WASHINGTON – Stephen Luparello, director of the Securities and Exchange Commission's Trading and Markets Division, has announced he will leave the commission by Jan. 1.
Luparello, who was named director of the division in February 2014, has overseen SEC efforts to enhance transparency and strengthen the integrity of U.S. markets, including operations of trading platforms, clearing agencies, and broker-dealers, the SEC said in a statement announcing his planned departure.
During his tenure, the SEC adopted Regulation Systems Compliance and Integrity, which established new controls to strengthen technological systems. He also was key to SEC efforts to enhance operational transparency and regulatory oversight of alternative trading systems, according to the SEC.
"We set an ambitious agenda to enhance our market structure," said SEC chair Mary Jo White. "Steve was at the forefront of that effort, and his leadership and expertise have helped produce both important new protections for investors today and a strong foundation from which the commission can continue to further strengthen our markets for years to come."
Office of Municipal Securities officials have said in the past that if they were to give guidance on when municipal advisors helping issuers with bank loans might end up acting as dealers, that guidance would be put forward in consultation with trading and markets.
After Luparello leaves, Heather Seidel, chief counsel for trading and markets, will become acting director. Seidel has been working in securities law since joining the SEC in 1996 as part of its Market Regulation Division, now trading and markets. Since that time, she has worked in other roles at the SEC as well as in private practice. She is a graduate of the Georgetown University Law Center.
