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Oct. 12 — The Securities and Exchange Commission is unlikely to complete rules in 2016 restricting mutual funds' use of derivatives and requiring asset managers to create business continuity plans, Commissioner Michael Piwowar said.
“We have too many other things on our plate,” he told reporters Oct. 12 on the sidelines of a financial markets conference at Georgetown University in Washington.
The derivatives rule was proposed in December 2015 (239 SLD, 12/14/15), and the transition plan rule in June 2016 (125 SLD, 6/29/16).
Industry groups have asked the agency to loosen both proposals (174 SLD, 9/8/16).
Both measures are part of a package of asset manager rules envisioned by Chairman Mary Jo White. The agency's asset-management agenda could change, however, if new leadership is appointed in 2017 with different priorities.
Even if White steps down when the new president takes office, leaving the agency even more shorthanded, Piwowar said work would still get done.
“We're going to continue to do rulemakings” even with two commissioners, Piwowar said. The agency was previously down to two members in early 1996.
A representative for White declined to comment.
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