Director of SEC’s Division of Investment Management to Leave the SEC

August 3, 2017

David W. Grim, the current Director of the SEC’s Division of Investment Management, will leave the agency in September, 2017. The acknowledge his following accomplishments during his 20 plus year career:

• Commission adoption of a modernized, comprehensive data-reporting regime for investment companies to improve the access and quality of information available to the Commission and the public about fund investments;
• Commission adoption of rules to enhance liquidity risk management by mutual funds so that funds stand ready to meet investor redemptions while also minimizing the impact of those redemptions on remaining shareholders;
• Issuance of guidance providing important and timely transparency of staff views on issues including cybersecurity and robo-advisers;
• Issuance of an interpretation permitting “clean shares,” to further enable the sale of mutual funds at a transparent price subject to market competition;
• Orderly implementation of money market fund reforms to protect against risks from potential investor runs;
• Improved integration of data-analysis to better inform policy-development, disclosure-review, and industry oversight related to funds and advisers;
• Enhanced public disclosure of aggregated data regarding private fund advisers to improve public understanding of those advisers and the funds they manage; and
• Commission proposal of rules regarding funds’ use of derivatives; electronic delivery of fund shareholder reports; and business continuity and transition plans for investment advisers.

Mr. Grim joined the SEC in 1995 as a Staff Attorney in the Division’s Office of Investment Company Regulation. In 1998, he moved to the Division's Office of Chief Counsel, where he served in a number of positions, including being named Assistant Chief Counsel in 2007. Mr. Grim was appointed as Deputy Director of the Division in 2013, and Director in 2015.

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