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The SEC Speaks in 2020


Speaker(s): Adam Turk, Alison Staloch, Anita B. Bandy, Brett W. Redfearn, Bridget Fitzpatrick, Craig C. Olinger, Dalia Blass, Daniel E. Matro, Daniel S. Kahl, Daniel Staroselsky, David Lisitza, David S. Shillman, Dominick V. Freda, Donna McCaffrey, Emily Westerberg Russell, Eric Bustillo, Hon. Allison Herren Lee, Hon. Caroline A. Crenshaw, Hon. Elad L. Roisman, Hon. Jay Clayton, Igor Kozhanov, James R. Reese, Jeffrey A. Berger, Jeffrey S. Mooney, Jennifer A. Zepralka, Jessica Kane, John C. Roeser, John S. Polise, Joseph K. Brenner, Kerry J. Dingle, Kristin A. Snyder, Lisa M. Kohl, Luna Bloom, Marc P. Berger, Mark E. Wolfe, Martha Legg Miller, Martin Totaro, Matthew S. Jacques, Melissa Gainor, Michael A. Conley, Michael A. Macchiaroli, Olga Itenberg, Pamela A. Gibbs, Paul Cellupica, Peter B. Driscoll, Rebecca Olsen, Richard Humes, Robert A. Marchman, Robert B. Stebbins, S.P. Kothari, Sagar S. Teotia, Stephanie Avakian, Sumeera Younis, Thomas K. McGowan, Thomas Karr, Timothy Husson, Trace W. Rakestraw, Tracey A. Hardin, Tracey L. McNeil, Vladimir I. Ivanov, William H. Hinman
Recorded on: Oct. 8, 2020
PLI Program #: 275877

Alison Staloch is the Chief Accountant of the Division of Investment Management at the U.S. Securities and Exchange Commission. In this role, Alison works closely with Commission staff to develop recommendations for policies to ensure the full and fair disclosure of financial information by investments companies, interpretations of rules relating to the form and content of financial statements, and the establishment of uniform standards of auditing and accounting practices with respect to investment companies. Alison also manages the accounting examination program within the Division of Investment Management which reviews and provides comments on thousands of registered investment company’s annual financial statements and regulatory filings each year. She frequently discusses investment company accounting rules and industry practice issues at regional and national conferences.  

Alison joined the SEC in 2015 from KPMG LLP where she was as a Senior Manager in the audit practice specializing in the investment management industry, including investment companies registered under the Investment Company Act of 1940, private funds, commodity pools, family office trusts, and investment companies regulated by the Small Business Administration.

Alison has a Masters in Accounting from the Ohio State University Fisher College of Business. Alison is a Certified Public Accountant licensed in Ohio.


Allison Herren Lee was appointed by President Donald Trump to the U.S. Securities and Exchange Commission, unanimously confirmed by the U.S. Senate, and sworn into office on July 8, 2019.

Commissioner Lee brings to the SEC over two decades of experience as a securities law practitioner. Most recently, she has written, lectured, and taught courses internationally in Spain and Italy on financial regulation and corporate law. Commissioner Lee served for over a decade in various roles at the SEC, including as counsel to Commissioner Kara Stein, and as Senior Counsel in the Division of Enforcement’s Complex Financial Instruments Unit. In addition, she has served as a Special Assistant U.S. Attorney, was a member of the American Bar Association’s former Committee on Public Company Disclosure, and participated on a USAID project in Armenia, assisting in the drafting of periodic reporting and disclosure provisions for a comprehensive law of the Republic of Armenia on Securities Market Regulation.

Prior to government service, Commissioner Lee was a partner at Sherman & Howard LLC, focusing on securities, antitrust, and commercial litigation. A member of the Colorado bar, she holds a bachelor’s degree in Business from the University of Colorado and a JD from the University of Denver College of Law, where she was salutatorian, a Chancellor’s Scholar, and served on the Law Review.


Anita Bandy is an Associate Director in the Securities and Exchange Commission’s Division of Enforcement, where she assists in planning and directing the Commission’s enforcement program.  Anita joined the Commission in 2004 and then served in several positions of increasing responsibility in the Enforcement program.  During her tenure at the Commission, Anita has led multiple enforcement initiatives and has supervised dozens of investigations that resulted in actions spanning a wide range of matters, including financial fraud, offering frauds, market manipulation, the Foreign Corrupt Practices Act, the Jumpstart Our Business Startups Act, and other illegal acts that occur in the mergers & acquisitions, cyber, broker-dealer and investment-adviser space.  Prior to joining the SEC, Anita spent several years in private practice at the law firm of Proskauer LLP, where she focused on white collar and SEC defense work.  She received her J.D. with honors from American University and her undergraduate degree with honors from the University of Michigan.


Brett Redfearn was named the U.S. Securities and Exchange Commission's Director of the Division of Trading and Markets in October 2017.

Mr. Redfearn joins the SEC from J.P. Morgan, where he was Global Head of Market Structure for the Corporate and Investment Bank.

Mr. Redfearn has a long history in the U.S. equity markets, having worked with investors, exchanges and broker-dealers. During his career, he has focused on how technology, regulation and business trends are changing trading patterns across asset classes and geographic regions. He has helped build electronic trading products, worked closely with exchanges and other trading venues as these products evolved, and engaged with global asset managers on major regulatory developments. He has also been a frequent contributor at policy forums surrounding U.S. equity markets, and has been an active participant at several meetings of the SEC's Equity Market Structure Advisory Committee.

He has served as Chairman of SIFMA’s Equity Markets and Trading Committee and was a participant on the Security Traders Association (STA) Market Structure Analysts Committee and the Canadian STA (CSTA’s) Trading Issues Committee. Previously, Mr. Redfearn has served on the boards of Bats Global Markets, BATS Exchange, the National Organization of Investment Professionals, the Chicago Stock Exchange, and BIDS Trading.

Mr. Redfearn earned his M.A. in political science from the New School for Social Research and his B.A. from the Evergreen State College in Olympia, Washington.

 


Caroline A. Crenshaw was appointed by President Donald J. Trump to the U.S. Securities and Exchange Commission, unanimously confirmed by the U.S. Senate, and sworn into office on August 17, 2020.

Commissioner Crenshaw brings to the SEC a range of securities law and policy experience and a commitment to public service and the SEC’s mission. Most recently, she served as Counsel to Commissioners Kara Stein and Robert Jackson, focusing on strengthening investor protections in our increasingly complex markets.

Commissioner Crenshaw also served as a career SEC staff attorney in the Office of Compliance Inspections and Examinations and the Division of Investment Management, helping oversee the institutions that manage millions of Americans’ savings. In addition, Commissioner Crenshaw currently serves as a captain in the United States Army Reserve, Judge Advocate General’s Corps.

