Paul F. Roye, director of the Securities and Exchange Commission's division of investment management, announced Friday that he will be leaving the Commission to pursue opportunities in the private sector.

Roye, who became the director of the division in 1998, worked alongside with SEC Chairman William Donaldson to implement the agency's recent reforms of the mutual fund industry. Among the many initiatives he spearheaded, some included requiring mutual funds and advisors to adopt comprehensive compliance policies and procedures, improving disclosure of fund fees, expenses and conflicts and applying Sarbanes-Oxley reforms to the mutual fund industry.

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