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U.S. Securities and Exchange Commission

SEC News Digest

Issue 2008-214
November 4, 2008


Martin J. Murphy Named Associate Regional Director for Examinations in SEC's Los Angeles Regional Office

The Securities and Exchange Commission today announced the promotion of Martin J. Murphy to Associate Regional Director for Examinations in the agency’s Los Angeles Regional Office. Mr. Murphy will lead a staff of 65 examiners, accountants, attorneys and other professionals who conduct examinations and oversee the agency’s bankruptcy program in Southern California, Arizona, Nevada and Hawaii. Mr. Murphy succeeds Rosalind Tyson, who was recently named Regional Director of the Los Angeles Office.
Since 2004, Mr. Murphy has served as Assistant Regional Director in the Los Angeles Office’s broker-dealer examination program. Mr. Murphy previously served as a Branch Chief in the Los Angeles Regional Office’s enforcement program. He joined the SEC in 1990 as an enforcement staff attorney after two years as a Special Assistant U.S. Attorney and an earlier career as a pharmacist. During his tenure in the Los Angeles Office’s enforcement program, Mr. Murphy investigated and supervised numerous significant enforcement actions including Gemstar-TV Guide International, Inc. involving financial reporting fraud, and Capital Consultants/Jeffrey Grayson involving investment adviser fraud.

“Martin has used his experience and skills to identify indications of violations, leading to remedial actions for the protection of investors. I look forward to working with him and the examination staff in the Los Angeles Office in continuing to provide outstanding examination oversight of securities firms in the region,” said Lori Richards, Director of the SEC’s Office of Compliance Inspections and Examinations.

Ms. Tyson said, “Martin has displayed a talent for managing his staff and drawing out their strengths. He has worked tirelessly with the staff on examinations to uncover problems, and to produce accurate, insightful reports that provide useful compliance assessments to registrants and, where needed, referrals for enforcement investigation.”

Mr. Murphy added, “Full and fair disclosure of the character of securities sold prevents fraud. Regulation of markets, broker-dealers, investment companies and advisers prevents inequitable and unfair practices. I am looking forward to continuing to work with the Los Angeles examination staff to conduct examination oversight of firms in the region for the protection of investors.”

Mr. Murphy received his J.D. degree from Loyola Law School in 1987. His academic background also includes a bachelor’s degree from University College Dublin, an M.B.A. from Harvard Business School, and a doctorate in pharmacy as well as master’s degrees in accounting and taxation from the University of Southern California.

Mr. Murphy’s appointment will be effective Nov. 9, 2008.(Press Rel. 2008-262)


Wells Fargo Funds Trust, et al.

A notice has been issued giving interested persons until November 25 to request a hearing on an application filed by Wells Fargo Funds Trust, et al., for an order under Section 6(c) of the Investment Company Act of 1940 (Act) for an exemption from Rule 12d1-2(a) under the Act. The order would permit funds of funds relying on Rule 12d1-2 under the Act to invest in certain financial instruments. (Rel. IC-28482; October 31)


Immediate Effectiveness of Proposed Rule Change

A proposed rule change filed by the Chicago Board Options Exchange (SR-CBOE-2008-98) to increase the maximum term for FLEX Options has become effective under Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of November 3. (Rel. 34-58890)

Accelerated Approval of Proposed Rule Change

The Commission granted accelerated approval to a proposed rule change (SR-NYSE-2008-113) submitted by the New York Stock Exchange pursuant to Rule 19b-4 under the Securities Exchange Act of 1934 to extend the pilot period for the NYSE Realtime Reference Prices pilot program. Publication is expected in the Federal Register during the week of November 3. (Rel. 34-58893)





Modified: 11/04/2008