Prior to government service Commissioner Crenshaw practiced law in the Washington, D.C., office of Sutherland, Asbill and Brennan LLP.  At Sutherland she represented public companies, broker-dealers, and investment advisers on complex securities law investigations and enforcement matters.

Commissioner Crenshaw graduated cum laude from Harvard College and received a law degree magna cum laude from the University of Minnesota. She is a native of Washington, D.C., where she currently resides.

 


Craig C. Olinger is Senior Advisor to the Chief Accountant of the Securities and Exchange Commission's Division of Corporation Finance.  He served as a Deputy Chief Accountant in the Division of Corporation Finance from 1997-2017.  From January 2012 to September 2013 he was Acting Chief Accountant of the Division. His responsibilities include interpretation of the financial reporting and disclosure requirements for public companies as well as oversight of financial reporting matters affecting foreign registrants.  He serves as an observer to the CAQ International Practices Task Force.  Prior to joining the SEC in 1986 he was employed by Price Waterhouse.  Mr. Olinger received his M.A.S. from the University of Illinois and his B.S. from Lebanon Valley College.  He is a member of the AICPA. 


Dalia Osman Blass is the Director of the Securities and Exchange Commission’s Division of Investment Management.

The SEC's Division of Investment Management works to protect investors and to promote capital formation and innovation in investment products and services through oversight and regulation of the nation’s multi-trillion dollar investment management industry. The Division is responsible for the Commission's regulation of investment companies, variable insurance products, and federally registered investment advisers.

Ms. Blass previously served in a number of leadership roles in the Division of Investment Management. Ms. Blass returned to the SEC as Director of the Division of Investment Management in September, 2017 from private practice, where she advised on a broad range of investment fund, private equity, and regulatory matters. Earlier in her career, Ms. Blass practiced corporate law in New York and London.

Ms. Blass earned a J.D. from Columbia University School of Law. She received her B.A in international studies from the American University and studied political science at the American University in Cairo.


Daniel E. Matro is a Senior Counsel in the Office of the General Counsel at the Securities and Exchange Commission.  Dan has served as a member of the Office’s Appellate Group since January 2016.  He joined the Commission’s staff from Covington & Burling in Washington, D.C., where he was an associate.  

Dan graduated from Stanford Law School in 2010, where he was an editor of the Stanford Law Review. After graduating, he clerked for Judge Merrick B. Garland on the United States Court of Appeals for the District of Columbia Circuit.


Daniel Staroselsky is a Senior Litigation Counsel in the Office of the General Counsel at the Securities and Exchange Commission.   Dan has served as a member of the Office’s Appellate Group since November 2011.  He joined the group after working for a year in the Commission’s Division of Trading and Markets.

Dan graduated from the Georgetown University Law Center in 2006, where he was a member of the Georgetown Law Journal.  Before joining the Commission, he practiced in the Supreme Court and Appellate Litigation group at Mayer Brown in Chicago, IL, and clerked for Judge Kathryn A. Oberly of the District of Columbia Court of Appeals.


David D. Lisitza is a member of the Securities and Exchange Commission’s Appellate Group, where he writes briefs and argues cases in the federal courts of appeals. 

David focuses on insider trading, and wrote the SEC’s appellate briefs in Salman, Newman, Rajaratnam, Gupta, Obus, and Dorozhko.  He also briefs remedies issues, including in Liu and Gabelli.  And he works on a range of digital asset issues, such as bitcoin exchange-traded products and initial coin offerings.         

David clerked for Judge Frank H. Easterbrook.  He also worked on appeals for Mayer Brown and Gibson Dunn.  David received both his J.D. and B.A. from the University of Chicago.


David Shillman is an Associate Director in the SEC’s Division of Trading and Markets, where he is responsible for oversight of the U.S. equity and debt markets.  Prior to that time, he served in a variety of positions in the Division, including Counsel to the Director and International Counsel.  Mr. Shillman was in private practice in New York and Washington, D.C. before joining the SEC in 1995.  He is a graduate of Northwestern University and the University of Michigan Law School.


Dominick V. Freda is an Assistant General Counsel in the Office of the General Counsel at the Securities and Exchange Commission.   Donnie has served as a member of the Office’s Appellate Group since December 2003.  He joined the Commission’s staff from Jones Day, where he had been an associate in the firm’s Issues and Appeals practice group in Washington, D.C.

Donnie graduated cum laude from the University of Pennsylvania Law School in 1998, where he was a member of the University of Pennsylvania Law Review and the National Trial Advocacy Team.  After graduating, he clerked for Judge Morton I. Greenberg of the United States Court of Appeals for the Third Circuit.


Donna McCaffrey is a Special Trial Counsel in the Litigation and Administrative Practice Group of the SEC’s Office of the General Counsel. Ms. McCaffrey investigates and prosecutes attorney misconduct cases under SEC Rule of Practice 102(e) and Part 205 of the SEC’s Part 205 Standards of Professional Conduct for Attorneys Appearing and Practicing Before the Commission in the Representation of an Issuer. Ms. McCaffrey has a B.A. in Economics from the Catholic University of America and a J.D. from the College of William and Mary Marshall- Wythe School of Law.


Elad L. Roisman was appointed by President Donald Trump to the U.S. Securities and Exchange Commission (SEC) and was sworn into office on September 11, 2018.

Commissioner Roisman joined the SEC from the U.S. Senate Committee on Banking, Housing, and Urban Affairs, where he served as Chief Counsel. In that role, and as Securities Counsel on the Committee, he counseled Chairmen Mike Crapo (R-ID) and Richard Shelby (R-AL), as well as members of the Committee, on securities, financial regulation, and international financial matters. Commissioner Roisman worked on drafting several pieces of legislation that became law and played an integral role in the drafting and negotiation of the Economic Growth, Regulatory Relief, and Consumer Protection Act.

Before working in the Senate, he served as Counsel to SEC Commissioner Daniel M. Gallagher, focusing on enforcement and policy relating to the U.S. equity and fixed income markets, the asset management industry, and international regulation of capital markets. Prior to joining the SEC, he held positions as a Chief Counsel at NYSE Euronext and an associate at the law firm of Milbank, Tweed, Hadley & McCloy LLP in New York.

Commissioner Roisman earned his bachelor’s degree in History at Cornell University and his J.D. at the Boston University School of Law.


Emily Westerberg Russell was named Chief Counsel of the SEC’s Division of Trading and Markets in July 2019, after serving as a member of the Office of Chief Counsel for a decade.  The Office of Chief Counsel provides legal and policy advice to the Commission on a variety of matters affecting broker-dealers and the operation of the securities markets.  Among other things, the Office was responsible for developing and drafting key components of the Commission’s recently adopted package of rulemakings and interpretations designed to enhance the quality and transparency of retail investors’ relationships with investment advisers and broker-dealers, in particular, Regulation Best Interest.  

