Raquel Fox, Director of the Office of International Affairs, to Depart SEC

The Securities and Exchange Commission today announced that Raquel Fox, Director of the Office of International Affairs, will leave the agency in November.

The Office of International Affairs (OIA) advises the Commission on cross-border regulatory, supervisory and enforcement matters, and coordinates the SEC’s engagement with regulators and law enforcement authorities outside the United States.

“It is more important than ever that the SEC maintains strong, candid and productive relationships with our international counterparts,” said SEC Chairman Jay Clayton. “Under Raquel’s remarkable leadership, the Office of International Affairs has significantly improved our international engagement on both supervisory and enforcement matters.  The effective cross-border coordination demonstrated during the days of significant COVID-19 induced market stress earlier this year would not have been possible if not for the efforts of Raquel and her team.  I thank Raquel for her years of service to the Commission and to American investors.”

“It has been an honor to lead this office and continue to strengthen the SEC’s engagement with our regulatory partners around the world,” said Ms. Fox. “I want to thank the dedicated staff in OIA and across the agency, who continue to advance global issues that are critical to America’s investors and markets. Given the scope of OIA’s portfolio, our work is truly a team effort. I also want to thank Chairman Clayton for the opportunity to direct this office during an extraordinary time for global markets.”

Under Ms. Fox’s leadership, the Office of International Affairs’ enabled increased, high-quality global engagement from the SEC in a number of key areas, including:

• International Policy.  Increased the SEC’s engagement in the Financial Stability Board (FSB) and the International Organization of Securities Commissions (IOSCO), including unprecedented coordination during the pandemic.
   
• Data Privacy.  Successfully negotiated and executed the IOSCO Administrative Arrangement, which facilitates the transfer of personal data between EU and UK securities regulators in light of the General Data Protection Regulation (GDPR).
   
• IOSCO EMMOU.  Led the SEC’s negotiations for the IOSCO Enhanced Multilateral Memorandum of Understanding (EMMOU), which raised the international standards for cross-border enforcement cooperation and assistance among securities regulators.
   
• Brexit.  Coordinated an SEC-wide effort in preparation for Brexit, including the execution of two new supervisory MoUs with the UK FCA.
   
• Cross-Border Title VII Regime.  Worked as part of an SEC interagency team that stood up the SEC’s Title VII cross-border regime, including a first-of-its kind substituted compliance process for foreign jurisdictions.
   
• Cross-Border Enforcement and Supervisory Cooperation.  Advised and assisted the Division of Enforcement and the Office of Compliance Inspections and Examinations (OCIE) on international enforcement investigations and compliance examinations of regulated entities located abroad, respectively.
   
• Emerging Markets.  Advised the Chairman on regulatory policies and investor protection initiatives related to emerging markets, including China.
   
• Technical Assistance.  Hosted institutes and trainings for numerous foreign counterparts to strengthen the regulatory infrastructure in global financial markets.
   
• MiFID II Response. Facilitated the Commission’s response to changes in payment for research following the enactment of the MiFID II research rules.

Prior to being named Director in 2018, Ms. Fox served as a senior advisor to Chairman Clayton focusing on matters involving the Division of Corporation Finance and the Office of International Affairs, and she also assisted on enforcement matters.  Ms. Fox joined the SEC in 2011, previously served as Senior Special Counsel to two Directors of the Division of Corporation Finance, and worked as an attorney fellow in the offices of Capital Markets Trends and Rulemaking.  Before joining the SEC, Ms. Fox was a counsel in private practice, specializing in capital markets transactions, corporate governance and disclosure.  She began her career as a certified public accountant, specializing in taxation.

Ms. Fox earned her J.D. from Harvard Law School and her master’s degree in taxation and bachelor’s degree, summa cum laude, from Baylor University.

Upon Ms. Fox’s departure, Kathleen Hutchinson, Deputy Director of the Office of International Affairs, will assume the role of Acting Director.  Paul Gumagay, Senior Special Counsel to the Director, will assume the role of Acting Deputy Director.