The Securities and Exchange Commission has named Andrew "Buddy" Donohue, Merrill Lynch's global general counsel, as the director of its division of investment management, a position that has been filled by two interim managers since Paul Roye's departure in February 2005.

In this post, Donohue will face a number of critical mutual fund regulatory issues still unresolved, the first one being the independent chairman rule that the courts have just bunted back to the SEC for a 90-day review. He will also have to decide on final requirements for redemption fees and point-of-sale disclosure.

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