US SEC Appoints Dan Berkovitz as New General Counsel

The US Securities and Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Commission (SEC) announced on Tuesday that Dan Berkovitz, US Commodity Futures Trading Commission (CFTC) Commissioner, has been appointed as SEC General Counsel. According to the press release, it will be effective starting November 1, and John Coates will leave the agency in October.

Coates is expected to return to teaching at Harvard University, the SEC said. In the meantime, Michael Conley, who is currently serving as the SEC’s Solicitor, will work as the Acting General Counsel until Berkovitz starts the new role at the watchdog. “I had the opportunity to work with Dan at the CFTC, and I’m thrilled to once again work with him on matters essential to our financial markets. Dan is a dedicated public servant and was instrumental in both informing and implementing the Dodd-Frank Act. As General Counsel, he navigated the CFTC through dozens of rulemakings to enhance regulatory oversight of the Swaps Swaps Swaps can be defined as a derivate contact composed of two parties that exchange to cash flow between two separate financial instruments.They are generally divided into two categories. This includes contingent claims (options) and forward claims, where forward contracts, swaps, and exchange-traded funds (ETFs) are exchanged. Commodity price, equity price, interest rate, and foreign exchange rate are common variables used as one of the cash flows in swaps upon initiation. Different Types of Swaps Swaps can be defined as a derivate contact composed of two parties that exchange to cash flow between two separate financial instruments.They are generally divided into two categories. This includes contingent claims (options) and forward claims, where forward contracts, swaps, and exchange-traded funds (ETFs) are exchanged. Commodity price, equity price, interest rate, and foreign exchange rate are common variables used as one of the cash flows in swaps upon initiation. Different Types of Swaps Read this Term markets, and he has remained a steadfast public servant as a Commissioner. He will be invaluable in our work at the SEC,” Gary Gensler, US SEC Chairman, commented.

Berkovitz CFTC Background

The new SEC General Counsel has been working in the CFTC since September 2018, when the US Senate confirmed him as Commissioner. Prior to his role as Commissioner, he served as CFTC’s General Counsel from 2009 to 2013. Berkovitz earned an A.B. in Physics from Princeton University and a J.D. from the University of California, Hastings College of the Law.

"I am honored to join the SEC at this critical time for our capital markets. Having worked with the SEC in my roles at the CFTC, I've long admired the dedicated and talented staff of the agency from afar. I'm excited to work again with Chair Gensler on a regulatory agenda that will enhance investor protection, strengthen our capital markets and facilitate capital formation,” Berkovitz said.

In June, the US SEC named Renee Jones as Director of the Division of Corporation Finance.