SEC Announces Deputy Chief of Staff and Counselor to the Chairman to Leave Agency

Washington, D.C., April 21, 2008 (Lawfuel) – The Securities and Exchange Commission announced today that Michael J. Halloran, Counselor to the Chairman and Deputy Chief of Staff, will leave the agency in May, with plans to return to the private sector.

“Mike has had an enormous impact during his time at the agency, and will leave behind a substantial legacy of accomplishments,” said SEC Chairman Christopher Cox. “He has served with distinction, and all of us who worked with him at the agency are grateful for his leadership, his commitment to public service, and for the opportunity to work with him.”

Since coming to the SEC in 2006, Mr. Halloran, 66, assisted in the Commission’s management and advised its efforts to promote investor protection, healthy and fair markets, and capital formation. In particular, he played a key role as the Commission strengthened the investor protections under Section 404 of the Sarbanes-Oxley Act while reducing unnecessary costs, especially for smaller companies, through the adoption of Management Guidance on its internal controls assessment and of Public Company Oversight Board Audit Standard No. 5 to replace the prior Audit Standard No. 2 on the internal controls audit.

Mr. Halloran also had a leadership role in the drafting and adoption of the SEC’s first-ever rules under the Credit Rating Agency Reform Act, several rules to implement the recommendations of the SEC’s Advisory Committee on Smaller Public Companies, proposals on director nomination access, Investment Advisor Act rules related to private equity fund advisors, and the Commission’s new online PAUSE alert program targeting online boiler room operations. He also helped establish the Commission’s Advisory Committee on Improvements in Financial Reporting and worked on several accounting initiatives such as the elimination of reconciliation for companies which report using the International Financial Reporting Standard and municipal disclosure and accounting.

“I sincerely thank the Chairman for the opportunity to work on behalf of investors,” Mr. Halloran said. “During my time at the agency, I have been humbled to serve with the talented and capable staff of the agency. With continued strong leadership from Chairman Cox, I know that the Commission will remain faithful to its mission to serve as the investor’s advocate.”

Prior to joining the SEC’s staff, Mr. Halloran had a 32-year career at the law firm of Pillsbury Winthrop Shaw Pittman LLP, where he became Senior Partner of the Corporate and Securities worldwide practice group. He also served, for seven years, as Group Executive Vice President and General Counsel for BankAmerica Corporation, and was the company’s chief worldwide legal officer. Mr. Halloran is the lead author and editor of Venture Capital and Public Offering Negotiation, a leading text on formation of venture capital funds, making venture investments, and taking companies public.

Mr. Halloran earned his LL.B. from Boalt Hall School of Law at the University of California, Berkeley in 1965, and a B.S. in mechanical engineering from U.C. Berkeley in 1962. He is a past chair of several American Bar Association committees relating to securities and corporate matters.

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