Dalia Blass to Step Down from IM Division in January

The SEC announced that Dalia Blass, Director of the Division of Investment Management, will depart the SEC in January after leading the Division since September 2017. Under her leadership, the Division finalized more than 70 regulatory initiatives affecting investment companies and investment advisers. “Both quantitatively and qualitatively, the work advanced by the Division of Investment Management over the last three years is a testament to Dalia's leadership, extensive experience within the agency, and commitment to America’s investors," said SEC Chairman Jay Clayton. “In every action, Dalia has made it abundantly clear that her top priority is the interests of our long-term Main Street investors, who often rely on investment products to effectively establish and maintain a diversified investment portfolio. Her experience and deep knowledge of the industry and the federal securities laws have been invaluable as we’ve modernized outdated regulations and navigated a global pandemic, all while seeking to increase the industry’s resiliency and accommodate investor-oriented innovation.” Among Blass’s accomplishments was the Board Outreach Initiative in which Blass met with groups of directors, attended board meetings, and otherwise directly engaged with fund directors on their oversight role and responsibilities, resulting in several changes that were welcomed by the director community. Through this initiative, the SEC said, Blass and the outreach team collected insights that informed many initiatives including the new rules on exchange-traded funds and fund fair valuation practices, as well as a staff no-action letter on board oversight of affiliated transactions. “It has been the honor of a lifetime to work together with the women and men of Investment Management and the Commission to modernize the existing regulatory framework and find forward-looking solutions that solve not only today’s issues, but anticipate those to come,” said Blass in the SEC release. “From serving as a member of staff to division director, my time here at the Commission has been one of the most rewarding experiences of my career.”