9.16.2009 The SEC recently created its fifth division—the Division of Risk, Strategy, and Financial Innovation. The new division combines the Office of Economic Analysis (OEA), the Office of Risk Assessment (ORA) and other functions to provide the Commission with sophisticated analysis that integrates economic, financial and legal disciplines. The division’s responsibilities cover three broad areas: (1) risk and economic analysis; (2) strategic research; and (3) financial innovation. The new division will perform all of the functions previously performed by OEA and ORA, along with the following new responsibilities: (1) strategic and long-term analysis; (2) identifying new developments and trends in financial markets and systemic risk; (3) making recommendations as to how these new developments and trends affect the SEC’s regulatory activities; (4) conducting research and analysis in furtherance and support of the functions of the SEC and its divisions and offices; and (5) providing training on new developments and trends and other matters. University of Texas School of Law Professor Henry T. C. Hu has been named Director of the newly established division.
Click http://www.sec.gov/news/press/2009/2009-199.htm to access the release.