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SEC names 5 specialised unit chiefs

January 14, 2010 16:32 IST

The US regulator Securities and Exchange Commission has appointed heads of five new specialised units, in a move to rebuild its enforcement programme.

The enforcement division of SEC in a statement on Thursday said it has named leaders of national specialised units that it has established in five priority areas dedicated to particular highly specialised and complex areas of securities law.

Apart from naming five new specialised chiefs, division has also created a new office of market intelligence that is responsible for collection, analysis, and monitoring of tips and referrals.

Thomas A Sporkin would lead that office. The SEC said that Asset Management unit, specialising in asset managers, including hedge funds and private-equity firms, would be jointly run by Bruce Karpati and Robert Kaplan.

Daniel Hawke, director of SEC's Philadelphia office, has been appointed to head the market abuse unit, which would focus on insider-trading and market-manipulation cases. Kenneth Lench would run the structured and new-products unit, which would focus on derivatives and financial products, including credit default swaps.