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

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.