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Tuesday, May 16, 2006

SEC Commish Resigns; Donohue Sworn In

by: Marie Glancy

Monday marked a day of transition at the SEC. As the longest-serving commissioner, Cynthia Glassman, announced her resignation, former Merrill Lynch attorney Andrew "Buddy" Donohue was sworn in as head of the body's Division of Investment Management, in which position he will oversee regulation of the mutual fund industry.

Donohue's appointment was announced in April. The former global general counsel for Merrill Lynch Investment Advisors succeeds Paul Roye, who stepped down in the first half of 2005 and was temporarily replaced by interim directors.

Glassman, who was sworn in as a commissioner in January 2002, said she plans to pursue other opportunities after her term expires June 5. The former Federal Reserve economist will continue to serve on the Commission, however, until her successor is confirmed by the Senate.

During the terms of three commissioners, Glassman advocated better cost-benefit analyses in policy making, and voted against certain mutual fund and hedge fund regulations passed by a majority of the Commission, including one requiring 75 percent of fund directors to be independent. She was also a proponent of a successful bid to direct $85 million in settlement money towards investor education programs.  

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