Washington, D.C., Dec. 15, 2008 (LAWFUEL) – The Securities and Exchange Commission today announced that Elizabeth “Betsy” Murphy will become Secretary of the Commission. Murphy is currently the head of the Office of Rulemaking in the SEC’s Division of Corporation Finance. She will replace Nancy Morris, who left the position in May 2008 to rejoin the private sector.
“In her more than 20 years at the SEC, Betsy has demonstrated her outstanding qualifications for this position,” said SEC Chairman Christopher Cox. “We are very pleased that she will be filling this important role. Her deep understanding of the law, excellent organizational and managerial skills, strong relationships with the Commissioners and staff, and personal commitment to the work of the Commission will help ensure that all of the complicated work of the Commission runs smoothly.”
Ms. Murphy added, “It is a great honor to be named to this position. In these times, the work of the Commission has never been more important in protecting investors, maintaining fair and orderly markets, and facilitating capital formation. I look forward to working with all of the Commissioners to advance that critical mission.”
The Secretary of the Commission is responsible for the procedural administration of Commission meetings, rulemaking, practice, and procedure. Among the responsibilities of the office are the scheduling and recording of Commission meetings; the administration of the “seriatim” process by which the Commission takes action without convening a meeting; the administration of the duty-officer process; and the maintenance of records of Commission actions and enforcement proceedings. The office also provides advice to the Commission and the staff on questions of practice and procedure.
The Secretary reviews all SEC documents submitted by the staff to the Commission. These include rulemaking releases, SEC enforcement orders and litigation releases, SRO rulemaking notices and orders, and actions taken by SEC staff pursuant to delegated authority. In addition, the Secretary receives and tracks documents filed in administrative proceedings, requests for confidential treatment, and comment letters on rule proposals. The office is responsible for publishing official documents and releases of Commission actions in the Federal Register and the SEC Docket, and it posts them on the SEC Web site. The office also monitors compliance with the Government in the Sunshine Act.
Since 2000, Murphy has been Chief of the Office of Rulemaking in the Division of Corporation Finance. In that position, she was responsible for preparing rules and interpretive guidance on behalf of the division. Murphy joined the Division of Corporation Finance in 1986 as an Attorney Advisor, and in 1987 was promoted to the position of Special Counsel. She was made a Special Counsel in the Office of the Chief Counsel in 1996, and later served as Counsel to Commissioner Laura S. Unger. Murphy received her law degree from the University of Notre Dame Law School in 1985. She graduated in 1982 with a B.S. from the University of Virginia.