The U.S. Securities and Exchange Commission (SEC) consists of five President-appointed commissioners who serve five-year terms. The President designates one commissioner or chairman and no more than three of the commissions can belong to the same political party.
Now, both Mary Jo White, the Chairwoman of the SEC and Andrew Ceresney, the SEC Enforcement Director, have announced their resignation once the Trump administration takes over.
“It has been a tremendous honor to work alongside the incredibly talented and dedicated SEC staff members who do so much every day to protect investors and our markets,” said White. “I am very proud of our three consecutive years of record enforcement actions, dozens of fundamental reforms through our rule-makings that have strengthened investor protections and market stability and that the job satisfaction of our phenomenal staff has climbed in each of the last three years.”
According to Legal NewsLine, White was the 31st SEC Chair and has served one of the longest terms in history of the commission. Both White and Ceresney focused on improving the overall market for RIA compliance consultants, investors, and everyone else involved in the industry.
Ceresney, who came into the agency alongside White, has overseen the commission and brought a record number of cases by targeting both small infractions and large scams involving fraudulent RIA money transfers.
“We really have brought important cases across the whole securities realm, in every priority area,” said Ceresney. “Enforcement will always be a high priority, it’s a bipartisan issue. “Any enforcement director should be encouraging their people to be creative and aggressive but also fair.”
Not only that, but The Wall Street Journal reports that under Ceresney’s supervision the enforcement division filed 143 cases targeting inaccurate municipal bond disclosures and various cases involving short selling and other public offering violations.
Because of the incoming administration, and many uncertainties concerning the future of the SEC, RIA consultants who deal with RIA money transfers will be even more focused on the new regulations. In the meantime, like much of the world, many financial advisors and RIA companies will be taking a “wait and see” approach to 2017.
To learn more about RIA money transfer online programs or to speak with professional RIA consultants, contact Focus 1 Associates.
28 Dec 2016