The Securities and Exchange Commission said today that its general counsel, Mark D. Cahn, and director of Trading and Markets, Robert W. Cook, are leaving the agency. Chairman Mary Schapiro revealed last month that she would step down on December 14.
Cahn is said to be leaving to join the private sector. The commission did not say what Cooks plans are.
Cahn has been chairman of SECs General Counsel since February 2011 and counseled the commission on issues ranging from enforcement actions, rulemakings, other administrative proceedings and appeals throughout the country and in the Supreme Court. As the chief legal officer at the commission he was involved in the development of its Whistleblower Program and provided advice on all of SECs rulemakings, including Dodd-Frank.
Mark has always provided the commission clear and thoughtful legal advice as we set out to better protect investors, Schapiro says. The commission has benefited greatly from his careful guidance and his good judgment.
Cook, who joined the SEC in January 2010, has led the Trading and Markets divisions regulatory policy program, which includes oversight of securities exchanges and markets, broker-dealers, clearing agencies and the Financial Industry Regulatory Authority (FINRA). He has overseen the implementation of significant rulemaking activities of the JOBS Act and Dodd-Frank, including Title VII, which concerns OTC derivatives.
He also oversaw an expansion of the divisions size in line with the increased responsibilities brought about by the new regulations. The division now includes 250 attorneys, financial economists, analysts, accountants and other staff.
Robert provided extraordinary counsel and worked tirelessly as we put in place measures that have helped to bolster our markets, Schapiro says. With his deep experience across a range of issues, he has helped us lay the groundwork for an entirely new and comprehensive regulatory regime for derivatives.
(CG)