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SEC: Alan Beller To Be Next Director Of The Commission's Division Of Corporation Finance

Date 19/11/2001

The Securities and Exchange Commission announced that, effective January 14, 2002, Alan L. Beller will become its next Director of the Division of Corporation Finance. In addition, he will be Senior Counselor to the Commission, a new position created to take maximum advantage of his unique qualifications and ability to make meaningful contributions to all facets of the Commission's work, both within and without the Division of Corporation Finance.

The Commission sees an urgent need to reform its capital raising and disclosure regimes. It is committed to improving, streamlining and expediting corporate disclosure dissemination, and to enabling seasoned corporate issuers to access its capital markets more efficiently than at present. Mr. Beller will oversee and direct these Commission reform efforts, as well as lead all facets of its corporate disclosure and corporate transactional programs.

Chairman Harvey L. Pitt said, "The reform of the way in which capital is raised and corporate disclosures are made and disseminated is the most critical project on our current agenda. These undertakings are complex and challenging, and require the guidance of one of the world's foremost authorities on corporate and securities laws. Alan Beller is uniquely qualified to perform that role, and the Commission is enormously fortunate that he is willing to join and lead us in this critical endeavour."

At present, Alan Beller, 52, is a distinguished and well-recognized expert on corporate and securities laws at the international law firm of Cleary, Gottlieb, Steen & Hamilton, where he became a partner in 1984. Mr. Beller has worked in three of Cleary Gottlieb's worldwide offices - New York, Paris and Tokyo - and his practice has focused on the entire spectrum of corporate, securities and derivatives issues, both domestic and international. Mr. Beller is co-chair of the International Sub- committee of the American Bar Association's Committee on Federal Regulation of Securities and has published extensively, including co-authoring a treatise entitled U.S. Regulation of the International Securities and Derivatives Markets (Sixth Edition, 2001). He received a J.D. degree, magna cum laude, from the University of Pennsylvania Law School and graduated from Yale College in 1971.

Chairman Pitt added, "Alan Beller brings the most distinguished breadth of experience ever to the position of Director of Corporation Finance - a considerable accomplishment given the other notable lawyers who have served in this capacity. In our extensive seven- decade history, Alan is the most qualified and well-established expert ever to assume this critical Commission position."

Mr. Beller said: "We are at a critical crossroads in government regulation of capital formation and disclosure in the U.S. and global securities markets. The need for reform and modernization of the regulatory framework, and SEC Chairman Harvey Pitt's commitment to moving forward on these issues, makes this an irresistible opportunity. I am honored that the SEC has invited me to help shape these critical