SEC Loses Key Force Behind $3T Money Market Reforms

Law360, New York (January 21, 2015, 12:58 PM EST) -- The head of the U.S. Securities and Exchange Commission's Investment Management division will leave the agency this month after helping spur the passage of controversial reforms to the $3 trillion money-market fund industry, the agency has announced.

The SEC said Wednesday that Norm Champ, a former hedge fund executive, will step down after serving as the head of the division for over two years. Before that, Champ was in the SEC's Office of Compliance Inspections and Examinations.

“The commission has benefited greatly from Norm’s expertise and...
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