Mary Schapiro leaving SEC

Seems Canada isn’t the only country dealing with a major upcoming departure.

Mary Schapiro also announced this morning that she’s stepping down as chairman of the Securities and Exchange Commission, effective December 14, 2012.

She was appointed by President Barack Obama in the midst of the worst financial crisis since the Great Depression, and helped lead his administration’s regulatory response throughout the fallout.

Read: Stakes high for SEC’s next chair (2009)

She also took over shortly after the agency failed to detect the Bernard Madoff Ponzi scheme.

Read: Don’t be fooled by the next Madoff

Overall, Schapiro is credited with helping reshaping the agency during a tumultuous period. But critics say she failed to act aggressively to bring charges against leading figures who contributed to the financial crisis.

Read: The next leader of SEC will be…