Buddy Donohue, SEC's Investment Management Director, to Leave Agency in November

The SEC also implemented under Donohue’s leadership a new mutual fund summary prospectus and investment advisor disclosure brochure, proposed to replace rule 12b-1 mutual fund distribution fees, and issued proposed rule amendments to improve information in target date fund advertisements and marketing.

SEC Chairman Mary Schapiro said in the news release, “Buddy has been an effective leader and investor advocate during his tenure at the Commission. His vast knowledge of mutual funds and the investment advisory landscape has been invaluable in advancing several vital regulatory initiatives.”