Norm Champ, director of the Securities and Exchange Commission’s Division of Investment Management, is leaving the agency to become a Visiting Scholar for Spring Term 2015 at Harvard Law School, where he also is a lecturer in law on a biennial basis teaching a course on investment management law.
The SEC said Wednesday that Champ will leave at the end of January after serving for five years in senior leadership posts at the agency.
The SEC has not announced a replacement for Champ.
Before becoming the director of Investment Management in 2012, Champ served as deputy director of the SEC’s Office of Compliance Inspections and Examinations, leading the restructuring of the agency’s National Exam Program in the wake of the financial crisis.
“The Commission has benefited greatly from Norm’s expertise and sound judgment and we have been very fortunate to have had him work on behalf of U.S. investors and our markets,” SEC Chairwoman Mary Jo White said in a statement. “His efforts on important rulemakings and the organizational changes he has put in place will leave a lasting mark on the Commission.”
Champ noted in the statement that “It has been a privilege to serve with the talented people of the SEC in both the Division of Investment Management and the Office of Compliance Inspections and Examinations as we worked together to fulfill the agency’s mission.”
Together, Champ continued, “we were able to restructure both organizations to increase transparency, increase cooperation across Divisions and offices, provide staff with more opportunities and improve the agency’s use of data while at the same time accomplishing significant policy goals.”
Champ played a key role in the SEC’s completion of reforms in 2014 to strengthen the $3 trillion money market fund industry. He also created the Risk and Examination Office in the Division of Investment Management, which uses data collected from the asset management industry to monitor risks in the industry, firms and products, using the results to inform policy at the SEC.
In addition, Champ instituted regular IM Guidance Updates to make staff views on investment management issues transparent to stakeholders in the investing public, industry and the regulatory community.
Champ is also credited with playing leading roles in commission adoption of reforms to money market mutual funds to require such funds sold to institutional investors to “float” their net asset value like other mutual funds while preserving the fixed net asset value for retail investors, as well as Commission adoption of rules requiring asset managers to have policies and procedures regarding identity theft “red flags.”
Prior to joining the SEC, Champ served as general counsel and a member of the Executive Committee of Chilton Investment Co., a multi-national investment adviser to private funds and managed accounts.
From 2007 to 2009, Champ was a member of the Board of Directors of the Managed Funds Association, a trade association of the hedge fund industry, and was the chairman of its Investor Protection Task Force. Before joining Chilton, Champ was a lawyer at the firm of Davis Polk & Wardwell. Champ served two years as a law clerk for the Honorable Charles S. Haight Jr. of the U.S. District Court for the Southern District of New York.
Champ received his bachelor’s degree from Princeton University, summa cum laude, in 1985, a master’s degree from King’s College University of London (where he was a Fulbright Scholar) in 1986, and a juris doctor degree from Harvard Law School, cum laude, in 1989.
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