The head of the Securities and Exchange Commission’s exam division, Marc Wyatt, will leave the agency in February, the agency said Monday.
Pete Driscoll, chief risk and strategy officer for the SEC’s Office of Compliance Inspections and Examinations, will become the acting director. Driscoll previously served as OCIE’s managing executive from 2013 through early 2016.
Wyatt, who plans to return to the private sector, joined the SEC in December 2012 as a senior specialized examiner and co-founded the Private Fund Unit within OCIE.
Wyatt was named OCIE’s deputy director in October 2014 and served as acting director in April 2015 before being named director in November 2015.
“OCIE has benefited greatly from Marc’s leadership and vision,” said SEC Acting Chairman Michael Piwowar. “His efforts on enhancing our risk-based exam program and the organizational changes he has put in place will leave a lasting mark on the Commission.”
Wyatt worked with OCIE leadership and staff on a number of initiatives and accomplishments during his tenure, including:
In each year, Commission staffers significantly increased examinations, performing more than 2,400 examinations in fiscal 2016, a 20% increase over fiscal 2015 and a seven-year high in examinations conducted.
By the end of fiscal 2016, OCIE completed a reallocation of resources within the examination program that, along with focused hiring, resulted in increasing the size of the investment advisor and investment company examination staff by more than 20% as compared to the prior year in response to rapid industry growth.
Under Wyatt’s term as director, OCIE created the Office of Risk and Strategy, formed the FINRA and Securities Industry Oversight Team, or FSIO, to enhance oversight of the Financial Industry Regulatory Authority, as well as establishing the Technology Controls Program, or TCP, and its Cyberwatch unit.
Before joining the SEC, Wyatt was a principal and senior portfolio manager of a global multistrategy hedge fund, as well as a senior investment banker in the U.S. and U.K.
Driscoll joined the agency in 2001 as a staff attorney in the Division of Enforcement in the Chicago Regional Office and was later a branch chief and assistant regional director in OCIE. He began his career with Ernst & Young LLP and held several accounting positions in private industry. He received his B.S. in accounting and law degree from St. Louis University and is licensed as a certified public accountant. He is also a member of the Missouri Bar Association.