Washington, D.C., Feb. 20, 2005 – LAWFUEL – The Law News Network – P…

Washington, D.C., Feb. 20, 2005 – LAWFUEL – The Law News Network – Paul F. Roye, Director of the SEC’s Division of Investment Management, announced today that he intends to leave the Commission in the coming weeks. Mr. Roye plans to pursue opportunities in the private sector.

Chairman Donaldson said, “Nearly a year ago, Paul informed me that he was considering leaving the Commission. At that time, I asked him to stay in order to assist the Commission with its mutual fund reform agenda. Paul, a consummate professional with a deep sense of commitment to serving America’s investors, agreed to stay and provided invaluable guidance and input as we developed a strengthened mutual fund regulatory regime. Paul has served as head of the Division of Investment Management at a critical time in the history of the investment management industry. He will leave a strong and lasting legacy.”

Mr. Roye said, “It has been an honor and a privilege to serve America’s investors as the Director of the Division of Investment Management. In addition, it has been a distinct privilege to serve under Chairman Donaldson, as well as former Chairmen Pitt and Levitt and Acting Chairman Unger, and to work with a distinguished group of Commissioners. I will miss my talented and dedicated colleagues in the Division of Investment Management as well as others throughout the Commission who, particularly during the challenges of recent months, have given their all to serve and protect America’s investors.”

Mr. Roye became the Director of the Division of Investment Management in 1998. As Director, Mr. Roye was at the forefront of the development of regulatory policy for investment advisers and investment companies, including mutual funds, exchange traded funds, closed-end funds, business development companies, unit investment trusts and variable insurance products.

In addition to implementing the Commission’s recent reforms of the mutual fund industry, Mr. Roye’s tenure featured a number of major Commission initiatives in the Investment Management area, including:

* Strengthening the corporate governance regime for mutual funds;

* Enhancing ethical standards for funds and investment advisers;

· Requiring that funds and advisers adopt comprehensive compliance policies and procedures and designate a chief compliance officer;

· Improving disclosure of fund fees and expenses, conflicts, portfolio holdings, after-tax performance, proxy voting policies and portfolio manager information;

· Mandating SEC registration of hedge fund advisers and publishing a staff study of the hedge fund industry;

· Developing an on-line registration and public disclosure system for investment advisers;

· Adapting Sarbanes-Oxley reforms to the mutual fund industry;

· Modernizing the mutual fund advertising rules; and

· Analyzing historical trends in mutual fund fees and publishing a staff study on fund fees.

Prior to becoming Director of the Division of Investment Management, Mr. Roye, was with the law firm Dechert LLP, which he joined in 1982 and where he became a partner in 1987. Before joining Dechert, Mr. Roye began his career in the Division of Investment Management where he worked from 1979 to 1982.

Mr. Roye received his A.B. cum laude from Dartmouth College and his J.D. from the University of Michigan Law School where he was Note and Comment Editor of the University of Michigan Journal of Law Reform.

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