Annette Nazareth, the only Democratic commissioner left on the Security and Exchange Commission’s five-member panel is leaving her post for the private sector.
Her departure is the second one in the past month and leaves the panel with three members-all of them Republicans. Roel Campos, also a Democrat, left in September. The remaining panel members are SEC Chairman Christopher Cox and Commissioners Paul Atkins and Kathleen Casey.
The SEC released a statement saying that Nazareth had requested that she not be renominated for the position. Nazareth has been a member of the SEC panel for nine years. The SEC cited her contributions to include modernizing national market system regulations and working on issues affecting the securities markets and investor protection.
The vacancies left by the departure of the two panel members could further complicate a shareholder rights initiative. One proposal could allow for board seat elections at U.S. public companies. The other proposal would keep the issue of electing company board members from proxies shareholder proposals.
Although Nazareth’s term expired in June, she could have to stay in her position for up to a year and a half unless someone else is nominated. The Senate has to confirm anyone chosen by the White House.
Prior to joining the commission, Nazareth served as SEC Market Regulation Division director. She also worked for investment firms Lehman Brothers and Smith Barney.
Shepherd Smith and Edwards is a securities litigation law firm committed to helping institutional and individual investors recover losses incurred because investment firms or their employees acted inappropriately. To schedule your free consultation with one of our stockbroker fraud attorneys, contact Shepherd Smith and Edwards today.
Related Web Resources: