Former acting head of the SEC, Laura Unger, announced on Wednesday that she plans to leave the SEC this fall.

Unger has not yet accepted a position in the private sector. She has been with the SEC for the past four and a half years, serving as chair after Arthur Levitt left and was replaced by current chair, Harvey Pitt. Unger has strongly advocated policies to promote market integrity, efficiency and investor protection, with an emphasis on the impact of technology on the securities industry. In November 1999, she authored a ground-breaking report on technology and retail brokerage.

She led the commission’s recent efforts to improve the objectivity and independence of securities analysts. She also championed pending legislation to reduce securities transaction fees while raising SEC employee salaries.

“It has been a great honor to serve on the commission during the most dramatic period of technological innovation and transformation in the history of America’s capital markets,” Unger said.

“I was privileged to return to the agency where I began my career, to serve as a commissioner and later as acting chairman. Although it is particularly difficult to leave my colleagues on the commission — our new chairman, Harvey Pitt and my fellow commissioner, Isaac Hunt– as well as the many dedicated and talented professionals who work tirelessly at the SEC on behalf of the investing public, it is time for me to seek new challenges in the private sector.”

Harvey Pitt said, “I have known and admired Laura for many years. I will miss Laura, but wish her the best in her post-commission professional endeavors.”

Unger was sworn in as commissioner on Nov. 5, 1997. On February 12, President Bush designated her acting chairman, a position she held until August 3. Before her appointment to the commission, Unger served as securities counsel to the U.S. Senate Committee on Banking, Housing and Urban development. Previously, she was an attorney with the SEC’s Enforcement Division.