SEC Chairman Mary Schapiro to step down

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26 Nov 2012

After nearly four years in office, US Securities and Exchange Commission (SEC) Chairman Mary Schapiro will step down on 14 December 2012. Her named successor, Elisse B. Walter, is currently one of the SEC Commissioners.

Chairman Schapiro is one of the longest-serving SEC Chairmen; she was appointed by US President Barack Obama on 20 January 2009. In the wake of the financial crisis in January 2009 she strove to strengthen, reform, and revitalize the agency. She oversaw a more rigorous enforcement and examination programme, and shaped the Dodd-Frank Wall Street Reform and Consumer Protection Act.

After the publication of the SEC final staff report Work Plan for the Consideration of Incorporating IFRSs into the Financial Reporting System for U.S. Issuers in July 2012, which did not contain any recommendation regarding the adoption of IFRSs in the United States, it is viewed as a positive signal that the designated SEC Chairman Elisse B. Walter noted in a recent speech that although the time frame was uncertain she believed the United States "will get there eventually" with IFRS adoption.

Click to view the SEC press release (link to SEC web site).

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