More On Legal & Compliancefrom The Advisor's Professional Library
- Differences Between State and SEC Regulation of Investment Advisors States may impose licensing or registration requirements on IARs doing business in their jurisdiction, even if the IAR works for an SEC-registered firm. States may investigate and prosecute fraud by any IAR in their jurisdiction, even if the individual works for an SEC-registered firm.
- Advertising Advisor Services and Credentials Section 206 of the Investment Advisers Act contains the anti-fraud provision of the statute and ensures that RIAs advertising and marketing practices are consistent with the fiduciary duty owed to clients and prospective clients.
The Securities and Exchange Commission (SEC) announced Friday that Eileen Rominger, director of the Division of Investment Management, will be retiring in July.
During Rominger’s tenure, the SEC says, the division has been instrumental in implementing the Dodd-Frank Act’s mandates regarding advisors to hedge funds and other private funds.
“Eileen understood the importance of a fair and efficient investment management industry to the well-being of investors everywhere. Her practical insights and steady leadership served investors well,” said SEC Chairwoman Mary Schapiro, in a statement.
Rominger said in the same statement that “It has been a privilege to work with the talented and dedicated staff of the SEC in its mission of protecting investors.”
In the 30 years before Rominger arrived at the SEC, she worked as a portfolio manager and a leader of portfolio management teams, serving investors and being held accountable to mutual fund boards of directors in those roles.
Until 2010, Rominger worked at Goldman Sachs Asset Management for 11 years, serving most recently as the firm’s global chief investment officer. She previously worked for 18 years at Oppenheimer Capital, where she was a portfolio manager, managing director, and a member of the Executive Committee.
Rominger received a BA in English from Fairfield University and an MBA in finance from the Wharton School of Business at the University of Pennsylvania.