[ by Howard Haykin ]

SEC Chairman Elisse Walter on Monday named Mr. Lona Nallengara as Acting Director of the Division of Corporation Finance, replacing Meredith Cross who will return to the private sector at year-end.

Mr. Nallengara, who has served as Deputy Director for Legal and Regulatory Policy of the Division since March 2011, has been responsible for overseeing the Division’s offices of Chief Counsel, Enforcement Liaison, Int'l Corporate Finance, M&A, and Small Business Policy.  He's led a series of complex rulemakings required by the Dodd-Frank Reform Act and the Division’s implementation of the JOBS Act.

“Lona has extensive experience working within the agency and with companies seeking to raise capital. He appreciates the impact that our rules have not only on the lives of everyday investors, but also on the financial system as a whole.” -- Chairman Walter. 

Role of CorpFinance.   The Division oversees the disclosures made to investors by more than 9,000 public issuers, including:

• registration statements for newly-offered securities,
• materials distributed in connection with business combination transactions,
• annual and quarterly filings, and
• proxy materials sent to shareholders for annual meetings.

The Division provides interpretive assistance to companies and investors with respect to their obligations under the federal securities laws and develops rulemaking recommendations for the Commission.

Lona Nallengara's Profile.   Mr. Nallengara joined the SEC in 2011 from Shearman & Sterling, where he was a partner in the Capital Markets practice group based in New York.  He advised public companies and financial institutions in a wide range of capital raising activities and on corporate governance, public reporting and M&A matters.  Mr. Nallengara earned a law degree from Osgoode Hall Law School in Toronto and an undergraduate degree from the University of Western Ontario in London,  Canada.   [ SEC PR 12-269, 12/17/12 ]