Top Officials Depart the SEC
Top Officials Depart the SEC
On December 22, 2020, the U.S. Securities and Exchange Commission (“SEC”) announced that the head of its investment management division, Dalia Blass, will depart the agency in January. Blass is credited with modernizing numerous regulatory frameworks by implementing rules and guidance for exchange-traded funds, fund-of-funds, valuation practices, and derivatives, among others.
As well, on December 23, 2020, SEC Chairman, Jay Clayton, formerly departed the agency. In a statement announcing his departure, Clayton thanked the women and men of the SEC who, “in the face of tremendous operational, personal and professional challenges, [] came together and worked tirelessly to support the continued functioning of our markets.” The Biden transition team has not yet named Clayton’s successor.
These two departures follow a slew of recent announcements regarding the imminent departures of top leaders across the agency, including Head of Enforcement Stephanie Avakin, General Counsel Robert Stebbins, and Chief Economist and Director of Economic Risk Analysis S.P. Kothari.
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