WASHINGTON Aug 2 Robert Plaze, a longtime
official in the Securities and Exchange Commission's Investment
Management division who is well-known to the U.S. fund industry,
is retiring at the end of August after almost 30 years of
Plaze, the deputy director of the division, has been a
driving force behind many of the sweeping new rules required by
the Dodd-Frank Wall Street reform law for hedge funds and
private equity funds, as well as rules implemented for money
market funds in response to the 2007-2009 financial crisis.
"It's been an honor and privilege to work at the
commission," Plaze said. "When I began, I expected to stay a
few years, but I found that the issues were so engaging and the
work so important that I remained here for nearly three
Plaze joined the SEC in 1983, and has served in various
roles over the years within the investment management division.
He has worked to develop regulations for mutual funds
including requiring fee tables in mutual fund prospectuses and
requiring funds and their advisers to adopt compliance programs.
He is leaving the agency at a crucial time, as SEC Chairman
Mary Schapiro continues to try to win support for a new round of
reforms for money market mutual funds that she says will help
prevent a repeat of 2008 when the Reserve Primary Fund "broke
the buck" and its net asset value fell below $1.
Schapiro's proposals, which include capital buffers and
redemption holdbacks or a switch to a floating net asset value,
have faced major opposition from the industry and also been
strongly questioned by three of her fellow colleagues on the
The five commissioners are currently reviewing a draft of
the plan. Schapiro needs three votes in order to put it out for
Plaze's departure follows the appointment in July of Norm
Champ, who previously served as deputy director for the Office
of Compliance, Inspections and Examinations, as head of the
Investment Management division.
(Editing by Phil Berlowitz)