Commissioner Luis Aguilar has announced plans to step down from his term at the SEC at the end of December, "or at such earlier time as my successor assumes my position."

While Aguilar's term expired June 5, it's by no means a slam-dunk for his nominated successor—law professor and Democrat Lisa Fairfax—to occupy his post. Aguilar, also a Democrat, has been outspoken on the need for warnings regarding "inherent risks" in target-date funds, as well as pushing for better disclosure rules for municipal bonds.

He also suggested greater transparency in the granting of waivers.

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