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News September 20, 2004 Issue

Update From the SEC Rumor Mill

Did you hear the one about SEC Division of Investment Management director Paul Roye getting ready to announce his resignation, perhaps in the next few weeks before the election?

If you did, forget about it. IM Insight’s been hearing variations of the rumor over the past few weeks. People already have begun talking about who might be tapped to replace Roye.

We asked him for the straight story.

"This is absolutely not true," he said. "I am committed to following through on the Chairman’s agenda in the mutual fund area."

So enough speculating out there, already.

The other rumor going around is that Chairman William Donaldson is planning to announce his departure sometime around the new year, regardless of who wins the election. On that point, an SEC spokesperson noted that Donaldson has been quoted ‘any number of times as saying that he plans to stay at the Commission as long as he feels he can make a contribution.

Yes, but . . . many in the industry would not be surprised to hear Donaldson announce sometime after the November election that he plans to leave his post.

In other comings and goings:

SEC Division of Investment Management deputy director Cynthia Fornelli will depart this week for her new job at Bank of America in Charlotte, North Carolina. She will serve as "senior vice president and compliance executive for securities regulation and conflicts management."

Last week, Linda Dallas Rich took up the reins as head of the New York Stock Exchange’s Washington, DC office. Her official title: senior vice president, government relations. Rich was formerly a senior counsel for the House Financial Services Committee, where she advised on securities-related issues.