SEC hires John J Cross III to lead new municipal securities office

By Ashley Montgomery

Kansas City, Kan., Aug. 2 - The Securities and Exchange Commission has appointed John J. Cross III the director of the commission's new Office of Municipal Securities.

The office, formerly part of the Division of Trading and Markets, will coordinate with the Municipal Securities Rulemaking Board to administer commission rules regarding advisors, issuers, broker-dealer practices and investors in the municipal securities market.

Cross joins the office from the U.S. Treasury Department's Office of Tax Policy, where he was the associate tax legislative counsel. He has experience in municipal finance transactions and tax matters related to municipal bonds. He also worked on implementing the 2009 Recovery Act and addressing municipal issues tied to the 2008 financial crisis.

"John's experience makes him perfectly suited to head this office," said SEC chairman Mary Schapiro in a news release. "He has a full appreciation for the importance of municipal securities and the expectations of investors in those markets."

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