Paul Roye, director of the SEC's division of investment management, has decided to leave his post sometime in March and pursue work in the private sector.
At his post since 1998, Roye has been instrumental in developing regulations for investment advisors that manage at least $25 million as well as investment companies. According to an SEC release, Chairman William Donaldson said Roye was considering leaving the Commission a year ago, but Donaldson asked him to stay on and help with "the SEC's mutual fund reform agenda." Roye helped the SEC craft a bunch of regulations last year to address the mutual fund trading scandal, as well as the rule requiring investment advisors to have a chief compliance officer.
The SEC has yet to officially name any successors to Roye.