Prior to joining the SEC, she was a Senior Associate in the Financial Institutions Group at WilmerHale.   Ms. Russell received her J.D. from Columbia University School of Law, where she was a James Kent and a Harlan Fiske Stone Scholar, and served as Executive Editor of the Columbia Journal of Transnational Law.  She earned her B.A., summa cum laude, in economics and international relations from Colgate University.


Eric I. Bustillo currently serves as Director of the Miami Regional Office (“MIRO”) of the U.S. Securities and Exchange Commission (“SEC”).  As Director, he is responsible for leading the functions of the MIRO, including the supervision of the office’s Enforcement and Examination programs, which jurisdiction covers the states of Florida, Mississippi, and Louisiana, as well as the U.S. Virgin Islands and Puerto Rico.  The MIRO employs numerous professionals, including attorneys, accountants, and examiners, as well as support personnel who are assigned to these programs.

Between March 1995 and February 2010, Mr. Bustillo was employed by the United States Attorney’s Office for the Southern District of Florida (“USAO-SDFL”) as an Assistant United States Attorney (“AUSA”) where for the last five years of his tenure with the office he served as Chief of the USAO-SDFL’s Economic & Environmental Crimes Section, in charge of supervising a group of AUSAs and other professionals. Mr. Bustillo supervised and prosecuted criminal matters involving, among other things, securities/corporate fraud, health care fraud, environmental crimes, commodities fraud, mail fraud, wire fraud, bank fraud, tax fraud, and money laundering violations.  

Between February 1990 and March 1995, Mr. Bustillo was employed by the MIRO where he last served as Chief of one of the office’s Enforcement branches, in charge of supervising a group of enforcement attorneys and an accountant.  He supervised and prosecuted complex matters involving, among other things, financial fraud, insider trading, stock manipulation, fraudulent sale of unregistered securities, broker-dealer/investment adviser fraudulent practices, and corporate accounting controls violations.  Prior to joining the SEC, Mr. Bustillo worked, briefly, at a private law firm doing commercial litigation and some corporate/real estate transactional work.  

Mr. Bustillo attained a Bachelor of Business Administration degree with a major in Economics from the University of Miami School of Business and a Juris Doctor degree from the University of Miami School of Law.  Mr. Bustillo currently serves as an Adjunct Faculty member of the Litigation Skills Program at the University of Miami School of Law where he teaches Trial Advocacy Skills.  He also is a frequent speaker at securities and white collar crime seminars around the country.


Igor Kozhanov is a Senior Financial Economist with the Office of Risk Assessment in the SEC’s Division of Economic and Risk Analysis (DERA). His portfolio includes work in risk assessment, rulemaking, enforcement, and international affairs, and covers areas of financial stability/systemic risk, fintech, fixed income securities, asset-backed securities, and credit ratings. Igor has represented the SEC staff on several committees of the Financial Stability Oversight Council (FSOC) and the Financial Stability Board (FSB). He has received the 2015 SEC Law and Policy Award as a member of Asset-Backed Securities Regulatory Reform Team and the 2014 DERA Directors’ Award. Prior to joining the SEC in 2013, Igor was an assistant professor of finance at the University at Buffalo-SUNY. He received his Ph.D. in finance from the Carlson School of Management at the University of Minnesota, his M.S. in mathematics from Carnegie Mellon University, and his B.S. in mathematics from Novosibirsk State University (Russia). Igor’s academic interests are in asset pricing, corporate bonds, asset-backed securities, and real estate, and his work has been published in Real Estate Economics and the Journal of Fixed Income.


Jay Clayton was nominated to chair the U.S. Securities and Exchange Commission on January 20, 2017, by President Donald J. Trump and was sworn in as Chairman on May 4, 2017. In addition to chairing the SEC, he is a member of the President’s Working Group on Financial Markets, the Financial Stability Oversight Council, and the Financial Stability Board. Chairman Clayton also participates on the Board of the International Organization of Securities Commissions.

Background, Education and Experience

Chairman Clayton was born at Fort Eustis in Newport News, Virginia, and was raised primarily in central and southeastern Pennsylvania. In his professional career, he has lived in Philadelphia, New York, London, and Washington, DC. Prior to joining the Commission, Chairman Clayton was a partner at Sullivan & Cromwell LLP, where he was a member of the firm’s Management Committee and co-head of the firm’s corporate practice. From 2009 to 2017, Chairman Clayton was a Lecturer in Law and Adjunct Professor at the University of Pennsylvania Law School.

Prior to joining Sullivan & Cromwell, Chairman Clayton served as a law clerk for the Honorable Marvin Katz of the U.S. District Court for the Eastern District of Pennsylvania. A member of the New York and Washington, DC bars, Chairman Clayton earned a BS in Engineering from the University of Pennsylvania (summa cum laude), a BA and MA in Economics from the University of Cambridge (Thouron Scholar), and a JD from the University of Pennsylvania Law School (cum laude, Order of the Coif).


Jeff Berger is a Senior Litigation Counsel in the Office of the General Counsel at the Securities and Exchange Commission.   Jeff has served as a member of the Office’s Appellate Group since December 2009.  He joined the Commission’s staff from Mayer Brown, where he had been an associate in the firm’s Chicago and Washington, D.C. offices. 

Jeff graduated magna cum laude from the Northwestern University School of Law, where he was editor-in-chief of the Northwestern University Law Review.   After graduating in 2003, he clerked for Judge Karen Nelson Moore of the United States Court of Appeals for the Sixth Circuit.


Jeffrey Mooney is an Associate Director in the SEC's Division of Trading and Markets.  He heads the Office of Clearance and Settlement where his responsibilities include developing regulatory standards for central counterparties, central securities depositories and other entities that provide clearance and settlement services.  He also represents the SEC in domestic and international policy initiatives. 

During his tenure, Jeffrey Mooney has served as counsel to former SEC Chairman Arthur Levitt, and co-chaired a working group of securities regulators and central bankers that developed the international standards for financial market infrastructures.  He has also received several SEC awards, and has been a presenter at SEC Speaks, the SEC's International Institute, and various securities industry conferences and events.  Jeffrey Mooney received a JD from Georgetown University Law Center and BA in Economics from Fisk University.


Jessica Kane is the Director of the Securities and Exchange Commission’s Office of Credit Ratings.

OCR is charged with administering the Commission’s rules with respect to the practices of nationally recognized statistical rating organizations (NRSROs) in determining credit ratings for the protection of users of credit ratings and in the public interest; promoting accuracy in credit ratings issued by NRSROs; and working to ensure that credit ratings are not unduly influenced by conflicts of interest and that NRSROs provide greater transparency and disclosure to investors.

