Marc Berger, who has served as acting director of the Division of Enforcement at the Securities and Exchange Commission (SEC) for a few short weeks, will leave the agency later this month.
Berger assumed the position in December, when Director Stephanie Avakian announced her departure. Berger had been the Division’s deputy director since August.
The SEC did not name a new acting head of enforcement in announcing Berger’s departure.
“Marc has been an outstanding leader at the Commission, always bringing integrity and excellent judgment, as well as his experience from his many years as a federal prosecutor, to each of the matters under his leadership,” acting SEC Chairman Elad Roisman said in a press release Tuesday.
A former federal prosecutor, Berger joined the SEC as director of the agency’s New York Regional Office in December 2017.
Changes at the top of the SEC come as the agency prepares for a new administration under President-elect Joe Biden. Former SEC Chairman Jay Clayton also stepped down from his post in December. Biden is likely to appoint a commissioner whose viewpoints are more aligned with his agenda and that of the agency’s two Democratic commissioners.
Experts say while the agency will keep a sharp focus on protecting Main Street investors, it will likely ramp up enforcement actions against large financial institutions; insider trading investigations; and, potentially, hand out higher fines.