WASHINGTON, DC (HEDGECO.NET) – The US Securities and Exchange Commission has suffered a temporary setback to its reform efforts. Cynthia M. Fornelli, the highly regarded deputy director of the USSecurity and Exchange Commission’s division of investment management, has decided to leave the agency to take up a new job at Bank of America, based in Charlotte North Carolina. Cynthia will leavethe SEC in September to be a senior vice president and compliance executive at Bank of America according to the news release.
Fornelli began her career at the SEC in 1999, prior to that she worked at the law firm of Dechert, Price & Rhoads. She was also an associate in the Washington law firm of Fried, Frank, Harris, Shriver & Jacobson. Ms. Fornelli is a graduate of Purdue University and holds a law degree from George Washington University National Law Center.
This departure will undoubtedly be felt by the Agency that continues to lack enough manpower to discharge its duties effectively, as the federal regulator continues to add additional responsibilities to its roster. Last month the Chairman of the agency, William Donaldson announced that the SEC�s proposal for monitoring the US hedge fund industry has passed its first test, in a 3-2 vote handed down by the SEC Commissioners.
Reacting to the announced departure of Cynthia Fornelli, the SEC Chairman William Donaldson said, �Cindy has played a critical role in the commission’s mutual fund reform efforts. I am pleased that Cindy will be leading a significant industry player in its conflicts management function. Her contribution at the SEC has been substantial and she will be missed.”
There are also speculations that more high level staff changes may be on the way. With the US presidential elections coming up in November, it remains unclear how these matters will affect the agency�s bold efforts to regulate the US hedge fund industry.
Paul Oranika
Editor-in-Chief
HedgeCo.Net
Email: [email protected]
HedgeCo.Net is a premier hedge fund database and community for qualified and accredited investors only. Membership on www.hedgeco.net is FREE and EASY. We also offer FREE LISTINGS for Hedge Funds!
Be sure to check out our sister sites. www.hedgefundlounge.com, www.hedgefundtools.com, and www.hedgefundemployment.com.
