The deputy director of the Securities and Exchange Commission’s Division of Corporation Finance, Shelley E. Parratt, was named the division’s acting director by SEC chairman Christopher Cox. The appointment puts the veteran deputy director at the division — who has served in that position since 2003 — in the critical post until incoming SEC commissioner Mary Schapiro can make a permanent appointment.
As acting director, Parratt succeeds John W. White, who left the commission last week to return to private practice.
It is “standard procedure” to fill such an important vacancy, even before a new SEC chairman takes over, said Broc Romanek, a former SEC staffer now with CorporateCounsel.net. “They need someone in the spot until Schapiro fills it.”
As deputy director of the division, Parratt was described as having been responsible for overseeing the disclosure review program, assisting in strategic planning, and developing divisional policies and procedures. The SEC said that her accomplishments included leading the division in its revamp of a disclosure review program under the Sarbanes-Oxley Act mandate. She also developed and implemented a procedure for making staff comment letters and company responses publicly available in cases of division reviews of filings.
The division’s role in issuing staff guidance for financial institutions filing proxy statements, in connection with the TARP Capital Purchase Program that was created during the current financial crises, was also her responsibility, the SEC said. So were the “Dear CFO” letters that offered MD&A disclosure advice to companies.
Parratt joined the SEC Corporate Finance division as a financial analyst in 1986, a year after receiving her MBA from Syracuse University. Among other positions within the division, she has served as associate director and branch chief.
Said Cox, “Shelley Parratt will be a strong leader during this especially busy time” for the division. “Her expertise, solid judgment, and long experience in serving America’s investors and the SEC’s registrants will ensure that the division remains in capable hands.”