SEC appoints acting director to oversee ETFs

McHugh replaces Andrew Donohue, who is leaving the agency after four years at the helm of the department. The Division of Investment Management seeks to protect investors and promotes capital formation through the oversight and regulation of mutual funds and hedge funds. As acting head, McHugh will be responsible for the SEC's supervision of ETFs, as well as insurance products and closed-ended funds. The announcement was made by SEC chairman Mary Schapiro, for whom McHugh has worked as senior advisor. Schapiro says: "Jennifer is extremely well-versed in the operations of the Div...