulatory Development and Oversight. Total staff in Regulation Division: 34. Annual operating budget of Division: approximately $3,000,000. Have reported to a variety of executive officers including the CEO, General Counsel, CFO, and CRO.

    Administered and provided counsel to key PCX member committees including the Ethics and Business Conduct, Equity Floor Trading, and Options Floor Trading committees. Provided direct support to the PCX's Board of Governors and a variety of Board committees including the Oversight Committee and the Regulatory Oversight Committee. Provided regulatory support to the PCX's new product development, special projects, and other competitive initiatives.

    Directed the PCX's regulatory programs and processes including oversight of trading on its Los Angeles and San Francisco trading floors. Represented the PCX in regulatory interaction with the SEC, which included rule formulation, investigations, enforcement actions, and SEC audits of the PCX's regulatory programs. Worked closely with state securities jurisdictions in Blue Sky matters and overhauled and upgraded the PCX's listings program.

    Represented the PCX on the Intermarket Surveillance Group (ISG), which is an international surveillance organization that was, at the time, comprised of over 25 domestic and foreign securities and futures exchanges (served as ISG chairman in 1995/96, and served as chairman of the ISG's Technology Subgroup in 1999), and North American Securities Administrators Association (served on NASAA's "Exchanges and Municipal Securities Committee"). Also represented the PCX on the Options Self-Regulatory Council; International Organization of Securities Commissions (IOSCO); International Federation of Stock Exchanges (FIBV); and International Options Markets Assoc. (IOMA).

    Negotiated regulatory agreements with numerous foreign exchanges and regulatory authorities, and worked closely with the Taiwan Stock Exchange in developing a joint-exchange venture.

    Worked with the CFTC in developing a futures product for the proposed Pacific Futures Exchange (a subsidiary of the PCX).

  • Pacific Exchange
    1978 to 1988

    Served as Director of Market Surveillance; Manager of Options Surveillance; Manager of Equities Surveillance; and a variety of analytical positions.

PROFESSIONAL AFFILIATIONS
  • Member of the Compliance & Legal Division of the Securities Industry Association (SIFMA).
  • Currently serving on the advisory board of InvestmentCare Consulting Group, a provider of compliance & regulatory products & services to the securities industry.
  • In 2000 & 2001, served on the advisory board of a Silicon Valley pre-startup, which was developing a revolutionary product distribution management system.
PROFESSIONAL TRAINING
  • Received SEC training in securities law enforcement & completed a variety of American Management Association & Zenger Miller leadership & management courses.
EDUCATION
  • California State University, Northridge
    BA & MA in History




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