Shifting Gears: Paul Roye Leaves the SEC, and more

Paul Roye Leaves the SEC

Paul Roye left his post as director of the SEC's division of investment management to "pursue opportunities in the private sector," according to a statement by the SEC. Roye, appointed director in 1998, was the driving force behind many regulatory initiatives in the mutual fund industry, including the adoption of comprehensive compliance policies by funds and advisers, the designation of a chief compliance officer for industry participants and the modernization of mutual fund advertising rules.

Although a replacement for Roye had not been named as of press time, the new director will have a lot on his plate, according to Corey Booth, CIO at the SEC. "There are still some basic things in the regulatory agenda that aren't done yet," he says. "We're going to need to focus on how to take some of the basic rules we've put in place and really use them to transform the governance model of the industry. In a lot of ways, what we've done is lay down a regulatory framework; it's going to be up to Paul's successor to make that an operational reality within the funds."

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