Challenges abound for the successor to Paul Roye, the Securities and Exchange Commission's outgoing director of the investment management division, MarketWatch reports. The division, which oversees the mutual fund industry, has been in the spotlight for some time now, owing to the wave of scandals that have hit the fund industry.

Potential candidates for the job include Jay Barris, a partner with the New York-based firm Kramer Levin Naftalis & Frankel, Jack Murphy, an attorney with Dechert LLP in Washington, Henry Hopkins, chief counsel at fund giant T. Rowe Price Group, and Martin Lybecker, a partner at Washington law firm Wilmer Cutler Pickering Hale and Dorr.

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