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U.S. SEC loses general counsel, chief of trading and markets

Dec 06 2012 Sarah N. Lynch, Reuters

The U.S. Securities and Exchange Commission said on Wednesday that two more major regulators will be leaving the agency. The SEC said Robert Cook, the director of the Trading and Markets Division, and Mark Cahn, the agency's general counsel, will be departing. Wednesday's announcement marks the third and fourth major resignations at the SEC in less than two weeks. SEC Chairman Mary Schapiro said last week that she will step down on Dec. 14. The SEC announced on Tuesday that Corporation Finance Director Meredith Cross was also leaving. It is not unusual for government agencies to experience turnover after a presidential election, but coping with the volume of high-level departures could be challenging for the SEC and its incoming chairman, commissioner Elisse Walter, who was tapped by the White House to replace Schapiro. The agency is pushing to finalize a host of rules required by the 2010 Dodd-Frank financial reform law, while balancing its own initiatives,

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