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State Board Report

January 2013

On December 14, 2012, Mary L. Shapiro stepped down as Chairman of the Securities and Exchange Commission after nearly four years in office, and President Barack Obama named SEC Commissioner Elisse B. Walter to step up and become the 30th SEC Chairman. Ms. Walter had been an SEC Commissioner since 2009 and, prior to her appointment to the Commission, she had served as Senior Executive Vice President – Regulatory Policy and Programs for FINRA.

Also stepping up in December, Paul A. Beswick was named SEC Chief Accountant. He had served as Acting Chief Accountant since July 2012, when James Kroeker left. Mr. Beswick joined the SEC Staff in September 2007 and is a former partner of Ernst & Young, LLP.

As the keynote speaker at the Third SAIS Global Conference on Women in the Boardroom, held in September, Ms. Walters stated: “In addition to our disclosure reviews, as many of you know, our agency has been tasked by Congress with responsibilities concerning diversity under Section 342 of the Dodd-Frank Act. That Section requires each of the financial regulatory agencies, including the SEC, to establish an Office of Minority and Women Inclusion – which, at our agency, is under the direction of Pamela Gibbs. Her office is charged with not only looking internally, but also with assessing the diversity policies and practices of the entities regulated by the agency and developing uniform standards in this area. This is another way the SEC can have an impact. With any luck, by the end of the next proxy season, the SEC’s OMWI office will be taking a close look at our regulated entities to make these assessments.”

A NASBA diversity task force is scheduled to meet in New York City soon.

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