What Kane's move at SEC may mean for muni office

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ST. LOUIS — Former Securities and Exchange Commission municipal securities office chief Jessica Kane has been named director of the SEC's Office of Credit Ratings, increasing the possibility that Rebecca Olsen will remain acting or become long-term director of the muni office.

Kane had been the acting director of the credit rating office since September 2017, after Thomas J. Butler left to become an associate regional director for the investment adviser and investment company examination program in the commission's New York office.

Olsen took over as acting OMS chief, but the SEC said at the time that the credit rating office job was open for applications and that Kane would return to the muni office if someone else were chosen for credit ratings. The SEC declined to comment on the future of the OMS director job, but sources have considered Olsen a likely candidate for the long-term job since Kane’s move.

Both Kane and Olsen came to the muni office in 2013 under its then-director John Cross. They played key roles in providing guidance on the SEC’s municipal advisor registration rule and approving MSRB rules. SEC chairman Jay Clayton sang Kane’s praises on Monday.

“Jessica’s strong leadership, dedication, and diverse experience at the SEC will serve her well in this role,” Clayton said, noting that the Office of Credit Ratings is responsible for oversight of nationally recognized statistical rating organizations.

Kane has been at the SEC since 2007 and spent five years in the Division of Corporation Finance before moving briefly to the Office of Legislative and Intergovernmental Affairs prior to joining the muni office.

“I am honored to continue leading the Office of Credit Ratings and working with the talented and dedicated staff in this office and across the agency,” said Kane. “I look forward to continuing to work with chairman Clayton, the commissioners, and the staff to ensure effective oversight of NRSROs.”

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Securities law SEC regulations Financial regulations Bond ratings SEC Washington DC