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SEC litigation council and trading markets chiefs resign

SEC veteran Heather Seidel will become acting director of the division of trading and markets, while an enforcement division legal duo will be interim co-heads of litigation.

The Security and Exchange Commission’s chief litigation council and director of the division of trading markets have resigned, the agency confirmed.

Matthew Solomon, who had led the enforcement litigation program since September 2013, will leave in December, while Stephen Luparello, who had been director of the division of trading and markets since February 2014, will depart on January 1.

David Gottesman, the enforcement division’s deputy chief litigation counsel, and Bridget Fitzpatrick, a supervisory trial counsel in the enforcement division, will serve as acting co-chief litigation counsels when Solomon leaves. Heather Seidel, chief counsel for the division of trading and markets, will become acting director following Luparello’s departure.

During Solomon’s time at the SEC, the agency received favorable verdicts in 22 federal jury trials.

Luparello led the team through its adoption of a number of Dodd-Frank Title VII rules, and played a key role in the commission’s efforts to enhance operational transparency and regulatory oversight of alternate trading systems that trade stocks listed on a national securities exchange, including dark pools. He also oversaw proposed rules that would require broker-dealers to disclose the handling of institutional orders to customers.

“Mr Luparello played a key role in enhancing the transparency and strengthening the integrity of our nation’s markets, including the operation of trading platforms, clearing agencies, and broker-dealers that investors rely on every day,” the SEC said.

Three high-level SEC staff have now stepped down over the past week; Mary Jo White, commission chairwoman, said she would be leaving the agency at the end of the Obama administration.