Before joining OCR, Ms. Kane was the Director of the Office of Municipal Securities and played a leading role in the implementation and operation of the municipal advisor registration regime.

She first joined the SEC in 2007 in the Division of Corporation Finance where she worked on corporate securities disclosure matters until 2012. She worked in the agency’s Office of Legislative and Intergovernmental Affairs from 2012 to 2013.

Ms. Kane holds a bachelor’s degree from Georgetown University and received her law degree from George Mason University School of Law.


John C. Roeser is an Associate Director in the Division of Trading and Markets. In this position, he is responsible for the administration of the Division’s regulatory oversight responsibilities of U.S. securities exchanges and FINRA, alternative trading systems, and addresses issues involving market participants, products, and market structure.  Mr. Roeser joined the staff in 1998.  During his tenure, Mr. Roeser has received numerous SEC awards, including the SEC’s Jay Manning Award in 2008, which is given annually to an employee in the Division of Trading and Markets who demonstrates an outstanding commitment to excellence in preserving fair and honest markets. Mr. Roeser holds a bachelor’s degree from Michigan State University and graduated cum laude from Michigan State University College of Law. He received a master of laws in securities and financial regulation from Georgetown University Law Center.


John Polise is the Associate Director in the Office of Compliance Inspections and Examinations new Broker-Dealer/ Exchange Group (BDX).  He heads the National Examination Program for registered broker-dealers and exchanges.  Previously he lead the Market Oversight Group where he supervised  the inspection of all domestic equity and options exchanges, the operation of FINRA, the MSRB and SIPIC.    Mr. Polise has served as an Assistant Director in the SEC’s Division of Enforcement, the Division of Trading and Markets, and the Office of Compliance Inspections and Examinations.  Mr. Polise was Counsel to the Chairman of the SEC, Counsel to the Chairman of the CFTC, Counsel to the Director, Division of Enforcement at the CFTC and Counsel to the Director for Markets at the SEC’s Division of Enforcement.   He has held positions at FINRA in both Enforcement and Member Regulation.  He began his career as an Associate at Cahill Gordon & Reindel in New York and clerked for the Honorable Stanley Sporkin, US District Court for the District of Columbia.  He graduated from the University of Pennsylvania, magna cum laude in 1985 and is a 1988 graduate of New York University School of Law.   He has been an adjunct professor at Georgetown University School of Law and is currently an adjunct professor, teaching securities regulation at George Mason School of Law.


Kerry J. Dingle is a Senior Counsel in the Securities and Exchange Commission’s Office of the General Counsel.  She is a member of the Office’s Appellate Group.

Kerry clerked for Judge R. Lanier Anderson III of the United States Court of Appeals for the Eleventh Circuit. She joined the Commission from Latham & Watkins LLP, where she was an associate in the Securities Litigation & Professional Liability and Supreme Court & Appellate practice groups.

Kerry received her J.D. from Harvard Law School and her A.B. from Harvard College.


Kristin Snyder is the Co-Deputy Director of the SEC’s Office of Compliance Inspections and Examinations (OCIE) as well as Co-National Associate Director of OCIE’s Investment Adviser/Investment Company Examination Program.  Ms. Snyder also serves as the Associate Regional Director for Examinations in the SEC’s San Francisco Regional Office, where she leads the examinations program.  Ms. Snyder has worked at the SEC for more than fifteen years, and previously served as a Branch Chief and a Senior Counsel in the San Francisco office’s enforcement program.  Prior to joining the SEC staff, Ms. Snyder practiced with Sidley Austin Brown & Wood LLP in San Francisco.   She earned her law degree from the University of California Hastings College of the Law, and received her bachelor’s degree from the University of California at Davis.


Lisa M. Kohl is Senior Special Counsel to the Director of the Division of Corporation Finance at the Securities & Exchange Commission.  Prior to joining the Director’s Office, she was a Legal Branch Chief in the Division’s disclosure review program, and previously served as an attorney-advisor in the disclosure review program.  She joined the SEC in 2010.

Lisa earned her B.A. from the University of Michigan and her J.D. from the American University Washington College of Law.

 


Luna Bloom is the Chief of the Office of Rulemaking in the U.S. Securities and Exchange Commission’s Division of Corporation Finance.  Before joining the Office of Rulemaking in 2018, Ms. Bloom served in various roles at the Commission, including in the Office of the General Counsel and the Division of Corporation Finance’s Office of Chief Counsel.  Prior to joining the SEC staff, she was an associate at Shearman & Sterling in New York.

Ms. Bloom received her law degree from New York Law School and B.A. from the University of California, Irvine.


Marc P. Berger is the Deputy Director of the SEC’s Division of Enforcement.  Previously, he served as Regional Director of the New York Office following his appointment in December 2017.

Before joining the SEC, Mr. Berger was a litigation partner at the law firm of Ropes & Gray LLP, and the Global Co-Head of that firm’s Securities and Enforcement Practice. 

From 2002 to 2014, Mr. Berger served as an Assistant U.S. Attorney in the Southern District of New York, including serving as Chief of that office’s Securities and Commodities Fraud Task Force.  In that role, he supervised the investigation and prosecution of some of the nation’s highest profile financial and investment fraud cases, including the largest crackdown on hedge fund insider trading in U.S. history.  As a prosecutor, Mr. Berger also personally investigated and tried a wide variety of cases, including those involving securities and commodities fraud.

Mr. Berger received his bachelor’s degree with distinction from Cornell University in 1996 and earned his law degree from the University of Virginia School of Law in 1999.  Before joining the U.S. Attorney’s Office in Manhattan, he served as a law clerk for the Honorable Richard M. Berman of the U.S. District Court for the Southern District of New York.


Mark Wolfe is the Associate Director for the Office of Derivatives Policy and Trading Practices in the SEC’s Division of Trading and Markets.  In that capacity, he oversees the Office of Derivatives Policy, which is responsible for the implementation of the derivatives provisions of the Dodd-Frank Act.  He also oversees the Office of Trading Practices which is responsible for administering a broad variety of financial regulation, including Regulation M, Regulation SHO, as well as rules governing the publication of quotations in the over-the-counter market, issuer repurchases, research analysts, and other SEC rules concerning market integrity.  

Mark first joined the SEC staff in November 1999 as an attorney in the Office of Compliance Inspections and Examinations’ Market Oversight Group.  From April 2003 to September 2006, he was a Senior Counsel in the Division of Enforcement and investigated cases involving broker-dealer misconduct, financial fraud, insider trading, and market manipulation.  After leaving the SEC in 2006, Mark worked in legal and compliance functions at broker-dealers and investment banks including, most recently, as Executive Director of Equities Compliance at J.P. Morgan Securities LLC.  

