In his December 6, 2007 remarks before the ICI 2007 Securities Law Developments Conference, Securities and Exchange Commission Division of Investment Management Director Andrew J. Donohue summarized the Division’s 2007 priorities and accomplishments and highlighted certain priorities for 2008.

Mr. Donohue described the Commission’s current rule proposal with respect to mutual fund disclosure reform, as well as the strides made in increasing the number of substantive orders issued through the exemptive application review process. Looking to 2008, Mr. Donohue identified two key priorities for the Division: (1) addressing several concerns related to current rule 12b-1 fees and fund distribution practices, and (2) examining and modernizing the books and records requirements of both advisers and funds.