Another SEC commissioner has decided to become a civilian once more. Barely two months after Roel Campos stepped down, Annette Nazareth, a nine-year vet of the commission, has announced that she does not wish to be re-nominated. Nazareth's term ended on June 5, 2007, but commissioners may remain in their positions for up to 18 months beyond a term�s end, unless a successor is appointed sooner.

Securities and Exchange Commissioner Annette L. Nazareth today announced her intention to leave the Commission to return to the private sector. In her nine years at the Commission, as a Commissioner and previously as Director of the SEC�s Division of Market Regulation, Ms. Nazareth has applied her financial markets expertise to a broad range of issues affecting investors and the securities markets.

The Commission adopted a number of significant reforms during her tenure. In particular, Ms. Nazareth played a key role in the Commission�s efforts to modernize its national market system rules. The Commission�s new rules recognized the transformation of securities markets from primarily floor-based environments to more fully electronic venues and created a level playing field with greater competition among markets of varying models and better pricing for investors.

Ms. Nazareth also championed the introduction of prudential regulatory principles to the Commission�s work under the Consolidated Supervised Entity program, a voluntary supervisory regime for the nation�s largest investment bank holding companies. A primary focus of this program is its risk management infrastructure at these systemically important financial entities.

Among her other accomplishments, Ms. Nazareth played a key role in the Commission�s response to the tragic events of September 11, 2001. As Director of the Division of Market Regulation at the time, she helped lead the Commission�s efforts to assure the successful reopening of the securities exchanges.

Ms. Nazareth has served as the Commission�s representative on the Financial Stability Forum since its inception in 1999. The FSF promotes international financial stability through information exchange and international cooperation in financial supervision and surveillance. The FSF brings together on a regular basis national authorities responsible for financial stability in significant international financial centers.

�My years at the Commission have been the most rewarding of my career,� Ms. Nazareth said. �It has been a privilege to work with such a talented professional staff who are truly committed to the SEC�s mission of investor protection and fair and efficient markets. I am also grateful to have had the opportunity to serve under four very dedicated and gifted Chairmen � Arthur Levitt, Harvey Pitt, William Donaldson and Chris Cox.�

�Over nearly a decade of public service, Annette Nazareth has dedicated herself to the causes of investor protection and the improvement of our capital markets,� said SEC Chairman Christopher Cox. �As a Commissioner, she brought to her responsibilities the extensive understanding of both the markets and the SEC that only a former Division Director could provide, along with her considerable knowledge and expertise as a Wall Street professional. Her commitment to investors, and to this agency, has been unsurpassed. As the Commission�s long-standing representative to the global organization charged with the promotion of international financial stability, Annette has worked tirelessly to strengthen America�s cooperation and integration with markets throughout the world. And her legacy of leadership at the helm of the Division of Market Regulation laid the groundwork for the dramatic changes that continue to take place in the evolution of our securities exchanges. It has been an honor and a privilege to serve with her on the Commission � to which she added professionalism, collegiality, wise judgment, and an always-welcome sense of humor. The world�s markets, this agency, her fellow Commissioners, and I will long be in her debt.�

Prior to joining the Commission, Ms. Nazareth held several positions in the financial services industry, including at Smith Barney, Lehman Brothers and Mabon Nugent. She began her career as an attorney at Davis Polk & Wardwell. She is a graduate of Brown University and Columbia University School of Law.

Ms. Nazareth has not set a date for her departure from the Commission, but has notified President Bush that she does not wish to be re-nominated. Her term ended on June 5, 2007, but Commissioners may remain in their positions for up to 18 months beyond a term�s end, unless a successor is appointed sooner.

Edited by: Erin Kello

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