The Securities & Exchange Commission today announced changes to the Division of Corporate Finance, creating three new specialized offices focusing on large financial institutions, asset-backed securities and other structured products, and securities offering trends.
"These changes will help us focus our resources more sharply on critically important institutions and financial products so we can stay ahead of the curve and better protect investors," said Meredith Cross, director of the Division of Corporation Finance in a statement.
The announcement comes a day after the agency’s $550 million settlement with Goldman Sachs & Co. – the largest SEC penalty ever against a Wall Street firm.
Two of the new offices will be overseen by agency veteran Paula Dubberly, who has been named to a new deputy director position within the division.
As deputy director for policy and capital markets, Dubberly will be in charge of the new office focused on asset-backed securities and other structured finance products. She will also oversee the new office charged with reviewing new securities products and capital markets trends, and developing recommendations for changes to enhance investor protection in securities offerings.
The third new office will handle disclosure review. Since late 2008, the division has been conducting continuous real-time reviews of the periodic reports filed by some of the largest bank holding companies and other large financial institutions. The new financial services review office will enable the SEC to increase the number of institutions subject to these reviews.
Deputy director Shelley Parratt oversees disclosure operations. The division’s third deputy director is Brian Breheny, who continues to oversee legal and regulatory programs.
Dubberly joined the Division of Corporation Finance as an attorney in 1992. She has served in many roles including assistant director for disclosure operations, chief counsel, and associate director (legal) overseeing the division's rulemaking efforts.
She received her JD from the American University Washington College of Law in 1989.