Changes are afoot in the Securities and Exchange Commission's Division of Examinations.
Daniel Kahl, acting director of the division, is departing the agency and Richard Best, director of the SEC's New York Regional Office, will take his spot. Lara Shalov Mehraban will serve as acting director of the New York Regional Office.
"I am grateful to Dan for his 20-plus years of service at the SEC, most recently as Acting Director of the Division of Examinations," said SEC Chairman Gary Gensler in a statement. "Our examinations program is so crucial to the SEC's work to protect investors, and we have benefited from Dan's leadership, professionalism, and collaboration.
"I am thankful that Rich will lead the Division of Examinations and Lara will head the New York Regional Office. Both Rich and Lara bring a depth of experience and knowledge to these roles, and I look forward to continuing to work with them," Gensler added.
Kahl joined the SEC in 2001 and has served as acting director of the Division of Examinations since July 2021. He served as Deputy Director of the division since 2018 and as the division's Chief Counsel since 2016. Prior to joining exams, he led the Division of Investment Management's Office of Investment Adviser Regulation.
Kahl warned recently at the Investment Adviser Association's compliance conference that while the agency's advisor exam rate reached 16% last year, the division has "squeezed out" its resources.
He questioned whether the regulator could reach a 15% exam rate in 2022. "We're going to try to target 15%" of firms to examine, he said.
