Veteran regulator Robert Plaze to retire from SEC

A veteran regulator who has been instrumental on issues involving the investment advisory sector is leaving the Securities and Exchange Commission.
AUG 03, 2012
A veteran regulator who has been instrumental on issues involving the investment advisory sector is leaving the Securities and Exchange Commission. Robert Plaze, deputy director of the Division of Investment Management, will retire at the end of this month, according to an SEC statement released yesterday. He joined the division in 1983. Mr. Plaze, 56, most recently helped shaped proposals for reforming money market mutual funds. In an appearance at the Mutual Fund Directors Forum in June, he said that the recommendations include allowing the funds' traditional $1 net asset value to fluctuate, requiring the funds to establish capital reserves or setting redemption restrictions. SEC Chairman Mary Schapiro has maintained that money market funds remain susceptible to runs that could destabilize financial markets. The funds require further reforms beyond those implemented in 2010 in response to the Reserve Primary Fund's “breaking the buck” during the 2008 financial crisis, she has argued. The financial industry has engaged in a fierce campaign opposing additional money fund changes. The reform package is being circulated among the five SEC commissioners, according to published reports. It would take three votes to advance a proposed rule. It isn't clear whether Ms. Schapiro has obtained that level of support. “When the director schedules a [commission] meeting, we'll be ready,” Mr. Plaze told reporters on the sidelines of the Mutual Fund Directors Forum. “We understand the issues and are waiting for direction from the chair.” During his 29-year tenure in the division, Mr. Plaze, an attorney, has served as special counsel, assistant director, associate director for regulatory policy and deputy director. In addition to money market fund reform, he recently helped write rules implementing hedge fund and private-fund registration requirements. Mr. Plaze also has been deeply involved in rule making pertaining to mutual funds, investment adviser client brochures and “pay to play” practices. “Few people have had as great an impact shaping the regulatory landscape for the benefit of individual investors,” Ms. Schapiro said in a statement. “Bob's keen intellect and passion for investor protection have been central to virtually every significant rule affecting mutual funds and investment advisers for more than a generation.”

Latest News

The fight over the CFPB is just beginning
The fight over the CFPB is just beginning

Locked out of their offices and told to stay home, employees at the Consumer Financial Protection Bureau have asked the courts to intervene as Elon Musk and Republican leaders move to shut down the agency that was established to protect people from predatory lending and financial scams.

Business-focused wealth tech RISR lands $8B Wealthcare Capital Management partnership
Business-focused wealth tech RISR lands $8B Wealthcare Capital Management partnership

Fintech platform interVal has also introduced a new feature to help advisors support entrepreneurial business owner clients better.

LPL boosts revenue potential with amped-up alts platform
LPL boosts revenue potential with amped-up alts platform

Along with greater revenue, alternative investments also carry risks, one industry lawyer noted.

How SageSpring Wealth Partners' next-gen strategy has fueled its success
How SageSpring Wealth Partners' next-gen strategy has fueled its success

President Jeff Dobyns unpacks the strategic power of mentorship, what makes an "ideal team player," and how the firm's 89 percent success rate has paid off for veteran advisors.

Powell heads for hot-seat hearings with ongoing pressure from Trump policies
Powell heads for hot-seat hearings with ongoing pressure from Trump policies

The Fed chair is in for some "hyper-charged" meetings, with legislators likely to raise questions on tariff threats and apparent steps to comply with anti-DEI orders.

SPONSORED Taylor Matthews on what's behind Farther's rapid growth

From 'no clients' to reshaping wealth management, Farther blends tech and trust to deliver family-office experience at scale.

SPONSORED Why wealth advisors should care about the future of federal tax policy

Blue Vault features expert strategies to harness for maximum client advantage.