As advisors wait to see whether they'll be regulated by the Securities & Exchange Commission or FINRA, the SEC announced that its enforcement director, Robert Khuzami, will leave the agency, in a highly anticipated move.

In December, people with knowledge of the matter, said that Khuzami, who led the enforcement division for nearly four year, planned to step down this month. Sources last month said he notified SEC Chairman Elisse Walter of his decision in December. Walter has not yet chosen a replacement, the people said.

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