Last week the SEC announced the creation of its fifth division, the Division of Risk, Strategy, and Financial Innovation. From the SEC's press release:
The new division combines the Office of Economic Analysis, the
Office of Risk Assessment, 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: risk and economic analysis; strategic research; and
financial innovation.
* * *
performed by OEA and ORA, along with the following: (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 Commission's
regulatory activities; (4) conducting research and analysis in
furtherance and support of the functions of the Commission and its
divisions and offices; and (5) providing training on new developments
and trends and other matters.
Named as the initial director of the Division is law professor Henry T. C. Hu (pictured), who holds the Allan Shivers Chair in the Law of Banking and Finance at the University of Texas. Said Hu:
"I am honored that Chairman Schapiro has asked me to be the director of
this new division at this seminal time. The derivatives revolution, the
rise of hedge funds and institutional investors, technological change,
and other factors have transformed both capital markets and corporate
governance. I look forward to working with the Commission and to using
an interdisciplinary approach that is informed by law and modern
finance and economics, as well as developments in real world products
and practices on Wall Street and Main Street."
Professor Hu's profile is here. The UT press release is here.
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