(Bloomberg) -- The Securities and Exchange Commission named Andrew J. Bowden director of its national exam program, replacing Carlo V. di Florio who is leaving next month to join the Financial Industry Regulatory Authority.
Bowden, 51, will take over the SECs second-largest division, which oversees compliance with regulations and works to detect fraud by examining brokerages, investment advisers, exchanges and clearing agencies. He takes over at a time when the SEC is seeking new funding to boost the percentage of investment advisers who are annually examined, which was 8 percent last year.
Finra, an industry-funded regulator overseeing more than 4,200 brokerage firms, said di Florio, 46, will become its executive vice president of risk and strategy on June 24. He joined the SEC in 2010.
Bowden has earned the trust and confidence of his colleagues, our regulatory partners, and the industry, SEC Chairman Mary Jo White said today in a statement. His dedication, judgment, and leadership will serve him well as he takes on his new post leading an aggressive, effective examination program.
The SECs exam program oversees self-regulatory groups such as Finra and the securities exchanges for compliance with federal laws. In February, Di Florio recused himself from SEC duties related to Finra to comply with commission policy on senior officials seeking outside employment, according to SEC spokesman Kevin Callahan.