Question: Stephen J. Friedman (born March 19, 1938), former commissioner of the United States Securities and Exchange Commission, and seventh president of Pace University,  a private institution that was founded in what year?

Context paragraphs:
Andy Vollmer: Andrew Neill Vollmer is an American lawyer, currently a retired partner in the securities department at law firm WilmerHale.  Prior to April 2009, he had been Deputy General Counsel for the United States Securities and Exchange Commission (SEC) and acting General Counsel.  He succeeded Meyer Eisenberg as Deputy General Counsel, who retired from the Commission in early January 2006 and former General Counsel Brian Cartwright who left the Commission for the private sector in January 2009.

Joseph Grundfest: Joseph Grundfest is an American academic.  He is the William A. Franke Professor of Law and Business at Stanford Law School and co-director of the Rock Center on Corporate Governance at Stanford University.  He joined Stanford's faculty in 1990 after having served for more than four years as a Commissioner of the United States Securities and Exchange Commission, a position to which he was appointed by President Ronald Reagan.

Form 4: Form 4 is a United States SEC filing that relates to insider trading.  Every director, officer or owner of more than 10% of a class of equity securities registered under Section 12 of the Securities Exchange Act of 1934 must file with the United States Securities and Exchange Commission a statement of ownership regarding such security.  The initial filing is on Form 3 and changes are reported on Form 4.  The annual statement of beneficial ownership of securities is on Form 5.  The forms contain information on the reporting person's relationship to the company and on purchases and sales of such equity securities.

Securities Acts Amendments of 1975: The Securities Acts Amendments of 1975 is an act of Congress.  It was passed as a United States Public Law (Pub.L.  94–29 ) on June 4, 1975, and amended the Securities Act of 1933 ( "et seq.") and the Securities Exchange Act of 1934 ( "et seq.").  The Securities Acts Amendments imposed an obligation on the Securities Exchange Commission to consider the impacts that any new regulation would have on competition.  The law also empowered the Securities Exchange Commission (SEC) to establish a national market system and a system for nationwide clearing and settlement of securities transactions, enabling the SEC to enact Regulation NMS, and created the Municipal Securities Rulemaking Board (MSRB), a self-regulatory organization that writes investor protection rules and other rules regulating broker-dealers and banks in the United States municipal securities market.

Pace University: Pace University is a private institution that was founded in 1906.  It has a campus in Manhattan, New York City, and two campuses in Westchester County, New York, in Pleasantville and White Plains.  The school also operates other properties, including a women's justice center in nearby Yonkers, city public school Pace University High School, and two business incubators.

Bevis Longstreth: Bevis Longstreth is a retired lawyer and former Commissioner of the United States Securities and Exchange Commission (SEC).  He is a graduate of Princeton University and Harvard Law School (1961, JD), and served as a First Lieutenant in the US Marine Corps from 1956-1958.  He is also a writer, having authored three historical novels, two set in Ancient Persia and one set in the United States during the 1930s.

Regulation D (SEC): In the United States under the Securities Act of 1933, any offer to sell securities must either be registered with the United States Securities and Exchange Commission (SEC) or meet certain qualifications to exempt them from such registration.  Regulation (or Reg D) contains the rules providing exemptions from the registration requirements, allowing some companies to offer and sell their securities without having to register the securities with the SEC.  A Regulation D offering is intended to make access to the capital markets possible for small companies that could not otherwise bear the costs of a normal SEC registration.  Reg D may also refer to an investment strategy, mostly associated with hedge funds, based upon the same regulation.

Stephen J. Friedman: Stephen J. Friedman (born March 19, 1938), former commissioner of the United States Securities and Exchange Commission, and seventh president of Pace University.  Prior to that, Friedman has served as dean of the Pace Law School, and senior partner and co-chairman of Debevoise & Plimpton.  On February 1, 2017, Friedman urged New York to increase student financial aid to both public and private universities.

Alternative trading system: Alternative trading system (ATS) is a US and Canadian regulatory term for a non-exchange trading venue that matches buyers and sellers to find counterparties for transactions.  Alternative trading systems are typically regulated as broker-dealers rather than as exchanges (although an alternative trading system can apply to be regulated as a securities exchange).  In general, for regulatory purposes an alternative trading system is an organization or system that provides or maintains a market place or facilities for bringing together purchasers and sellers of securities, but does not set rules for subscribers (other than rules for the conduct of subscribers trading on the system).  An ATS must be approved by the United States Securities and Exchange Commission (SEC) and is an alternative to a traditional stock exchange.  The equivalent term under European legislation is a multilateral trading facility (MTF).

Regulation A: In the United States under the Securities Act of 1933, any offer to sell securities must either be registered with the United States Securities and Exchange Commission (SEC) or meet certain qualifications to exempt them from such registration.  Regulation A (or Reg A) contains rules providing exemptions from the registration requirements, allowing some companies to use equity crowdfunding to offer and sell their securities without having to register the securities with the SEC.  Regulation A offerings are intended to make access to capital possible for small and medium-sized companies that could not otherwise bear the costs of a normal SEC registration and to allow non-accredited investors to participate in the offering.  The regulation is found under Title 17 of the Code of Federal Regulations, chapter 2, part 230.  The legal citation is 17 C.F.R. §230.251 "et seq."

Supporting paragraphs: Stephen J. Friedman Pace University
Answer: 1906