SEC General Secretary Dan Berkovitz to Step Down in January 2023

Dan Berkovitz, the General Secretary of America’s key watchdog the Securities and Exchange Commission (SEC) will leave the parastatal at the end of January 2023. In preparation, Megan Barbero the current SEC Principal Deputy General Counsel has been named his successor effective immediately after his exit from SEC.

“I am grateful for Dan’s exceptional public service and his dedication to this agency. Dan has led the Office of General Counsel during a time in which we’ve proposed critical reforms throughout the capital markets. His counsel, judgment, and leadership have been invaluable to our work at the SEC. I have been blessed to work with Dan at two great market regulators, and I congratulate him for his 34 years in public service,” Gary Gensler, Chair of SEC said.

Before his time as General Secretary of the SEC, Berkovitz had worked with the Commodity Futures Trading Commission (CFTC) as a commissioner for three years. Berkovitz served as CFTC General Counsel before he became a commissioner. He joined the SEC in November last year to work with Gensler to launch a “regulatory agenda that will enhance investor protection.”  

He was once an Adjunct Professor at Georgetown University Law School and vice-chair of the American Bar Association Committee on Derivatives and Futures Law. Now, Berkovitz says it’s time to pursue new and different challenges and opportunities.

Leadership Transition in SEC

Nothing specific has been said concerning Berkovitz’s next move. No one knows for sure if he would follow in the footsteps of Brian Quintenz who left CFTC after three years and joined Andreessen Horowitz popularly known as a16z.

Although no connection has been established yet, Berkovitz was seen dining with disgraced FTX founder Sam Bankman-Fried before the implosion of his crypto exchange.

On the other hand, Barbero brings on many years of expertise to the regulator. According to Gensler,

“Megan has been one of the Commission’s most trusted counselors, and she will bring a skilled and steady hand to the role of General Counsel. The SEC will benefit from Megan’s incredible judgment and highest-level legal experience. She is a tested leader, and just the person to succeed Dan during a critical time for our agency.”