On Tuesday, the U.S. Securities and Exchange Commission (“SEC”) announced that Gurbir Grewal will be the Director of the Division of Enforcement, effective July 26, 2021. Grewal has been the Attorney General of New Jersey since 2018.
Grewal’s appointment follows the previous appointment and abrupt resignation of Alex Oh for the same role. In contrast to Oh, Grewal has spent most of his career in government. Prior to his current role, Grewal was an Assistant United States Attorney in the Eastern District of New York and the District of New Jersey. From 2014 to 2016, Grewal led the Economic Crimes Unit for the District of New Jersey.
As Attorney General of New Jersey, Grewal earned a reputation for pursuing progressive priorities, such as prosecuting credit card companies and automobile lenders. In his statement yesterday, Grewal emphasized protecting investors, saying, “I’m excited to get to work with the talented team of public servants to uncover and prosecute misconduct and protect investors.” Echoing Grewal’s focus, Chairman Gensler stated that he “look[s] forward to working closely with him to protect investors and root out wrongdoing in our markets.”
Companies should expect an active Division of Enforcement under Grewal, with a focus on investor protection, potentially discriminatory practices, and ESG issues.