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June 19, 2013

SEC Chair Has Concerns with Two House Bills Under Consideration

“SEC Chairman Mary Jo White wrote to the heads of the House Financial Services Committee yesterday to express her opposition to two bills that the panel is currently marking up.

The first would exempt certain private equity fund advisers from registering with the agency. The second would prevent the Department of Labor from issuing its fiduciary rule until 60 days after the SEC has released its broker-dealer fiduciary rule and also places additional requirements on how the agency drafts the rule.

White noted in her letter that private equity fund advisers represent a significant portion of the financial landscape, and that she believes “our markets would not be well-served” by narrowing the SEC’s jurisdiction over those advisers.

The SEC chairman also said the fiduciary standard bill would impose new restrictions on the commission that would threaten to hold back the agency from finalizing its rules amid “what has already been a multi-year process.”

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Read the full Politico Pro article here (subscription required)

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