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SEC Chair Gary Gensler to Depart in January 2025

Gary Gensler's tenure as SEC Chair brought significant reforms to the U.S. financial markets, enhancing transparency, efficiency, and investor protection.
Published on 2024-11-21

Gary Gensler's Leadership at the SEC

Gary Gensler, the Chair of the Securities and Exchange Commission (SEC), will step down on January 20, 2025. His term, which began on April 17, 2021, was marked by extensive rulemaking aimed at improving the U.S. capital markets' efficiency, resilience, and integrity.

Major Reforms Implemented

Under Gensler's guidance, the SEC introduced significant changes across various financial sectors. The Treasury markets saw new rules promoting central clearing, aiming to reduce costs and risks. In equity markets, the SEC approved updates to the National Market System, enhancing trading efficiency with narrower spreads, lower fees, and a shortened settlement cycle.

Strengthening Financial Systems

Gensler prioritized financial system robustness. Amendments to Form PF now require investment advisers to report significant events promptly. Money market fund reforms aimed to improve liquidity and transparency during market stress.

Corporate Governance and Investor Protection

The SEC updated insider trading rules, executive compensation recovery policies, and shareholder voting procedures. It also mandated timely disclosures for significant company stake acquisitions. Investor information was enhanced with rules on cyber and climate risk disclosures, SPAC operations, and data breaches.

Increased Market Transparency and Oversight

Efforts to increase market transparency included publishing aggregate data on investment funds and advisers. Accounting and auditing oversight progressed with the Public Company Accounting Oversight Board updating standards and establishing inspection protocols with Chinese authorities.

Enforcement and Penalties

Gensler's tenure involved enforcement actions resulting in approximately $21 billion in penalties and disgorgement, with over $2.7 billion returned to harmed investors. The SEC also targeted investor protection in crypto markets, tackling violations by intermediaries.

Legacy and Contributions

Gensler's career includes notable roles such as Chair of the U.S. Commodity Futures Trading Commission and professor at MIT Sloan School of Management. His contributions to the SEC have been recognized with several accolades, reflecting his impact on the agency and the financial industry.

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