SEC Commissioner Nazareth To Step Down

by Philip Morton, Investors Offshore.com

04 October 2007

It was announced on Tesday that US Securities and Exchange Commissioner Annette L. Nazareth will be leaving the Commission to return to the private sector.

Ms Nazareth has served nine years at the Commission, as a Commissioner and previously as Director of the SEC’s Division of Market Regulation.

According to the SEC:

"The Commission adopted a number of significant reforms during her tenure. In particular, Ms. Nazareth played a key role in the Commission’s efforts to modernize its national market system rules. The Commission’s new rules recognized the transformation of securities markets from primarily floor-based environments to more fully electronic venues and created a level playing field with greater competition among markets of varying models and better pricing for investors."

"Ms. Nazareth also championed the introduction of prudential regulatory principles to the Commission’s work under the Consolidated Supervised Entity program, a voluntary supervisory regime for the nation’s largest investment bank holding companies. A primary focus of this program is its risk management infrastructure at these systemically important financial entities."

Ms. Nazareth has served as the Commission’s representative on the Financial Stability Forum since its inception in 1999. The FSF promotes international financial stability through information exchange and international cooperation in financial supervision and surveillance. The FSF brings together on a regular basis national authorities responsible for financial stability in significant international financial centers.

“Over nearly a decade of public service, Annette Nazareth has dedicated herself to the causes of investor protection and the improvement of our capital markets,” announced SEC Chairman Christopher Cox.

Ms. Nazareth has not set a date for her departure from the Commission, but has notified President Bush that she does not wish to be re-nominated. Her term ended on June 5, 2007, but Commissioners may remain in their positions for up to 18 months beyond a term’s end, unless a successor is appointed sooner.

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