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Recent Changes to SEC Leadership

VerifyInvestor.com

In July, the Securities Exchange Commission (SEC) made several leadership changes in the Office of Compliance Inspections and Examinations (OCIE) and in the Clearance and Settlement Examination Program (CSEP). SEC announced the changes below in separate press releases issued in July, 2018.  It’ll remain to be seen how this news will affect crowdfunding, blockchain, exempt securities, and accredited investor verification.

  • The Deputy Director of OCIE will retire from her position at the end of August, 2018. In 2013, Ms. Jane Jarcho assumed leadership of the Investment Advisor/Investment Company (IAIC) program and SEC credits her leadership with a 100% increase in the number of examinations during her time in office. In 2014, Ms. Jarco's leadership resulted in creating the Private Funds Unit for which she provided oversight. Beginning in 2016, Ms. Jarcho served as the Deputy Director of OCIE. As Deputy Director, she assumed oversight responsibility for program areas such as the IAIC, the Broker Dealer Exchange, FINRA, Security Industries Oversight, and CSEP.  Ms. Jarco came to the OCIE after an 18-year career in SEC's Division of Enforcement where, among other issues, she worked on cases involving financial fraud, insider trading, and violations of investment advisor/investment company laws. In her more than 28 years with SEC, Ms. Jarco received numerous awards, including the Labor-Management Award, the Excellence in Information and Technology award as well as awards for Supervisory Excellence and as a team participant in several SEC programs. Read more about Ms. Jarco's career in this press release.

  • Following Jane Jarcho's retirement, Kristin Snyder will rise to the Deputy Director of OCIE position. Ms. Snyder's career with the SEC spans 15 years. SEC named her Co-National Associate Director of the IA/IC program in 2016 and she has served as San Francisco's Associate Regional Director for Examinations since 2013. She retains both positions while adding the new responsibilities as the Deputy Director of OCIE. Her new responsibilities include serving as regional advisor to the Director of OCIE, Peter B. Driscoll. Before joining SEC, Ms. Snyder practiced law in San Francisco until she joined SEC in 2003. She served eight years as Branch Chief and Senior Counsel in the San Francisco enforcement program. Read more about Ms. Snyder's career in this press release. 

  • SEC named Daniel Grego as National Associate Director of the Clearance and Settlement Examination Program of the OCIE. Mr. Grego has led the SEC in this position as Acting National Associate Director since 2016. Mr. Grego brings his 25-year SEC career experience to his new position. In addition, since 2015 he has served as the Chicago office's Associate Regional Director of the Broker Dealer Examination Program. He will continue to serve in that position as he moves into his additional responsibilities. Mr. Grego began his career with SEC in 1993 in the Chicago office's Enforcement Division where he served as Assistant Regional Director for Enforcement until 2007 when he undertook the responsibilities in the broker dealer examination program. Mr. Grego practiced law in Chicago for seven years before he joined the SEC. Read more about Mr. Grego's career in this press release.

  • Denver Changes. SEC announced in July, 2018, that Julie Lutz, Regional Director of the Denver Regional Office, will terminate her employment with the SEC at the end of August, 2018. Ms. Lutz has served with the SEC for more than 40 years. Ms. Lutz's experience with the SEC's Denver office began in 2013 where she was responsible for the oversight of examinations and enforcement for seven states. Ms. Lutz joined SEC in 1977, working in the San Francisco and Washington, DC offices before she moved to the Denver office in 1996. Under Ms. Lutz's leadership, the number of examinations in the Denver office doubled and resulted in high-profile enforcement actions. Read more about Ms. Lutz's career in this press release.

July Changes in Division of Trading and Markets. In other news, SEC named Elizabeth Baird and Christian Sabella as Deputy Directors of the Division of Trading and Markets. Ms. Baird is a former partner of the Morgan, Lewis, and Bockius law firm in Washington, DC where she counseled businesses and investors in market investment. Mr. Sabella has served as an Associate Director of the Office of Clearance and Settlement since 2015. Read more about their careers in this press release.

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