Champ said that
"Chair White recently indicated the commission would intensify its consideration of these issues [toward] enhancing investor protections," Champ said.
Acting under a requirement of the Dodd-Frank Act, the
Still, even with momentum building within the commission, Champ isn't setting a time table for when the
"If I've learned anything in the last few years, it's that rulemakings can be extremely episodic. Sometimes a rule looks like it's going somewhere and then it's not. Something else happens," he said.
MONEY MARKET REFORMS
Farther along are the proposed reforms to money market funds, an initiative the commission began in response to the 2008 collapse of the
After a long and winding road, marked by intense lobbying by the fund industry, the
Government money market funds would be exempted from both proposals. The floating NAV option would also exempt retail funds.
In addition to providing the update on specific initiatives, Champ spoke of the
"Compliance policies and procedures must be specifically tailored to your firm's advisory business, and a few recent enforcement cases unfortunately make this point," Champ said.
In one case dating to last March, the
"It's crucial that policies and procedures be reviewed and updated as your business changes, as regulations change — which is happening a lot right now — and as new guidance is issued," Champ said. "Compliance policies and procedures should evolve and grow with your businesses."
In another recent case, the
"That case, we think, should send a clear message to the industry that professionals have an obligation to comply with compliance policies, and the commission will not tolerate interference with CCOs who are enforcing those policies," Champ said.
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