Community round-up: Japan FSA hires Basel alumnus; US SEC names emerging risks director
Japan’s Financial Services Authority has appointed a former secretary-general of the Basel Committee on Banking Supervision as its new head, while the US Securities and Exchange Commission has established an emerging risk examination team under newly appointed associate director Adam Storch.
Former Basel Committee on Banking Supervision secretary-general Ryozo Himino took the reins as the Japan Financial Services Authority’s new commissioner on 20 July.
He succeeds Toshihide Endo, who steps down after two years in the role.
Himino comes to the role after serving as the FSA’s vice minister for international affairs since 2016, and after a two-decade career at the agency in a variety of roles, including as deputy director-general responsible for large bank supervision.
Since September last year, he has also chaired the Financial Stability Board’s standing committee on supervisory and regulatory cooperation, succeeding then Hong Kong Monetary authority chief executive Norman Chan.
He served as BCBS secretary-general from 2003 to 2006, and helped the committee finalise the Basel II framework. From 2011 to 2012 he chaired the BCBS’s standard implementation group as it designed and launched its Basel III implementation review programme. Later he also chaired the IFRS foundation monitoring board.
He is a graduate of the University of Tokyo and Harvard Business School.
Outside of his work within financial regulation, Himino is also the author of a biography of French sculptor Aristide Maillol, and of Introduction to I Ching: What if Confucius reads Sophocles, which applies the philosophies of the ninth century BC Chinese Book of Changes to the tragedies of ancient Greece.
SEC establishes new emerging risks division
The SEC announced on 28 July that it had created the new Event and Emerging Risks Examination Team (EERT) under Storch’s leadership, within its Office of Compliance Inspections and Examinations (OCIE).
The new unit is intended to “proactively engage with financial firms about emerging threats and current market events”.
It will be tasked with implementing priorities from OCIE examinations of SEC-registered entities and preparing them to address “exigent threats, incidents, and emerging risks”. It will also respond to significant market events with the potential to have a systemic impact or place investor assets at risk.
Storch comes to the EERT after four years working within the OCIE in New York – first as a senior advisor for risk, strategy and innovation and since 2017 as senior advisor to its director Peter Driscoll. He had earlier worked at the SEC in Washington, DC, from 2009 to 2014 as a chief operating officer of its enforcement division.
In between his two SEC stints he worked as COO at insurance company Marsh & McLennan, and earlier in his career was a Goldman Sachs vice president and a Deloitte senior analyst.
Driscoll said Storch “brings a wealth of valuable experience, understanding of risks, and a background ideally suited to develop and lead this unit”.
Storch said it was “an honour to have the opportunity to establish and lead the newly created EERT and continue to serve the SEC and support its important mission”.
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