Mark has a B.A. from James Madison University, a M.A. from the University of Maine, and a J.D. from the University of Baltimore School of Law. At the beginning of his career, Mark was an Assistant State’s Attorney in Baltimore County, Maryland.

 


Martin Totaro is Senior Counsel in the appellate group of the SEC’s Office of the General Counsel, where he briefs and argues cases on behalf in the Commission in the federal courts of appeals. Martin recently returned from a detail with the Appellate Staff of the Department of Justice’s Civil Division, where he presented seven oral arguments and briefed over a dozen cases on a range of topics, including diplomatic immunity, organ donation allocation policies, and copyright royalty allocation and distribution. Before joining the Commission, Martin was a partner at MoloLamken LLP. At MoloLamken, he worked on a variety of matters in trial and appellate courts throughout the country.  Martin is also a Barrister in the Edward Coke Inn of Court.


Matt Jacques is the Chief Accountant of the SEC’s Division of Enforcement having returned to the agency in October 2018.  He had previously served as a senior forensic accountant in the SEC’s Boston Regional Office from 2007 to 2013.  He has over two decades of experience as a public accountant, regulator, expert witness and forensic accountant.  Mr. Jacques has led teams conducting complex forensic investigations in high-profile accounting, securities, anti-corruption and other financial matters.  Prior to his time at the SEC, he worked as managing director at an international advisory firm and a forensic accountant at Big Four accounting firm, where he was engaged by counsel to provide technical accounting expertise in investigations and litigation.  He began his career in public accounting as an auditor.

Mr. Jacques is a certified public accountant, certified fraud examiner and holds an accounting degree from the University of Notre Dame.


Melissa Gainor is the Assistant Director Division of Investment Management’s Investment Adviser Regulation Office.  She assists on the development of policy and rulemaking relating to investment advisers and investment companies. 

Prior to joining the Commission in 2012, Ms. Gainor was an associate at Ropes & Gray LLP in their Boston and Washington, D.C. offices.  Ms. Gainor graduated magna cum laude with a B.A. in Political Science from Boston College, and earned her J.D., magna cum laude, from Boston University School of Law.


Michael A. Conley is the Solicitor at the Securities and Exchange Commission, a position that he has held since October 2015.  In that position, Mr. Conley oversees the agency’s appellate litigation and bankruptcy group.  Between September 2011 and October 2015, he was a Deputy General Counsel and from October 2000 to September 2011, he was a member of the Appellate Group within the Commission’s Office of the General Counsel.  Mr. Conley joined the Commission’s staff from Pillsbury Madison & Sutro LLP, where he had been a partner in the firm’s Washington, DC office. 

Mr. Conley graduated in 1989 from Boston University School of Law, where he was editor-in-chief of the law review.  He clerked for Judge Abner J. Mikva of the United States Court of Appeals for the District of Columbia Circuit and for Associate Justice Harry A. Blackmun of the Supreme Court of the United States.


Michael A. Macchiaroli is an Associate Director, Office of Broker-Dealer Finances, Division of Trading and Markets, U.S. Securities and Exchange Commission, where he is responsible for the broker- dealer financial responsibility program, which deals with the capital record-keeping, reporting and customer protection Rules. Mr. Macchiaroli has been employed at the Commission since 1970 and in the Division of Trading and Markets since 1978.


Mr. Brenner has been Chief Counsel of the SEC’s Enforcement Division since January 2011. He also is Adjunct Professor at the Columbus School of Law, Catholic University of America.

Prior to joining the SEC, he was a partner at Wilmer Cutler Pickering Hale and Dorr LLP. At WilmerHale, he was Vice-Chair of the firm’s Securities Department, and his practice focused on securities enforcement, related civil and criminal litigation, and internal corporate investigations.

Mr. Brenner served as a Court Law Clerk for the U.S. Court of Appeals for the District of Columbia Circuit. He graduated from Georgetown University Law Center, and received his undergraduate degree from Cornell University.


Olga Itenberg is a Financial Economist in the Office of Corporate Finance in the Division of Economic and Risk Analysis, where she conducts economic analysis and research in support of the Commission’s rulemaking and policy development.  Olga holds a Ph.D. in Economics from the University of Pennsylvania, as well as a B.S. in Business Administration from New York University. Prior to joining the Securities and Exchange Commission in 2018, Olga was a faculty member of the Department of Finance at the University of Rochester Simon Business School.  Olga is an expert in corporate investment, firm dynamics, and entrepreneurial finance.


Pamela A. Gibbs serves as the Chief Diversity Officer for the U.S. Securities and Exchange Commission (SEC).  As head of the agency’s Office of Minority and Women Inclusion, Ms. Gibbs provides strategic and operational leadership to ensure the SEC’s diversity and inclusion strategy advances the goals of the agency’s core mission—protecting investors.  Under the direction of Ms. Gibbs, the SEC has developed strategic partnerships and alliances with diverse educational institutions, professional organizations, and community-based organizations, increased the utilization of minority-owned and women-owned businesses in the agency’s supply chain, and developed diversity standards for the more than 25,000 entities regulated by the SEC.  In addition, the SEC has initiated an enhanced national outreach program to attract a diverse talent pool for current and future employment opportunities.

Prior to joining the SEC, Ms. Gibbs served as the Director for the Office of Diversity and Inclusion at the U.S. Commodity Futures Trading Commission.  Ms. Gibbs began her career at the U.S. Department of Labor, Office of the Solicitor, as a trial attorney in the Civil Rights Division, enforcing employment opportunity laws administered by the Office of Federal Contract Compliance Programs.  Later she represented the agency on internal employment discrimination and labor relations matters primarily before the US Equal Employment Opportunity Commission, the Merit System Protections Board, and the Federal Labor Relations Authority.  Ms. Gibbs is a graduate of the University of Virginia and the Georgetown University Law Center.


Paul G. Cellupica has been Deputy Director of the Division of Investment Management at the U.S. Securities and Exchange Commission (“SEC”) since November 2017.  From 2014 to 2017 he was Managing Director and General Counsel for Securities Law at Teachers Insurance and Annuity Association of America (“TIAA”), where his responsibilities included legal support for the TIAA-CREF fund complex.  From 2004 through 2014 he worked in the Law Department of MetLife, Inc. in various senior roles, including as Chief Counsel for the Americas, where he had responsibility for legal support of MetLife’s insurance and financial services businesses in the U.S. and Latin America.

Between 1996 and 2004, Mr. Cellupica served at the SEC in a number of capacities in the Division of Investment Management and the Division of Enforcement.  From 2001 to 2004, he was Assistant Director in the Division of Investment Management, where he oversaw rulemaking initiatives related to disclosure provided by mutual funds and variable insurance products.  He received the SEC’s Martha Platt Award in 2002 in recognition of his exceptional dedication, professional excellence, and personal integrity, and was a joint recipient of the SEC’s Law and Policy Award in 2003.  Before joining the SEC, Mr. Cellupica practiced at the law firm of Caplin & Drysdale in Washington, D.C., where his practice focused on securities and commercial litigation.

