The director who argued last week that the SEC may not need drastic deregulation to make private markets available to retail investors will leave the agency July 4, the SEC announced today.
No explanation was included in the SEC post announcing the departure of Natasha Vij Greiner, who took over in March, 2024 as director of the Division of Investment Management (DIM) from controversial former director William Birdthistle.
The announcement comes less than a week after Greiner’s appearance at a June 5 SEC conference during which she laid out some of the many ways the SEC offers to allow retail investors access to private markets without increasing the cost and risk of investment in registered funds.
Greiner’s text was instructional; she did not address policy issues or the strong push by current SEC chair Paul Atkins to loosen rules that limit the ability of registered-fund managers to hold comparatively high-risk, high-cost private-market assets.
Her reassurance did clash however, with the theme of SEC commissioner Hester Peirce, whose own speech at the same conference focused on major policy changes, including a desire to not only encourage investment in digital assets, but make digital and private-market investments more common among registered funds.
Greiner touted as a breath of fresh air
Industry experts praised Greiner following her appointment for her deep, detailed understanding of the industry and her practical approach to regulation, examinations and enforcement, especially following the two-year term of William Birdthistle, who was often criticized as an academic who encouraged the development of complex regulations aimed at marginal problems.
Greiner, whose 23 years at the SEC included senior positions in the Enforcement and Examinations Divisions, described her own approach as coming from an examiner’s point of view. She advocated for more open communication between the SEC and the industry and pressed for more FAQs, staff position papers and other material that would help investment-company managers understand how to effectively implement complex new regulations.
During a conference in May, Greiner touted the division’s success in increasing the degree to which investment-company representatives were willing to bring questions to regulators compared to a year ago, when many avoided such discussions for fear the response would be an examination notice rather than advice on compliance.
“Natasha’s steadfast leadership and strong judgment have been invaluable assets to the SEC throughout her long and distinguished career,” SEC chair Paul Atkins said in today’s announcement. “I am grateful for her strategic counsel since I’ve become chairman.”
Greiner’s work was widely recognized within the agency through promotions and awards, including the Chairman’s Award for Serving the Interests of Main Street Investors in 2019 and Chairman’s Awards for Excellence in 2015 and 2018.
Following more than 23 years at the SEC, Greiner said in the announcement of her departure, “I am filled with gratitude for the incredible journey across the divisions of Investment Management, Enforcement, Examinations, and Trading and Markets.”
The SEC has released no information about a possible replacement.
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