Robert L.D. Colby, a deputy division director at the Securities and Exchange Commission who has played a key role in all major trading and market issues - including municipal disclosure and credit rating agency oversight - plans to leave Feb. 20 to become counsel at Davis Polk & Wardwell here.

Colby, 53, who has been at the SEC for the past 27 years and is currently deputy director of the division of trading and markets, will face several restrictions on his work at the law firm. Among them, he will not be able to represent anyone before the SEC for one year. He also will not be able to work on any matter that he worked on or that was worked on under his supervision at the commission, although this restriction does not apply to rules.

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