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News July 16, 2018 Issue

IM Deputy Director Will Double as Division’s Chief Counsel

Paul Cellupica, who has been deputy director of the SECís Division of Investment Management since 2017, will serve as the Divisionís chief counsel while continuing in his deputy director role, the agency announced.

In his new role heading the chief counselís office, he will lead the team responsible for, among other things, responding to requests for legal and policy guidance, evaluating applications for exemptive relief, and overseeing the Divisionís enforcement liaison program.

Cellupica has a long history with the SEC. After serving in a number of positions in the Investment Management Division and in the Division of Enforcement from 1996 to 2004, he left the agency, but returned in November 2017 to take the deputy director position. In that role, he has overseen a number of the Divisionís strategic, rulemaking and industry engagement initiatives, the agency said.

Prior to rejoining the IM Division, Cellupica served as managing director and general counsel for securities law at Teachers Insurance and Annuity Association of America. Prior to that, he was chief counsel for the Americas at MetLife, where he had responsibility for†legal support of the corporationís financial services businesses in the U.S. and in Latin America. Cellupica holds a law degree from Harvard Law School, and served as a law clerk for Judge David Nelson of the U.S. Court of Appeals for the Sixth District.