WASHINGTON – After nearly seven years at the helm, Paul Roye, director of the SEC's Division of Investment Management, announced on Feb. 18 that he intends to leave the Commission in the coming weeks. Roye said he plans to pursue opportunities in the private sector. Roye became the director of the Division in 1998. He 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. SEC Chairman Willam 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." Roye's tenure featured a number of major SEC initiatives in the Investment Management area, including strengthening the corporate governance regime for mutual funds; improving disclosure of fund fees and expenses, conflicts, portfolio holdings, after-tax performance, proxy voting policies and portfolio manager information. "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," Roye said. [email protected]