David S. Ruder

William W. Gurley Memorial Professor of Law Emeritus


Biography

David S. Ruder is the William W. Gurley Memorial Professor of Law Emeritus at Northwestern University School of Law in Chicago.  He served as Dean of the School from 1977 to 1985.  From 1987 to 1989 he served as Chairman of the United States Securities and Exchange Commission.

Professor Ruder currently serves as one of the co-chairs of the program entitled, “Role of the Securities and Exchange Commission in a Changing World” to be presented by the American Assembly of Columbia University and other organizations in Washington, DC on May 1, 2015.  From 2010 to 2012 Professor Ruder served as a member of the Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues.  From 2002 to 2010 he served as the founding Chairman of the Mutual Fund Directors Forum, a not-for-profit organization devoted to educating independent mutual fund directors.  He continues as an emeritus director of the Forum. 

From 2003 to 2009 he was a member of the Advisory Council of the Public Company Accounting Oversight Board.  He continues as an emeritus member of the Council.  From 1999 to 2004, Professor Ruder served as the founding Chairman of the Board of Trustees of the Securities and Exchange Commission Historical Society.

From 2000 to 2005, Professor Ruder served as a Trustee of the International Accounting Standards Committee Foundation, now called the International Financial Reporting Standards Foundation, which oversees the International Accounting Standards Board (IASB).  From 1996 to 2002 he served as a Trustee of the Financial Accounting Foundation, which oversees the Financial Accounting Standards Board (FASB). 

From 1990 to 1993 Professor Ruder was a member of the Board of Governors of the National Association of Securities Dealers, Inc.  He was Chairman of the NASD’s Legal Advisory Board from 1993 to 1996.  In 1990-91 he served as Chairman of the NASD’s Payment for Order Flow Committee, and from 1994 to 1997 he served as Chairman of the NASD’s Securities Arbitration Task Force.

Professor Ruder has been a member of the faculty at Northwestern University School of Law since 1961.  He became Professor of Law Emeritus on September 1, 2005. At Northwestern he serves as a member of the planning committees for three annual securities and corporate continuing legal education programs, the Corporate Counsel Institute (Chicago), the Securities Regulation Institute (San Diego), and the Ray Garrett Jr. Corporate and Securities Law Institute (Chicago).  Professor Ruder has written many papers and articles in the corporate and securities law area, has testified before Congress 45 times, and has made more than 600 speeches and public appearances.  He has participated as a committee chairman or member in the preparation of 11 substantive public policy securities and corporate law reports.

Professor Ruder received a bachelor’s degree, cum laude, in 1951 from Williams College, and his law degree with honors in 1957 from the University of Wisconsin.  He is a member of Phi Beta Kappa and the Order of the Coif.  He received an honorary Doctor of Laws degree from the University of Wisconsin-Madison on May 17, 2002.  On February 9, 2007, he received the William O. Douglas Award conferred annually by the Association of Securities and Exchange Commission Alumni (ASECA) on an SEC alumnus who has contributed to the development of the federal securities laws and served the financial and SEC community with distinction.  On March 19, 2009 he received the Institutional Investor Mutual Fund Industry Lifetime Achievement Award.

Professor Ruder served in the United States Army from 1951 to 1954.  He has practiced law as an associate at Quarles & Brady (Milwaukee), of counsel at Schiff Hardin (Chicago), and as partner and senior counsel at Baker & McKenzie (Chicago).

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Areas of Expertise

  • Securities Regulation
  • Corporate Finance
  • Business Associations


Selected Publications

  • Report of the Mutual Fund Directors Forum—Best Practices and Practical Guidance for Mutual Fund Directors (Mutual Fund Directors Forum, 2004).
  • Report of the NACD Blue Ribbon Commission on Executive Compensation and the Role of the Compensation Committee (National Association of Corporate Directors, 2003) (with other members of the Commission).
  • The foreword to The Arbitration Policy Task Force Report—A Report Card (NASD Dispute Resolution, July 27, 2007).
  • Twenty Years After Black Monday in the international economy 30 (Fall 2007) (with E. Gerald Corrigan, and Manuel Johnson ).
  • Balancing Investor Protection with Capital Formation Needs After the SEC Chamber of Commerce Case in pace law review 26 (2005).
  • Creation of World Wide Accounting Standards: Convergence and Independence in 25 northwestern journal of international law & business 513-588 (2005) (with Charles T. Canfield, and Hudson T. Hollister).

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Education

  • BA cum laude, Williams College
  • JD with honors, University of Wisconsin - Madison

Prior Appointments

  • Professor of Law, 1965, Northwestern University School of Law
  • Emeritus, 2005, Northwestern University School of Law
  • Dean, 1977-1985, Northwestern University School of Law
  • Associate Dean, 1965-1966, Northwestern University School of Law
  • Associate Professor of Law, 1964-1965, Northwestern University School of Law
  • Assistant Professor of Law, 1961-1963, Northwestern University School of Law
  • Chairman, 1987-1989, United States Securities and Exchange Commission
  • Chairman, 1999-2010, Mutual Fund Directors Forum
  • Director, 2010-present, Mutual Fund Directors Forum
  • Member, 2004-2009, Advisory Council of the Public Company Accounting Oversight Board
  • Emeritus Member, 2009-present, Advisory Council of the Public Company Accounting Oversight Board
  • Member, 1990-1994, Board of Governors of the National Association of Securities Dealers
  • Trustee, 1996-2002, Financial Accounting Foundation
  • Founding Chairman, 1999-2004, Board of Trustees, SEC Historical Society
  • Trustee, 2000-2005, International Accounting Standards Committee Foundation
  • Partner and Senior Counsel, 1990-1999, Baker & McKenzie

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