The SEC announced yesterday that Michael J. Osnato, Jr. has been named chief of the Enforcement Division's Complex Financial Instruments Unit. The Complex Financial Instruments Unit was previously known as the Structured and New Products Unit. 

The Complex Financial Instruments Unit was created in January 2010 along with four other specialized enforcement units (Asset Management; Market Abuse; Foreign Corrupt Practices; and Municipal Securities and Public Pensions) as part of a broad restructuring of the Enforcement Division carried out by then-Director Robert Khuzami. The focus of the unit is to investigate and bring cases related to asset-backed securities, derivatives, and other complex financial products.  Osnato, who joined the SEC in 2008, fills the vacancy left by Kenneth Lench. Lench, the first-ever Chief of the unit, left the SEC in July 2013 to join law firm Kirkland & Ellis as a partner. 

The leadership of the SEC's five specialized units is now as follows:

Asset Management Unit — Led by Co-Chiefs Julie M. Riewe and Marshall S. Sprung

Market Abuse Unit— Led by Daniel M. Hawke

Complex Financial Instruments Unit — Led by Michael J. Osnato, Jr.

Foreign Corrupt Practices — Led by Kara Novaco Brockmeyer

Municipal Securities and Public Pensions —  Led by LeeAnn Ghazil Gaunt

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