SEC names Driscoll OCIE head

The Securities and Exchange Commission has confirmed Peter Driscoll as director of the Office of Compliance Inspections and Examinations, a role he has held as acting director since January.

Driscoll will be responsible for the SEC’s examination program for registrants across the US.

Prior to becoming acting director of the OCIE this year, he was named the division’s first chief risk and strategy officer in March 2016.

Driscoll replaced former OCIE director Marc Wyatt after he stepped down at the end of January.

Since his temporary appointment, the OCIE has announced it was on track to deliver a 20 percent increase in the number of investment advisor examinations this year, as reported by pfm in June.

The increase is a result of 100 staff being reassigned to the national examination program's investment advisor examination unit, along with other operational efficiencies.
The OCIE also stepped up its focus on cybersecurity compliance by registrants this year, noting in August that most firms it examined as part of its Cybersecurity 2 Initiative had written procedures on handling client data and conducted periodic risk assessments of critical systems.