Halloran To Leave SEC

by Mike Godfrey, for LawAndTax-News.com, Washington

22 April 2008

The US Securities and Exchange Commission (SEC) announced on Tuesday that Michael J. Halloran, Counselor to the Chairman and Deputy Chief of Staff, will leave the agency in May, with plans to return to the private sector.

"Mike has had an enormous impact during his time at the agency, and will leave behind a substantial legacy of accomplishments," stated SEC Chairman Christopher Cox, going on to add:

"He has served with distinction, and all of us who worked with him at the agency are grateful for his leadership, his commitment to public service, and for the opportunity to work with him."

Since coming to the SEC in 2006, Mr Halloran assisted in the Commission's management and advised its efforts to promote investor protection, healthy and fair markets, and capital formation.

In particular, he played a key role as the Commission strengthened the investor protections under Section 404 of the Sarbanes-Oxley Act.

Mr Halloran also had a leadership role in the drafting and adoption of the SEC's first-ever rules under the Credit Rating Agency Reform Act, several rules to implement the recommendations of the SEC's Advisory Committee on Smaller Public Companies, proposals on director nomination access, Investment Advisor Act rules related to private equity fund advisors, and the Commission's new online PAUSE alert program targeting online boiler room operations.

He additionally helped to establish the Commission's Advisory Committee on Improvements in Financial Reporting, and worked on several accounting initiatives such as the elimination of reconciliation for companies which report using the International Financial Reporting Standard and municipal disclosure and accounting.

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