Mr. Cellupica has a B.A. magna cum laude from Harvard College and a J.D. cum laude from Harvard Law School, and was a law clerk for Judge David Nelson of the U.S. Court of Appeals for the Sixth Circuit.  He is admitted to practice in New York and the District of Columbia.


Peter Driscoll was named Director of the U.S. Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) in October 2017, after serving as Acting Director since January 2017.

Before that, he served as OCIE’s first Chief Risk and Strategy Officer since March 2016, and was previously OCIE’s Managing Executive from 2013 through February 2016.

He joined the Agency in 2001 as a staff attorney in the Division of Enforcement in the Chicago Regional Office and was later a Branch Chief and Assistant Regional Director in OCIE’s Investment Adviser and Investment Company examination program.

Prior to the Agency, Mr. Driscoll began his career with Ernst & Young LLP and held several accounting positions in private industry. He received his B.S. in Accounting and law degree from St. Louis University. He is licensed as a certified public accountant and is a member of the Missouri Bar Association.


Robert A. Marchman was appointed to the new position of Senior Policy Advisor on Diversity and Inclusion at the SEC in January of this year. His responsibilities include advising SEC Chairman Jay Clayton and OMWI Director Pamela Gibbs on the development and implementation of strategies to promote diversity and inclusions within the SEC and through external engagement with agency partners and market participants. In addition, Mr. Marchman assists the agency’s on-going efforts to promote diversity and inclusion in underserved portions of the investor community.

Prior to re-joining the SEC, Mr. Marchman held senior executive roles variously leading regulatory groups at FINRA and the NYSE. While at FINRA he served on the company’s Executive Leadership Diversity Council. Mr. Marchman, the first African-American Executive Vice President at the NYSE, developed the NYSE’s diversity program and was Chairman of NYSE Diversity Council from its inception until his departure.  Prior to joining the NYSE, Mr. Marchman was a Branch Chief in the SEC’s Division of Enforcement in Washington, D.C.  He is a frequent speaker on diversity, inclusion and equity issues impacting the financial services industry.


Robert B. Stebbins was named General Counsel of the Securities and Exchange Commission in May 2017.  Prior to joining the Commission, Mr. Stebbins practiced law at Willkie Farr & Gallagher LLP since 1993, first as an associate and beginning in 2001 as a partner.  At Willkie, Mr. Stebbins focused on mergers and acquisitions, private equity and venture capital, investment funds, and capital markets transactions. He also advised clients on SEC compliance issues and corporate governance matters.

Mr. Stebbins earned a J.D. from the University of Pennsylvania and a B.S. from Central Michigan University, where he was an Academic All-American football player.


S.P. Kothari was named the Chief Economist and Director of the Division of Economic and Risk Analysis in March 2019. In this role, he oversees economists, data scientists, and other professionals who provide economic analysis and data analytics in support of the SEC’s mission. Dr. Kothari joined the SEC from the Sloan School of Management at the Massachusetts Institute of Technology, where he spent nearly two decades as a professor of accounting and finance and Deputy Dean. His highly-cited research focuses on topics in financial reporting, valuation, asset allocation, international accounting practices, executive compensation, investment performance, and derivatives.

Dr. Kothari has served as the Co-Chair of the Board of Governors of the Asia School of Business, Kuala Lumpur, faculty director of the MIT-India Program, editor of the prestigious academic publication Journal of Accounting & Economics, and as a Director of the Bombay Stock Exchange. In 2008-09, he served as global head of equity research for Barclays Global Investors, where he was responsible for research supporting the firm’s active equity strategies and for managing over $100 billion with a team of approximately 50 PhDs based around the world.  He is a recipient of honorary doctorates from the University of Technology, Sydney and University of Cyprus.


Sagar Teotia is currently the Chief Accountant for the U.S. Securities and Exchange Commission (SEC).  In this role, Mr. Teotia leads the dedicated staff in the Commission’s Office of the Chief Accountant.   Mr. Teotia also serves as the principal advisor to the SEC on accounting and auditing matters.  Additionally, Mr. Teotia consults with registrants, auditors, and other industry representatives, and is responsible for assisting the Commission with discharging its oversight of the Financial Accounting Standards Board (FASB) and the Public Company Accounting Oversight Board (PCAOB). 

Prior to joining the SEC, Mr. Teotia was a Partner at Deloitte in the National Office, where he frequently consulted on accounting issues in a number of areas including financial instruments, business combinations, and compensation matters.

Earlier, Mr. Teotia served as a professional accounting fellow in the Office of the Chief Accountant where his responsibilities included providing conclusions on complex accounting issues and actively monitoring current standard setting projects.

Mr. Teotia received a B.S. in accountancy from the University of Illinois at Urbana-Champaign.  He is licensed to practice as a certified public accountant in Illinois. 


Stephanie Avakian is the Director of the U.S. Securities and Exchange Commission’s Division of Enforcement.  She served as Co-Director from June 2017 until August 2020 and as Acting Director from December 2016 to June 2017.  Before that, she served as Deputy Director beginning in June 2014.

Before being named Deputy Director, Ms. Avakian was a partner at Wilmer Cutler Pickering Hale and Dorr LLP, where she served as a vice chair of the firm’s securities practice and focused on representing financial institutions, public companies, boards, and individuals in a broad range of investigations and other matters before the SEC and other agencies.

Ms. Avakian previously worked in the Division of Enforcement as a branch chief in the SEC’s New York Regional Office, and later served as counsel to former SEC Commissioner Paul Carey.

Ms. Avakian received her bachelor’s degree from the College of New Jersey and a law degree from Temple University’s School of Law, both with high honors.


Tim Husson is the Associate Director of the Analytics Office in the Division of Investment Management.  In this role, he oversees the data analysis and industry monitoring activities in the Division and provides guidance on complex financial and quantitative topics. 

Before joining the SEC, he was a Senior Financial Economist at SLCG, an economic consulting firm in Fairfax, Virginia, where he provided quantitative research and analysis in support of expert testimony and regulatory proceedings.  He has coauthored numerous research papers on exotic financial products, financial markets, and complex securities, available online from SSRN.

Dr. Husson holds a BA and Ph.D in Computational Neuroscience from the University of Chicago.  His scientific work focused on the development and applications of a novel neural imaging technique.


Trace W. Rakestraw is a Branch Chief in the Chief Counsel’s Office in the Division of Investment Management at the U.S. Securities and Exchange Commission.  Prior to his current role at the SEC, Trace served as Senior Counsel in the Office of Commissioner Kara M. Stein and as Senior Counsel and Acting Branch Chief in the Disclosure Review and Accounting Office in the Division of Investment Management.

