SEC muni chief named acting director of office of credit ratings

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PHOENIX - Jessica Kane, director of the Securities and Exchange Commission's Office of Municipal Securities, has been appointed to serve as acting director of the Office of Credit Ratings on an interim basis due to a career move for the outgoing OCR director.

The SEC announced the shuffle on Wednesday, confirming that OCR director Thomas J. Butler had been appointed as an associate regional director for the investment adviser and investment company examination program in the commission's New York office.

Kane, who has been director of OMS since May 2015 and was previously its deputy director, will pass her OMS duties on to deputy director Rebecca Olsen who will now serve as acting director of the office.

The move means that Kane will head up OCR while the position is open. If it is filled by someone else she would return to the muni office. She could choose to apply to remain as OCR chief, however, in which case the commission would have to make a decision on who should be muni chief on a more permanent basis.

Both Kane and Olsen came to the muni office in 2013 under its then-director John Cross, and were key figures in providing guidance on the SEC’s municipal advisor registration rule and approving MSRB rules. Cross is now associate tax legislative counsel at the Treasury Department.

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