The SEC reports that Norm Champ, director of the division of investment management, will leave this month, after five years at the agency.
Champ “played a key role in the SEC’s completion of landmark reforms in 2014 to strengthen the $3 trillion money market fund industry. He also led numerous structural and policy changes at the agency and oversaw the Division of Investment Management during one of its busiest periods,” according to an SEC statement, which highlights Champ’s “efforts to better leverage data collected by the agency by recruiting industry experts and quantitative analysts to the SEC, including specialists in data analytics, risk management and trade analysis.”
During his tenure, Champ’s “key managerial initiatives” in the division included creation of the risk and examination office, as well as creation of the senior level engagement program, “under which senior leadership of the division meets with senior management and boards of directors of strategically important asset management firms to improve the commission’s awareness of emerging issues in the industry and to engage in direct dialogue about market developments,” according to the statement.
He also “played a leading role in numerous policy matters,” the SEC statement adds, specifying, among others, adoption of reforms to money market mutual funds, adoption of rules requiring asset managers to have policies and procedures regarding so-called identity theft red flags, and adoption of the Volcker Rule.
“His efforts on important rulemakings and the organizational changes he has put in place will leave a lasting mark on the commission,” SEC Chair Mary Jo White says in the statement.
After leaving the SEC, Champ will be a visiting scholar for spring term 2015 at Harvard Law School, where he also is a biennial lecturer in law, teaching a course on investment management law.
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