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U.S. Securities and Exchange Commission

David B. Smith, Jr., Associate Director, Division of Investment Management, to Leave Commission


Washington, D.C., Nov. 1, 2005 - David B. Smith, Associate Director (Public Utility and Investment Company Regulation) of the Division of Investment Management, announced today that he will leave the Commission later this month to become Executive Vice President for Policy and Legal Affairs for the Mutual Fund Directors Forum, a non-profit organization for investment company independent directors dedicated to improving mutual fund governance by promoting the development of concerned and well-informed independent directors.

As Associate Director, Mr. Smith's responsibilities included evaluating applications for exemption from the Investment Company Act of 1940 and its rules. Mr. Smith was also responsible for overseeing the activities of registered and exempt utility holding companies under the Public Utility Holding Company Act of 1935.

Meyer Eisenberg, Acting Director of the Division of Investment Management said, "David has had an outstanding career at the Commission. His keen intellect and strong management skills have served us well. David is a valued colleague, and he will be greatly missed."

Mr. Smith became Associate Director (Public Utility and Investment Company Regulation) in 2001. From 1998-2001, Mr. Smith 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. During 1993-1994, Mr. Smith served as a Law Clerk to Judge Douglas H. Ginsburg of the United States Court of Appeals for the D.C. Circuit.

Mr. Smith, 39, 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.


Modified: 11/01/2005