ETF providers have a new point person at the SEC. Elizabeth Osterman has been named the associate director of exemptive applications and special projects in the SEC's Division of Investment Management. Osterman will oversee the Investment Company Act exemptive applications process. Osterman was previously assistant chief counsel, financial institutions in the Division of Investment Management�s Office of Chief Counsel.

The Securities and Exchange Commission announced today that Elizabeth G. Osterman has been named Associate Director of Exemptive Applications and Special Projects in the agency�s Division of Investment Management.

Ms. Osterman will oversee the Investment Company Act exemptive applications process that fosters mutual fund innovations to provide additional choice and opportunity for fund investors. Ms. Osterman also will oversee a new office in the Division of Investment Management dedicated to special projects.

Andrew J. Donohue, Director of the Division of Investment Management, said, �Liz is a highly regarded attorney and a well-respected leader in the Division of Investment Management. Liz has a passion for her work. I have appreciated having the benefit of her analysis on a variety of complex issues. The Division�s Offices of Investment Company Regulation have made significant recent strides in improving efficiency, reporting an 84 percent increase in the number of exemptive applications noticed in FY 2007 versus FY 2006. Under Liz�s strong leadership as Associate Director, I expect this positive momentum to continue for the ultimate benefit of America�s investors. In addition, Liz�s insights will be invaluable as the Division of Investment Management launches a new office to conduct in-depth special projects.�

Ms. Osterman said, �I am looking forward to leading the exemptive applications offices. I have great respect for the staff of those offices and am excited about having the opportunity to work with them directly. I am also looking forward to working with Buddy Donohue and other senior staff in launching the Division�s new Special Projects Office.�

Ms. Osterman has served as Assistant Chief Counsel, Financial Institutions in the Division of Investment Management�s Office of Chief Counsel since 2000. From 1997 to 2000, Ms. Osterman was Assistant Director in the Division�s Office of Enforcement Liaison. From 1994 to 1997, Ms. Osterman was Assistant Director in the Office of Investment Company Regulation. She joined that Office in 1991, becoming a Branch Chief of the Office in 1992. Prior to entering public service at the SEC, Ms. Osterman was an associate with Piper & Marbury in Baltimore, Md.

Mr. Osterman earned a J.D., cum laude, in 1986 from the University of Baltimore School of Law, where she was Business Editor of the Law Review. Mr. Osterman received her B.A. in German from Swarthmore College in 1977.

Edited by: Erin Kello

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