Close Close
Sign In
Newsletters
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
Podcast Center Video Center Webcasts Resource Center Events
About ThinkAdvisor Contact Us Advertise With Us Asset & Logo Licensing Sitemap Terms of Service Privacy Policy Copyright © 2024 ALM Global, LLC. All Rights Reserved.
ThinkAdvisor
Allison Herren Lee (Photo: SEC)

Regulation and Compliance > Federal Regulation > SEC

SEC Commissioner Lee to Step Down

By Melanie Waddell

X
Your article was successfully shared with the contacts you provided.

What You Need to Know

  • Lee's term expires in June.
  • She will leave when a successor has been confirmed.
  • Commissioners can stay on up to 18 months after their term expires.

Securities and Exchange Commissioner Allison Herren Lee, a Democrat, said Tuesday that she plans to leave her post.

Lee said in a statement that she has notified President Joe Biden that she intends to step down from the commission once her successor has been confirmed. Her term expires in June.

Commissioners can stay on up to 18 months after their term expires.

Commissioner Elad Roisman, a Republican, left the agency at the end of January.

Roisman’s departure left the agency with only one Republican commissioner, Hester Peirce.

“Serving investors and the public as a Commissioner and as Acting Chair has been an extraordinary honor,” Lee said in a statement. “My fellow Commissioners and the Commission staff are dedicated and tireless public servants, and working alongside them has been the privilege of a lifetime.”

Over the coming weeks and months, Lee said that she’d “remain actively engaged in the Commission’s critically important work, and I look forward to continued progress in advancing the Commission’s regulatory agenda.”

During her brief stint as acting SEC chair, Lee gave senior officers in the agency’s Enforcement Division the power to issue subpoenas, which can help speed investigations.

In November, Lee called on broker-dealers to “think broadly” about how their communications with clients might be recommendations under Regulation Best Interest.

Pictured: Commissioner Allison Herren Lee (Photo: SEC)

Melanie Waddell

@Think_MelanieW

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.