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July 11, 2013

White faces early challenges at SEC

SEC Chairwoman Mary Jo White has been busy taking care of unfinished business left on the agency’s plate since she assumed the top spot at the regulator in April.

But so far, it isn’t winning her fans among investor advocates and watchdog groups.

On Wednesday, the SEC finalized a rule lifting a decades-old advertising ban on hedge funds and other businesses looking to raise money from investors through private offerings that aren’t required to be registered with the agency. The rule was mandated by the JOBS Act that passed with bipartisan fanfare last year and the agency has been under pressure to finalize the proposal, which was supposed to be completed a year ago.

However, it lacks investor protection policies — advocated by watchdog groups and some Democrats — that the agency is proposing to put in place later.”

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