WASHINGTON -- The Securities and Exchange Commission has promoted two staff members who have played a key role in the agency's regulation of the municipal industry.

Robert L.D. Colby has been named deputy director of the division of market regulation. He was instrumental in developing the SEC staff's recent report to Congress on what regulatory or legislative changes are needed for municipal securities.

Catherine McGuire has been named associate director and chief counsel of the market regulation division. She played a key role in the development of Rule 15c2-12, the commission's first rule on municipal disclosure, which was published in June 1989.

Colby, who joined the SEC in 1981, has served as associate director and chief counsel in the division since November 1992. He has also been a branch chief in the division's office of market structure.

McGuire, a 20-year veteran of the SEC, has held a variety of positions at the agency, serving as special assistant to the director of the market regulation division since 1988. She will continue to be responsible for the division's legislative proposals to Congress, including the SEC's recommendations on tightening regulation of the government securities market.

Municipal securities disclosure will be among issues at the top of the list of her responsibilities.

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