Commissioner Annette L. Nazareth announced her intention to leave the SEC to return to the private sector. She spent nine years at the SEC, as both a Commissioner and previously as Director of the SEC's Division of Market Regulation.

The SEC adopted a number of significant reforms during her tenure. In particular, Ms. Nazareth played a key role in the SEC's efforts to modernize its national market system rules. The SEC'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.

Prior to joining the SEC, Ms. Nazareth held several positions in the financial services industry, including positions 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 SEC, 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.

Please click http://www.sec.gov/news/press/2007/2007-210.htm for a copy of the press release about her departure