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Former SEC chair Schapiro joins Promontory Financial Group

Mary Schapiro

Washington, D.C.: Mary Schapiro, the former chairman of the U.S. Securities and Exchange Commission under President Obama, has joined Promontory Financial Group as a managing director and chairman of its governance and markets practice, the firm announced yesterday

Promontory is a strategy, risk-management, regulatory, and compliance consulting firm that serves clients worldwide, including many of the largest banks and other financial services companies.

Ms. Schapiro was SEC chairman from 2009 to 2012. She was the first woman to serve as SEC chairman and the only person to have served as chairman of both the SEC and the Commodity Futures Trading Commission. Ms. Schapiro presided over one of the busiest rule-making agendas in the SEC's history. During her tenure the agency also brought a record number of enforcement actions and executed a comprehensive restructuring program to improve protection for investors.

"Mary is an outstanding advocate for investors and was a strong and decisive regulator during one of the most volatile periods in our financial history," said Promontory Founder and CEO Eugene Ludwig.

"Her profound understanding of the U.S. and global financial markets, decades of regulatory leadership, and deeply relevant perspective and insight will add to our already significant involvement in capital markets, hedge fund and private equity advisory and compliance services. We are thrilled that Mary has chosen to join us at Promontory."

"The risk environment for firms in today's global markets is increasingly complex," Ms. Schapiro said.

"Managing those risks while balancing the interests of the many constituencies of a modern corporation challenges practices of corporate governance, regulatory policy and market behaviour. While regulators are charged with policy making in these areas, the private sector — especially investors — has the largest stake.

"At Promontory I join a team of highly experienced professionals who work with clients to meet regulatory and investor expectations while advancing the evolving norms for corporate governance and regulatory compliance. This is important not only to companies, but also to our markets and to global prosperity. I look forward to working with my new colleagues and with our clients."

In her practice at Promontory, Ms. Schapiro will work with clients to ensure that the quality of corporate governance is commensurate with the demands of running modern public companies.

She will also advise clients on risk management, but she dismissed suggestions that she would face conflicts of interest in her new role. She told The Financial Times, ""There is a legal requirement, but I have an explicit agreement with Promontory that goes well beyond that: I will not interact with the SEC or any federal agency on behalf of any client, ever."

Ms. Schapiro will be based in Promontory's Washington, D.C., office.

Promontory was founded in 2001 by Ludwig, himself a regulator during Bill Clinton's administration.

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