Elad Roisman sworn in as SEC commissioner

The Trump-appointee fills a position vacated by Michael Piwowar in July.

Elad Roisman has been sworn into office as a commissioner at the US Securities and Exchange Commission to fill a spot vacated by Michael Piwowar in July.

Roisman, who previously served as counsel to former SEC commissioner Daniel Gallagher, was nominated by President Trump. His nomination was confirmed by the Senate on 5 September.

“It is my honor to welcome Elad back to the Commission,” said SEC chairman Jay Clayton, who was also appointed by Trump. “Elad’s broad experience and previous work at the Commission will serve Main Street investors and our markets well.”

Roisman joins the SEC from the Senate Banking Committee, where he was chief counsel. He has also been chief counsel at NYSE Euronext, and prior to that, worked as an attorney at the law firm Milbank, Tweed, Hadley & McCloy.

The SEC has been active in regulating private equity firms. It recently charged 13 private funds for failing to file certain forms and sanctioned mid-market investor VSS for failing to provide limited partners with up-to-date information when offering to purchase their fund stakes.

The SEC has five commissioners that are appointed by the US president with the advice and consent of the Senate and each of their terms lasts five years. The agency says on its website: “To ensure that the Commission remains non-partisan, no more than three Commissioners may belong to the same political party.”

Piwowar has returned to the private sector, serving as executive director of the Center for Financial Markets at the Milken Institute.