Donald M. Hoerl Named Regional Director of SEC's Denver Regional Office
Securities and Exchange Commission Chairman Christopher Cox today named Donald M. Hoerl as the Regional Director of the SEC's Denver Regional Office. The Denver office conducts examination and enforcement activities in Colorado, North Dakota, Kansas, South Dakota, Wyoming and New Mexico.
Currently serving as Acting Regional Director, Mr. Hoerl is also the Associate Regional Director for Enforcement in the Denver Regional Office, a post he has held since 1997. Mr. Hoerl succeeds George Curtis, the previous head of the Denver office, who was appointed to a Deputy Director position in the SEC's Division of Enforcement in Washington, D.C.
Chairman Cox said, "Don has been a champion of investors throughout his distinguished career with the Commission. In his previous role in charge of the SEC's enforcement program in the Denver Regional Office, and more recently as Acting Director of that office, Don has initiated a number of important cases that have made our markets safer for investors. America's investors are fortunate to have a person of such high caliber and talent in this position of leadership at the SEC."
SEC Director of Enforcement Linda Chatman Thomsen stated, "Don brings to this job a long record of accomplishment. Since his first days at the Commission, he has carried out his responsibilities with care, intelligence and effectiveness. Don is a very talented attorney who has played a critical role in the Commission's investigation and litigation of numerous complex enforcement matters. I am sure that the Denver Regional Office will continue to flourish with Don at the helm."
Lori Richards, Director of the SEC's Office of Compliance Inspections and Examinations, added, "Don has demonstrated an appreciation for the importance of the regional office's examination staff and the contribution they make to the overall effectiveness of the Denver office. I know he will be an asset to the Commission's oversight of securities firms in the region."
Mr. Hoerl said, "I am honored that Chairman Cox has named me as Regional Director of the Denver Regional Office. I am privileged to have the opportunity to lead its dedicated and talented staff in meeting the many challenges facing the Commission and the investing public in these difficult times."
Mr. Hoerl began his career with the Commission in 1982 as a Trial Counsel in the Denver Regional Office. He has also served as the head of the SEC's Philadelphia office for four years, and as the District Administrator of the Commission's Salt Lake office for six years. Before joining the SEC, Mr. Hoerl was an Assistant United States Attorney in Denver for more than five years. He received his B.A. degree from the University of California, Los Angeles and his J.D. degree from the University of Colorado School of Law. (Press Rel. 2008-282)
SEC Staff Reminds CEOs of Registered Firms of Importance of Compliance Programs
The Securities and Exchange Commission's Office of Compliance Inspections and Examinations today issued an open letter to chief executives of SEC-registered firms, including broker-dealers, investment advisers, investment companies and transfer agents, to remind them of the critical role played by their firms' compliance programs in assuring that their operations comply with the law and rules for industry participation and to ensure that the interests of customers or clients are protected.
The open letter follows SEC Chairman Christopher Cox's remarks at the SEC's recent CCOutreach National Seminar, where he said, "Experience has taught us again and again that giving short shrift to regulatory compliance subjects a company's investors, employees, management, directors, and every other stakeholder to unacceptable risks … compliance programs have made huge strides in recent years in becoming more formalized and more robust … Now more than ever, companies need to take a long-term view on compliance and realize that their fiduciary responsibility requires a constant commitment to investors. That means sustaining their support for compliance during this market turmoil, and beyond it as well."
In the open letter, Lori Richards, Director of the SEC's Office of Compliance Inspections and Examinations, wrote, "While many firms are considering reductions and cost-cutting measures, we remind you of your firm's legal obligation to maintain an adequate compliance program reasonably designed to achieve compliance with the law."
There are approximately 11,300 investment advisers, 950 mutual fund complexes, 5,600 broker-dealers and 410 transfer agents registered with the SEC and subject to compliance obligations under the federal securities laws. (Press Rel. 2008-283)
Closed Meeting - Tuesday, December 9, 2008 - 2:00 p.m.
The subject matter of the closed meeting scheduled for Tuesday, Dec. 9, 2008, will be: formal orders of investigation; institution and settlement of injunctive actions; institution and settlement of administrative proceedings of an enforcement nature; consideration of amicus participation; and other matters relating to enforcement proceedings.
At times, changes in Commission priorities require alterations in the scheduling of meeting items. For further information and to ascertain what, if any, matters have been added, deleted or postponed, please contact: The Office of the Secretary at (202) 551-5400.
In the Matter of Aqua Vie Beverage Corp.
An Administrative Law Judge has issued an Order Making Findings and Revoking Registration by Default as to Aqua Vie Beverage Corp. (Default Order) in Aqua Vie Beverage Corp., Administrative Proceeding No. 3-13142. The Order Instituting Proceedings alleged that seven Respondents each failed repeatedly to file required annual and quarterly reports while their securities were registered with the Securities and Exchange Commission.
The Default Order finds these allegations to be true as to Aqua Vie Beverage Corp. (Aqua Vie). It revokes the registrations of each class of registered securities of Aqua Vie, pursuant to Section 12(j) of the Securities Exchange Act of 1934.
The proceeding was previously resolved by default as to the other six Respondents (Asia Biotechnology Group, Inc., Caravan Acquisition Corp., Century Investments International, Inc., Diversified Holdings International, Inc., Milinx Business Group, Inc., and MSC Group, Inc.). (Rel. 34-59037; File No. 3-13142)
INVESTMENT COMPANY ACT RELEASES
Banc of America Funds Trust, et al.
A notice has been issued giving interested persons until December 24 to request a hearing on an application filed by Banc of America Funds Trust, et al., for an order under Sections 6(c) and 17(b) of the Investment Company Act (Act) for an exemption from Section 17(a) of the Act. The order would permit certain registered investment companies (Funds) to engage in principal transactions involving taxable money market instruments and repurchase agreements with a broker dealer that is an affiliated person of an affiliated person of the Funds. (Rel. IC-28526 - December 1)
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