The Securities and Exchange Commission today announced that it has named Stephen Luparello as director of its Division of Trading and Markets.
Mr. Luparello comes to the SEC from the law firm of WilmerHale, where he has been a partner in its Washington, D.C. office, specializing in broker-dealer compliance and regulation, securities litigation, and enforcement. Mr. Luparello joined WilmerHale after a 16-year career at the Financial Industry Regulatory Authority (FINRA) and its predecessor, the National Association of Securities Dealers (NASD), where he most recently served as Vice Chairman of FINRA.
“The agency will greatly benefit from Steve’s knowledge, leadership and insight,” said Chair Mary Jo White. “He is an experienced market regulator and well positioned to lead the division as we continue to fulfill the Commission’s mission.”
“Throughout my career I have been enormously impressed by the talent and dedication of the SEC’s Division of Trading and Markets,” Mr. Luparello said. “I look forward to working with Chair White, the Commissioners, and SEC staff to address the opportunities and challenges of today’s markets.”
The SEC's Division of Trading and Markets establishes and maintains standards for fair, orderly, and efficient markets. The division regulates the major securities market participants, including broker-dealers, credit rating agencies, transfer agents, and self-regulatory organizations such as stock exchanges, FINRA, and clearing agencies.
As FINRA’s Vice Chairman, Mr. Luparello was responsible for its examination, enforcement, market regulation, international, and disclosure programs. He played a key role in the creation of FINRA’s Office of the Whistleblower and its Office of Fraud Detection and Market Intelligence, and led the development of its Order Audit Trail System (OATS) and SONAR, technology used to monitor securities markets and detect suspicious trading.
Mr. Luparello joined the NASD in 1996 as vice president in the Office of Disciplinary Policy and was named head of its Market Regulation Department in 1999. Prior to that, Mr. Luparello was the chief of staff to then-CFTC Chairman Mary Schapiro. He spent nine years at the SEC, serving as branch chief in the Office of Inspections in the Division of Market Regulation, now the Division of Trading and Markets.
Mr. Luparello received his B.A. from LeMoyne College in 1981 and his law degree from Washington and Lee University in 1984. He will succeed John Ramsay, who announced today that he is departing the agency after three and half years at the SEC, serving as acting director of Division of Trading and Markets since December 2012.