The Securities and Exchange Commission announced that Lori Richards, director of the SEC’s Office of Compliance Inspections and Examinations plans to leave the agency after more than two decades of government service.

Richards has been the director of OCIE since it was created by Chairman Arthur Levitt in May 1995. As its director, Richards managed the SEC’s nationwide examination oversight programs for investment advisers, hedge fund managers, mutual funds, broker-dealers, clearing agencies, transfer agents, trading markets, self-regulatory organizations, and credit rating agencies. She spearheaded numerous examination initiatives, including targeted examination sweeps focused on emerging compliance risks, as well as routine, cause, and other examination reviews of industry firms for compliance with the law.

Richards created a risk assessment function and program in OCIE, and led efforts to enhance the surveillance and oversight of SEC-registered firms. To foster stronger compliance in the securities industry, under her leadership OCIE created the CCOutreach program and issued ComplianceAlerts and numerous public reports describing compliance practices in the securities industry. She upgraded training for the SEC’s examiners and helped to improve the use of technology in the SEC’s oversight of the securities industry.

OCIE Associate Director-Chief Counsel John Walsh will serve as acting director of OCIE when Richards steps down on Aug. 7. Walsh is a 20-year veteran of the SEC, including service in the Office of General Counsel, the Division of Enforcement, and as special counsel to Chairman Arthur Levitt. He has been a member of OCIE’s staff since its creation in 1995.