It is still not official, but Reuters is now reporting that Andrew Ceresney, said for over a month to be the leading candidate to follow Robert Khuzami as the SEC's next Director of Enforcement, will in fact be named to that post by Chairman Mary Jo White in the "coming weeks." Reuters reports that Ceresney has "already been spotted around SEC headquarters and is starting to schedule meetings with agency officials."

As I noted here, Ceresney previously worked closely with White both at the SDNY as a federal prosecutor and as a partner at law firm Debevoise & Plimpton. The Reuters article points out that Ceresney's appointment may exacerbate some of the conflict issues White will face since they worked together on matters for Debevoise clients. The conflict issue could lead the SEC to ask Acting Enforcement Director George Canellos to stay on as co-head of Enforcement for a limited time.

Why Ceresney? Lewis Liman, a partner at Cleary Gottlieb who worked with Ceresney at the SDNY, said Ceresney stood out as a "star" in the federal prosecutor's office. Referring to White's reputation as a tireless, round-the-clock worker, Liman added that Ceresney is also known to be a night owl and that perhaps "he's the only one who can keep up with her."

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