Nallengara, who joins the SEC from New York-based Shearman & Sterling, is set to become deputy director of legal and regulatory policy. Additionally, he will focus on potential proposals to enhance the US proxy system and initiatives to help reduce compliance pressures and facilitate capital formation for small business. He replaces Brian Breheny, who left the Commission in 2010.
‘Nallengara will bring intelligence, energy and leadership to diverse tasks such as the much needed effort to continue the strengthening of investor protections with respect to international corporate finance, and the easing of regulatory pressures on capital formation by small companies who are helping drive the recovery,’ says Bruce Casino, a partner at Katten Muchin Rosenman, where he practices securities law.
In his new role, Nallengara will oversee the division’s offices of chief counsel, enforcement liaison, international corporate finance, mergers and acquisitions, and small business policy. He will work closely with Paula Dubberly and Shelley Parratt, deputy directors of the division.
Prior to this move, Nallengara worked in capital markets, where he gave advice on capital-raising activities, corporate governance, public reporting and mergers and acquisitions issues.
‘His extensive capital markets background coupled with his experience in advising corporate issuers on governance matters and compliance with the federal securities laws will be invaluable,’ says Meredith Cross, director of the agency’s division of corporate finance.
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