Andrew M. Calamari, a litigation attorney and former director of the U.S. Securities Exchange Commission’s New York Office, was quoted in a February 24 Reuters’ article that discusses the U.S. SEC plans to remove the top leaders at regional offices across the country as part of its cost recommendations to the Trump administration. Directors across 10 regional offices were told by the SEC in late February that their roles will be eliminated as part of the plan the agency will submit in March.
Although many of the SEC’s staff are based in its Washington, D.C. headquarters, the agency also has officials in offices across the country who lead agency investigations and lawsuits in high-profile matters. The officials also deal with examinations and investigations into public companies, brokers and investment advisers in their jurisdictions.
"The regional leadership is what the home office has always looked to for making decisions about enforcement cases and exams," said Mr. Calamari. "This is a difficult layer to remove."
Eliminating the regional directors, a move that requires the vote of the three-person commission, is part of a larger cost-cutting effort.
Read the full article here.