SEC makes it official: Wyatt named OCIE director

The commission’s top inspector has been calling for more dialogue between registrants and regulators.

The US Securities and Exchange Commission (SEC) named Marc Wyatt as director of the agency’s Office of Compliance Inspections and Examinations (OCIE).

Wyatt had served as acting director of the office since April 2015 following the departure of former director Drew Bowden.

At recent conferences, Wyatt has attempted to foster greater dialogue between registrants and the commission after his predecessor spooked the industry with the now-notorious “Spreading Sunshine” speech that warned roughly half of GPs exhibit some type of compliance weakness in their operations and practices.

At the PEI Private Fund Compliance Forum earlier this year, Wyatt encouraged private fund managers to ask questions, seek guidance and even provide the commission with negative feedback without concern that any remarks would lead them to being targeted for an exam.

Wyatt first joined the commission in 2012 as an examiner focused on private equity and hedge funds, later becoming co-captain of a team of private fund inspector specialists alongside Igor Rozenblit.

As OCIE director, Wyatt will oversee of 450 examiners, accountants and lawyers located throughout the SEC’s 12 regional offices.

“[Wyatt] has done an outstanding job as acting director and I am extremely pleased that he will continue to lead OCIE as its director,” said SEC chair Mary Jo White in a statement.