Another Commish out at SEC

Securities and Exchange Commissioner Paul Atkins announced yesterday that he intends to leave the SEC following the end of his term. His announcement continues a period of turnover at the SEC, including departures of commissioners Roel Campos and Annette Nazareth late last year.

Rumors that Atkins was contemplating a move emerged in February, reported in Directorship's sister publication, Global Proxy Watch. Atkins denied the story at the time, but perhaps he didn't want to overshadow the announcement of two nominations for commissioner put forth by the Bush Administration at the end of March to fill the open Democratic seats. Luis Aguilar and Elisse Walter are awaiting confirmation by the Senate to join the commission.

Atkins' exit could shift the balance of power at the SEC. Atkins has been a key supporter of some of the most controversial decisions of the commission, including a vote last year not to provide greater access to the proxy for shareholders and a vote to defeat a rule that would require hedge funds to register with the SEC.

Appointed by President Bush in August 2002 for the first of two terms, he plans to stay until his successor is appointed and takes office.

"He has worked with five Chairmen to advance the causes of investor protection and the improvement of our capital markets. At a time when the men and women of our armed services are being called upon to make extraordinary sacrifices, Paul Atkins has led the agency's investor education initiatives at military bases across the country and around the world." --Christopher Cox, SEC

"Commissioner Atkins has been a champion of protecting investors. Among other things, he has emphasized investor education and increased enforcement efforts against those who steal from investors through Ponzi schemes, boiler room operations, market manipulations, and Internet and other frauds designed to steal the savings of unsuspecting investors," the SEC said in a statement.  "In particular, Commissioner Atkins was instrumental in the creation of the SEC's Microcap Fraud Working Group. He also has personally conducted more than 40 town hall meetings with U.S. military personnel on bases in the U.S. and abroad, students, retirees, and investor and small business organizations, often using his own multi-media presentation that weaves movie clips, statistics, and anecdotes to discuss the principles of careful, long-term investing."

Atkins leaves with almost 10 years of service with the agency. He served from 1990-94 on the staffs of two former SEC chairmen, Richard C. Breeden and Arthur Levitt, ultimately as chief of staff and counselor, respectively.

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