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U.S. Securities and Exchange Commission

David B. Smith, Jr., Named Associate Director
(Public Utility and Investment Company Regulation),
Division of Investment Management



Washington, D.C., January 12, 2001 – Securities and Exchange Commission Chairman Arthur Levitt today named David B. Smith, Jr. Associate Director (Public Utility and Investment Company Regulation) of the Commission's Division of Investment Management. As Associate Director, Mr. Smith will evaluate applications for exemption from the Investment Company Act of 1940 and its rules, and oversee the activities of registered and exempt utility holding companies under the Public Utility Holding Company Act of 1935, among other duties.

Chairman Levitt said, "David has been a valued attorney in the Commission for a number of years. I know the Division of Investment Management will benefit from his judgment and acumen."

Paul Roye, Director of the Division of Investment Management, said, "David is a thoughtful and able attorney with whom I have had the pleasure of working during my tenure as Director. David's understanding of the Investment Company Act and the Public Utility Holding Company Act is matched by his outstanding ability to deal with colleagues."

Since 1998 Mr. Smith has served as the Assistant General Counsel for Investment Management with the Commission's Office of the General Counsel. Prior to that he was a staff attorney, then Senior Counsel, with the same Office. Prior to joining the Commission in 1996, Mr. Smith was an associate in the law firm of Shea & Gardner, focusing on corporate and litigation issues.

Mr. Smith, 34, graduated magna cum laude from Harvard Law School, earned his M.A. from the University of Chicago, and received his B.A. from Carleton College.