July 16, 2010
On July 16, 2010, the U.S. Securities and Exchange Commission (the “SEC”) announced that the Division of Corporation Finance (the “Division”) will create three new specialized offices that are intended to focus the Division’s resources on critically important institutions and financial products.
The three new offices that the Division is establishing are:
The asset-backed securities and other structured finance products office and the capital markets trends office will be overseen by long-time staff member Paula Dubberly, the newly appointed Deputy Director for Policy and Capital Markets.
These changes will likely result in substantial movement among SEC staff members as new positions are created and vacancies are filled with attendant transfers and promotions. As a result, there is a possibility that companies may experience some disruption in the staff review process in the short term and increased review and scrutiny of their filings and disclosures in the long term.
The SEC press releases can be found at http://www.sec.gov/news/press/2010/2010-124.htm and http://www.sec.gov/news/press/2010/2010-125.htm.
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