The SEC officially named Pete Driscoll the Director of the agency’s Office of Compliance Inspections and Examinations (OCIE). OCIE directs the national examination program with a risk-based approach and Driscoll has served as director since January 2017.
Chairman Clayton in a release specifically pointed out that Driscoll had advanced the use of technology to make the program more efficient and effective. Driscoll started with the Commission as an intern in 2000 and in 2016 was named OCIE’s first Chief Risk and Strategy Officer. He began his career with Ernst & Young.
Separately, in recent speeches, SEC leadership pointed out that the commission will step back from Mary Jo White’s “broken windows” approach. SEC co-director Steven Perkins according to the WSJ indicated that the size of the enforcement staff could be reduced by 7% by next fall. Commissioner Michael S. Piwowar at the Finra and Columbia University Market Structure Conference said the enforcement division will now focus more on “emerging threats”, such as cybersecurity and international large-scale fraud.
