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News April 11, 2005 Issue

Eisenberg Named Acting IM Director

Meyer "Mike" Eisenberg has been named the acting director of the SECís Division of Investment Management, following Paul Royeís departure last month.

Although he is well-regarded as a learned securities lawyer, many in the industry will be watching the Eisenberg directorship warily. In recent years, he has indicated in remarks at industry conferences that he is perhaps more inclined than other SEC officials to take aggressive regulatory action, particularly in the area of soft dollars.

How long does he expect to serve as acting director? "You really canít tell," said Eisenberg in an interview. He noted that thereís an "active search" for the next Division director. "I expect it will probably last until June."

Donít expect the work of the Division to grind to a halt in the meantime. "We will continue with the Commissionís program," he said, noting that he was working on many of the Divisionís current projects in his former capacity as SEC deputy general counsel.

Among the projects on IMís to-do list: a report on the independent chairman rule, the new IA/BD report, the hard close, and soft dollars.