New York (HedgeCo.Net) – The SEC director that oversaw the adoption of the Volcker Rule, will be leaving the commission after a 5 year run, the SEC announced.
Norm Champ, Director of the Division of Investment Management, played a key role in the SEC’s completion of landmark reforms in 2014 to strengthen the $3 trillion money market fund industry. The SEC said in a news release, He also led numerous structural and policy changes at the agency and oversaw the Division of Investment Management during one of its busiest periods, receiving the Chair’s Award for Labor-Management Relations in both 2011 and 2014. Champ also received the Chair’s Award for Law and Policy in those years, and the Chair’s Analytical Methods Award in 2013 for his work on policy issues.
“The Commission has benefited greatly from Norm’s expertise and sound judgment and we have been very fortunate to have had him work on behalf of U.S. investors and our markets,” said SEC Chair Mary Jo White. “His efforts on important rulemakings and the organizational changes he has put in place will leave a lasting mark on the Commission.”
The Volcker rule focuses on the provisions governing “covered funds” sponsored by banking entities, including working with staff of the Federal Reserve Board, Federal Deposit Insurance Corporation, Commodity Futures Trading Commission, and Office of the Comptroller of the Currency.
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