The U.S. Securities and Exchange Commission will reorganize 10 regional offices under broader geographic areas and decrease the number of people reporting directly to the agency’s enforcement director, acting Chair Mark Uyeda said in a staff-wide email April 2.
“The current management structure simply cannot be sustained,” Uyeda wrote in an email reviewed by Bloomberg.
The change will be effective April 9.
Enforcement staff will report to deputy directors for geographical areas and an enforcement director for the specialized units, according to the email.
The new western region will cover Denver, Fort Worth, Los Angeles and San Francisco, while the southeast region will include Atlanta, Miami and the SEC’s home office in Washington, DC. The northeast geographic region will include the staff of the Boston, Chicago, New York and Philadelphia offices.
The email detailed changes on reporting structures and didn’t say if offices would close.
SEC regional offices conduct enforcement and examinations work for the agency, among other tasks. Uyeda in his message to the staff said the changes were intended to maintain the importance of the regional offices.
“The reporting lines in the Divisions of Enforcement and Examinations will be realigned to better reflect each Division’s national programs and are intended to improve efficiency, management and oversight of the Divisions,” the SEC said in a statement.
Reuters reported earlier the SEC plans to restructure its enforcement division.
