Atkins, widely considered the most conservative member of the SEC in recent years with the strongest free-market bent, was appointed by President Bush in July 2002 at the height of the corporate accounting scandals. At the time he was a partner at big accounting firm PricewaterhouseCoopers and had previously worked at the SEC on the staffs of two former chairmen.

Atkins, 50, plans to remain as commissioner until a successor is named and installed in the post, the SEC said in a news release Monday. It did not say where Atkins might be going.

While his term expires on June 5, he could have remained for as many as 18 months beyond that under government rules.

The release noted that Atkins has advocated greater transparency in and analysis of the costs and benefits of new SEC rules.

On several occasions, Atkins objected to stiff penalties imposed on companies for allegedly fraudulent conduct, contending that they do not effectively deter crime and actually hurt shareholders. He caused a stir in the summer of 2006 when he said the practice of "spring-loading" stock options awarded to executives - granting them ahead of good news certain to boost the company's stock price - doesn't constitute insider trading and actually benefits shareholders by making it cheaper to compensate executives.

Among his activities as commissioner, Atkins conducted more than 40 town hall meetings on investing with U.S. military personnel on bases in the United States and abroad as well as with students, retirees and small business groups.

Following the departure of its two Democrats, the five-member SEC has been operating for several months with the three Republicans only: Atkins, SEC Chairman Christopher Cox and Commissioner Kathleen Casey. The party that controls the White House has three seats on the panel of presidential appointees.

On the recommendation of Senate Democrats, Bush recently nominated Luis Aguilar, the former general counsel of investment management firm Invesco PLC, and Elisse Walter, a securities industry regulator, to fill the two Democratic slots. They are awaiting Senate confirmation. The White House is expected to announce soon a nominee to replace Atkins.

Atkins "has worked energetically to ensure that the administration of the nation's securities laws is fair, efficient and transparent," Cox said in a statement.

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