Texas names new top cop for securities industry

The Texas State Securities Board yesterday appointed Benette L. Zivley as the next Texas securities commissioner. Mr. Zivley, currently the director of the inspections and compliance division of the securities board, will take over the top post at the board March 1. He is replacing Denise Voigt Crawford, who is retiring Feb. 28 after 17 years as securities commissioner. Mr. Zivley is a 12-year veteran of the Texas securities board and has overseen the inspections and compliance unit since 2003, the board said in a statement. He previously was an enforcement attorney with the board. He served as lead counsel for Texas and the North American Securities Administrators Association Inc. in the multistate auction-rate-securities cases, the statement said. NASAA represents state regulators. Ms. Crawford, who served two stints as NASAA’s president over her career, told InvestmentNews last month that she felt the time was right to retire because the state securities board will be up for a "sunset review" by the Texas Legislature in the 2013 session. By retiring this month, a new commissioner will have time to prepare for the review, Ms. Crawford said at the time. Under Texas law, government agencies are reviewed once every 12 years to assess the need for their existence.