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U.S. Securities and Exchange Commission

Karen Buck Burgess Named Senior Adviser, Office of Compliance Inspections
and Examinations



Washington, D.C., January 19, 2001 – Securities and Exchange Commission Director of the Office of Compliance Inspections and Examinations, Lori Richards, today named Karen Buck Burgess Senior Adviser to the Director, a newly created senior position in that Office. In her new capacity, Ms. Burgess will provide advice and guidance to the Director, advise examination and inspection staff in headquarters and in the regions and districts, particularly concerning issues that arise under the recently enacted financial services modernization legislation, and spearhead special projects. Ms. Burgess will also have responsibilities for the Office's examination oversight of clearing agencies.

Ms. Burgess has served as Associate General Counsel in the Office of the General Counsel since July 1996. She has been responsible for advising the General Counsel and the Commission on a variety of rulemaking, enforcement, and legislative matters. She played a key role in advising the Commission during negotiations leading to the enactment of recent financial services modernization legislation, the Gramm-Leach-Bliley Act. Prior to this, Ms. Burgess served the Commission in a variety of other capacities, including Deputy Chief Counsel in the Division of Market Regulation and Special Counsel in the Office of the Chairman. She received the Commission's Distinguished Service Award in 1998.

In addition to her work at the Commission, Ms. Burgess has worked in the law offices of Milbank, Tweed, Hadley & McCloy in Tokyo, Japan, and of Baker & McKenzie in Hong Kong. She has also served as an Executive Assistant in the Bangkok, Thailand Office of the United Nations High Commissioner for Refugees. Ms. Burgess received a B.A. from Oberlin College and a J.D. from Antioch School of Law.

Chairman Arthur Levitt said, "During my tenure, there are few people I've worked with more imbued with a sense of the Commission's history, mission, and sense of professionalism than Karen Burgess. Her wealth of knowledge, legal acumen, and sound policy judgment will serve this agency and America's investors well in her new role. She has been, and will no doubt continue to be, one of the shining stars of the Commission."

General Counsel David M. Becker said: "We will miss Karen. She has been a senior legal advisor to the Commission on virtually all matters on its regulatory and legislative agenda. Though she leaves us for a new challenge at OCIE, this office will bear her imprint for many years to come."

Lori Richards said, "I am delighted that Karen will help us in our oversight of the securities industry. She brings enormous legal talent and experience, which will be particularly valuable in helping us weave through the many issues under the new financial services legislation. She will be a real asset to OCIE."