In a move that surprised the industry Wednesday, the Financial Industry Regulatory Authority’s head of enforcement, Susan Merrill, announced to her employees that she would step down.

A lack of details about when she plans on leaving and where she will head next has left the Street speculating, with some wondering how much she knows about the regulator’s track record of missing key abuses, such as Bernard Madoff’s Ponzi scheme, which rattled financial markets.

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