IM Director David Grim to Leave Agency

The SEC announced that David W. Grim, Director of the Division of Investment Management, will leave the agency next month after more than 20 years of public service. The Wall Street Journal reported in June that Ropes & Gray lawyer and former longtime SEC staffer Dalia Blass is expected to lead the division. Grim has left a legacy of regulatory policy reforms and legal guidance that have shaped the Division and the industry it regulates, according to an SEC release. “For over two decades, Dave has vigorously pursued the SEC’s mission. He has promoted and protected the interests of investors,” said Chairman Jay Clayton. “America’s investors have been well-served by Dave’s dedication, commitment and expertise.” The SEC’s release lists the initiatives advanced under Grim’s leadership, including the adoption of a modernized data reporting system for investment companies, adoption of the liquidity risk management rule for mutual funds, and issuance of guidance on cybersecurity, robo-advisers, clean shares, and the orderly implementation of money market fund reforms.