Prior to joining the SEC, Trace worked in various roles in State Street Bank and Trust’s mutual fund administration legal department including, most recently, as Vice President and Counsel. Trace also previously worked as an attorney in the U.S. Department of Labor’s Office of Administrative Law Judges. Trace earned a B.S. in Industrial and Systems Engineering from Virginia Tech and a J.D. from New England School of Law, where he served as editor-in-chief of the New England Law Review.


Tracey Hardin is an Assistant General Counsel in the Office of the General Counsel at the Securities and Exchange Commission.  Tracey has served as a member of the Office’s Appellate Group since June 2005.  She joined the Commission’s staff from the Department of Justice, where she had been a trial lawyer in the Civil Division in Washington, DC.     

Tracey graduated from Vanderbilt University School of Law in 1998, where she was an editor of the Vanderbilt Law Review.  After graduating, she clerked for Judge J. Owen Forrester of the District Court for the Northern District of Georgia and Judge Frank M. Hull of the United States Court of Appeals for the Eleventh Circuit. 


Tracey L. McNeil was selected as the first Ombudsman for the U.S. Securities and Exchange Commission (SEC) in September 2014.  As required under Section 4(g)(8) of the Securities Exchange Act of 1934, the Ombudsman acts as a liaison in resolving problems that retail investors may have with the Commission or with self-regulatory organizations under SEC oversight.  The Ombudsman is also required by statute to establish safeguards to maintain the confidentiality of communications, review policies and make recommendations to the SEC Investor Advocate regarding compliance with the securities laws, and submit semiannual reports for inclusion in the SEC Investor Advocate’s Reports to Congress.

From 2011 to 2014, Ms. McNeil served as counsel, then as senior counsel, in the SEC Office of Minority and Women Inclusion, where she served as a key adviser on all aspects of the office’s statutory requirements.  Ms. McNeil came to the SEC in 2008 as an attorney in the Division of Corporation Finance, where she reviewed and advised on disclosure matters and securities transactions.  Before joining the SEC staff, Ms. McNeil was a senior associate on the structured finance team at Hunton & Williams, and counsel in the U.S. Businesses group at MetLife.  Ms. McNeil began her legal career as a capital markets associate in the New York office of Shearman & Sterling.  Ms. McNeil received her B.S. degree from Cornell University, her M.S. degree from Columbia University, and her J.D. degree from Fordham University School of Law, where she was a Notes and Articles Editor of the Fordham Urban Law Journal and a recipient of the Dean’s Award.


Bridget Fitzpatrick was named the Enforcement Division’s Chief Litigation Counsel in September 2017 after serving as Co Acting Chief Litigation Counsel since November 2016.  She was previously a Supervisory Trial Counsel and an Assistant Chief Litigation Counsel in the Division of Enforcement.  Ms. Fitzpatrick was awarded the Chairman’s Award for Excellence and George Washington University’s Arthur S. Flemming Award for Legal Achievement for her trial work at the Commission. 

Before serving at the Commission, Ms. Fitzpatrick was an Assistant U.S. Attorney in Washington, D.C., where she worked in the domestic violence, appellate, and fraud and public corruption sections of the office.  As a prosecutor, Ms. Fitzpatrick personally tried more than thirty cases to verdict. 

Ms. Fitzpatrick received a bachelor’s degree from Cornell University and law degree from Georgetown University Law Center, both with honors.


Jennifer Zepralka is the Chief of the Office of Small Business Policy in the U.S. Securities and Exchange Commission’s Division of Corporation Finance.  The office assists companies seeking to raise capital through exempt or smaller registered offerings, and participates in and reviews SEC rulemaking and other actions that may affect small businesses. 

Before joining the Office of Small Business Policy in 2018, Ms. Zepralka was a partner in the Transactional and Securities Departments at Wilmer Cutler Pickering Hale and Dorr LLP, where she focused on federal securities law compliance, disclosure and corporate governance issues.  Ms. Zepralka previously worked in the Division of Corporation Finance as Senior Special Counsel to the Director of the Division of Corporation Finance from 2009 to 2013.  Prior to first joining the SEC staff, she was an associate and counsel at WilmerHale in New York and Washington, DC and an associate at Allen & Overy in London.

Ms. Zepralka received her law degree from the University of Pennsylvania Law School and B.A. from Dartmouth College.


Jim Reese is the Chief Risk and Strategy Officer for the SEC’s Office of Compliance Inspections and Examinations after serving as Assistant Director to the Office of Risk Analysis and Surveillance since 2013. In this role, Jim leads a centralized unit of staff that are responsible for enhancing the National Examination Program’s ability to identify and target those firms and practices that present the greatest risks to investors, markets and capital formation. He currently oversees the NEP’s risk assessment, market surveillance and financial intelligence efforts as well as its quantitative analytical teams and large firm engagement staff.

He joined both the SEC and OCIE in 1999 as an examiner in the Investment Adviser/Investment Company Program area. In his 21+ year career, Jim has participated on more than 500 examinations, assisted on approximately 50 rule-making initiatives and dozens of risk and data analytic projects. Jim has a degree in finance from Virginia Wesleyan University, is a Certified Fraud Examiner (CFE), and is a frequent speaker for the SEC’s Technical Assistance Programs with the Office of International Affairs, providing technical training to Securities Regulators in Saudi Arabia, Trinidad & Tobago, India, Cape Verde, Turkey, Malta, Jersey, Qatar and the Dominican Republic. 


Martha was named as the U.S. Securities and Exchange Commission’s first director of the Office of the Advocate for Small Business Capital Formation in December 2018, leading the new office created by the SEC Small Business Advocate Act of 2016.  As the Advocate for Small Business, Martha oversees the Office dedicated to advancing the interests of small businesses and their investors at the SEC and in the capital markets.  The Office is responsible for advocating for small businesses and their investors by conducting outreach to solicit views on relevant capital formation issues, providing assistance to resolve significant problems, analyzing the potential small business impact of proposed regulations and rules, and recommending changes to mitigate capital formation issues and promote the interests of small businesses and their investors.

Prior to joining the SEC, Martha was a partner at the law firm Balch & Bingham LLP in Birmingham, Alabama, where she represented companies and investors across a spectrum of corporate transactions.

Martha holds bachelor’s degrees in Cognitive Neuroscience and Communications Studies from Vanderbilt University and a juris doctor degree from Georgetown University Law Center.


