Select Broker-Dealer, Investment Adviser, and Investment Company Enforcement Cases and Developments: 2013 Year in Review

February 2014

2013 was marked by notable changes in the SEC’s enforcement program, including new personnel, new policies, and new specialized task forces.

The most notable personnel change came on April 10, 2013, when Mary Jo White was sworn in as Chairman of the Commission. In addition, two new Commissioners were appointed in August 2013: Kara M. Stein and Michael S. Piwowar. The current Commission includes Chair White and four Commissioners: Luis A. Aguilar, Daniel M. Gallagher, Ms. Stein, and Mr. Piwowar.

There were also significant changes in key Staff positions during 2013. In January, Robert Khuzami, Director of the Division of Enforcement, announced his departure after four years in the role. In April, Chair White named George Canellos and Andrew Ceresney as Co-Directors of Enforcement. Mr. Ceresney became the sole Director of Enforcement in 2014, when Mr. Canellos announced that he was leaving the Commission. In 2013, new Chiefs of Enforcement’s Asset Management, Municipal Securities and Public Pensions, and Complex Financial Instruments units and a new Chief Litigation Counsel were appointed. Several new leaders in the Office of Compliance Inspections and Examinations (OCIE) were announced in 2013, including a new Director of the National Exam Program, a new National Associate Director for the Investment Adviser/Investment Company Examination Program, and a new National Associate Director for the Broker-Dealer Examination Program. Finally, new Directors were appointed in five of the SEC’s 11 Regional Offices.

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