The director of the SEC 's division of market regulation , Richard Lindsey , said Wall Street firms will probably need to spend about $ 7 million to carry out the improvements called for by the new rules .
<response> The director of the <organization>SEC</organization> 's division of market regulation , <person>Richard Lindsey</person> , said <location>Wall Street</location> firms will probably need to spend about $ 7 million to carry out the improvements called for by the new rules . </response>