SEC Announces Three New Specialized Offices in its Division of Corporate Finance
Jul 23, 2010
On Friday, July 16, 2010, the Securities and Exchange Commission (SEC) announced that its Division of Corporation Finance will create three new specialized offices, which will focus on large financial institutions, asset-backed securities and other structured products, and securities offering trends. Specifically, these offices will be divided into:
1) A Financial Services Review Office, which will focus on large and financially significant companies (such as bank holding companies and global financial services firms), develop new review techniques for these companies and facilitate information sharing related to these companies with others at the SEC who are involved in regulatory oversight of these companies;
2) An Asset-Backed Securities and Other Structured Finance Products Office, which will review disclosures in this area and also initiate rulemaking and interpretive activities related to structured products as necessary; and
3) A Capital Markets Trends Office, which will evaluate trends in securities offerings and capital markets in order to determine whether current rules are still appropriate, conduct market research, selectively review securities offerings materials (such as 424 prospectuses) and coordinate the Division's consideration of new securities products.
The asset-backed securities and capital markets trends office will be overseen by agency veteran Paula Dubberly, who has been named to a new deputy director position within the division. The full press release from the SEC may be found here.