Mr. Turk is Deputy Chief Counsel in the Office of Chief Counsel of the Division of Corporation Finance at the U.S. Securities and Exchange Commission.  In that role he advises other members of the Division and the public on initial public offerings, mergers and acquisitions, shelf offerings, spin-offs, UPREIT and Up-C formations, and proxy filings.  Mr. Turk is an adjunct professor of law at Georgetown University where he teaches the class on Initial Public Offerings.  Mr. Turk is also a Certified Public Accountant.

B.A., Illinois Wesleyan University; J.D., University of Miami School of Law; LL.M., Georgetown University Law Center, Securities and Financial Regulation.


Ms. Olsen is the Director of the SEC’s Office of Municipal Securities (OMS). Previously, she served in the roles of Acting Director, Deputy Director and Chief Counsel for the office.  OMS is responsible for administering SEC rules pertaining to municipal securities brokers and dealers, municipal advisors, investors in municipal securities, and municipal issuers.  OMS advises the Commission on policy matters relating to the municipal securities market and is responsible for policy development, coordination and implementation of Commission initiatives to improve the municipal securities market, as well as providing technical assistance to other SEC offices on wide array of municipal securities matters.  OMS coordinates with the Municipal Securities Rulemaking Board (MSRB) on rulemaking and enforcement actions.  OMS also acts as the Commission’s liaison to the MSRB, Financial Industry Regulatory Authority (FINRA), the Internal Revenue Service, a variety of investor and industry groups, and regulators on municipal securities issues.

Prior to joining the SEC, Ms. Olsen worked as a public finance attorney at the law firm of Ballard Spahr, LLP for over a decade where she served as underwriter’s counsel, bond counsel, lender’s counsel and borrower’s counsel on a wide variety of public debt offerings and private placements.  Ms. Olsen has a bachelor’s degree in Political Science from Boston College, a J.D. from the Georgetown University Law Center and an LL.M in International Business Law from the Vrije Universiteit Amsterdam, The Netherlands.

 


Sumeera is a Branch Chief in the Disclosure and Review Office of the Division of Investment Management. The Disclosure Review Office is primarily responsible for reviewing investment company registration statements and proxy materials.

Sumeera joined the Division in 2016 as a staff attorney. Previously, she served as Counsel at ProShare Advisors where she worked on the formation and registration of a range of ETF products. Prior to that, she worked at Dechert, where her practice focused on financial services.

Sumeera received her Bachelor of Arts from Oakland University and her JD from the University of Michigan, where she served as an editor of the Michigan Telecommunications and Technology Law Review.


Tom has worked in the SEC’s Office of the General Counsel since 1998, and has been an Assistant General Counsel since 2006.    He helped draft the Part 205 attorney conduct rules, and is involved in investigating possible attorney misconduct and bringing administrative proceedings against attorneys pursuant to SEC Rule of Practice 102(e).   Tom was also involved in drafting the anti-retaliation and other provisions of the Commission’s rules implementing its Dodd-Frank whistleblower program, and has worked on amicus briefs on whistleblower issues, including the United States’ brief in Lawson v. FMR, 571 U.S. 429 (2014), and Digital Realty Trust v. Somers, 138 S.Ct. 767 (2019).

He is a graduate of Harvard University and of the University of Virginia School of Law. 


Vladimir is a financial economist with DERA’s Office of Corporate Finance. His areas of expertise include small business financing, public and private securities offerings, and fintech. At the SEC, Vladimir has worked on a number of Dodd-Frank Act, JOBS Act, and other rulemakings primarily related to corporate disclosure and securities offerings. He has also designed and executed economic studies on capital raising in the Regulation D market, capital raising via crowdfunding, and disclosure and capital raising in the OTC market.

Vladimir received a Bachelor of Science degree from the University of National and World Economy (Bulgaria) in 1995, Master in Business Administration degree from the University of Memphis in 1999, and Doctor of Philosophy degree from Vanderbilt University in 2004.

His research has been published in the Journal of Finance, the Journal of Financial Economics, the Journal of Financial and Quantitative Analysis, and other prestigious academic journals. Vladimir is a recipient of the SEC’s Economic Research Award.


William H. Hinman is Director of the SEC’s Division of Corporation Finance.  The Division seeks to ensure that investors are provided with material information in order to make informed investment decisions, provides interpretive assistance to companies with respect to SEC rules, and makes recommendations to the Commission regarding new and existing rules.

Before serving at the Commission, Mr. Hinman was a partner in the Silicon Valley office of Simpson Thacher & Bartlett LLP, where he practiced in the corporate finance group.  He has advised issuers and underwriters in capital raising transactions and corporate acquisitions in a wide range of industries, including technology, e-commerce, and the life-sciences.

Prior to joining Simpson Thacher in 2000, Mr. Hinman was the managing partner of Shearman & Sterling’s San Francisco and Menlo Park offices.  He received his B.A. from Michigan State University with honors in 1977 and his J.D. in 1980 from Cornell University Law School, where he was a member of the Editorial Board of the Cornell Law Review.  He is a member of the Bar Association of the State of California and the Association of the Bar of the City of New York.  Mr. Hinman also is a fellow of the American Bar Foundation.


Richard Humes is Associate General Counsel for the Litigation and Administration Practice for the Securities and Exchange Commission.  Mr. Humes has served with the Commission since 1977.  He received the SEC Distinguished Service Award in 1991 and the Presidential Meritorious Executive Award in 1996.  After passage of the Sarbanes-Oxley Act, Mr. Humes spearheaded the SEC team that promulgated ethical standards for attorneys who practice before the Commission on behalf of a public company.  Before the 9th Circuit, Mr. Humes successfully argued for the SEC’s broad power under Sarbanes-Oxley to freeze “extraordinary payments” to company officers that are made when the Commission is investigating possible wrongdoing.  Mr. Humes earned his B.A. from Brown University in 1973 and graduated cum laude from Howard University School of Law in 1976.


Daniel S. Kahl is Deputy Director and Chief Counsel for the Office of Compliance Inspections and Examinations, U.S. Securities and Exchange Commission.  Formerly, Mr. Kahl was Assistant Director in charge of the Investment Adviser Regulation Office in the Division of Investment Management at the SEC.  Prior to joining the Commission in 2001, Dan worked for the Investment Adviser Association, FINRA, and the North American Securities Administrators Association.  He received his B.S. from Penn State University, J.D. from Southern Methodist University, and LL.M. (Securities) from Georgetown University


Since 1994, Mr. McGowan has worked in the Office of Broker-Dealer Finances at the Commission. Areas of responsibility include the broker-dealer net capital rule, the customer protection rule, and recordkeeping and reporting requirements. 

Prior to working at the Commission, Mr. McGowan worked as an attorney with McGuire, Woods, Battle & Boothe.  

EDUCATION

University of Virginia School of Law
J.D. 1987

Virginia Polytechnic Institute and State University
B.S. Economics 1984
Magna Cum Laude