Richard R. Best on Tuesday was appointed director of the Securities and Exchange Commission's examinations division.
Mr. Best, who joined the SEC in 2015, has served as the division's acting director since March; he previously served as director of three SEC regional offices: New York, Atlanta and Salt Lake City. Prior to joining the SEC, Mr. Best held supervisory, litigation and investigative positions at the Financial Industry Regulatory Authority.
"The work of the division is key to investor faith and confidence in our markets," Mr. Best said in a news release. "Over the last seven years, I've had the unmatched opportunity to work closely with the talented and committed staff of the Examinations division in multiple offices, and I feel privileged to lead the division on an ongoing basis."
Mr. Best replaced Daniel S. Kahl as the division's acting director. Mr. Kahl served in that role from July until March; he is now a partner in the investment funds practice group at law firm Kirkland & Ellis.
"I've valued Rich's judgment and counsel since I joined the SEC, and I'm thrilled he's agreed to lead the Division of Examinations," SEC Chairman Gary Gensler said in the news release. "Our examinations program — acting as eyes and ears on the ground for the commission — is critical for our capital markets to function well and keep the public's trust. Rich's experience leading three different SEC offices gives him perspective and relationships across the agency that will be invaluable to the division."
The SEC's exam priorities in 2022 focus on ESG investing and private funds, among other areas, the division outlined in a March report.
