SEC Investment Management Director Champ's Remarks to 2013 Investment Management Institute

SEC Director of the Division of Investment Management ("IM"), Norm Champ, prepared (although did not directly deliver) a keynote address summarizing the short and long-term regulatory priorities of IM. Director Champ focused on discretionary rulemaking initiatives. The short-term priorities that Champ noted included: (1) developing recommendations for structural reform of money market funds; (2) finalizing identity theft and red flags rules first proposed by the SEC and CFTC in February 2012 to protect mutual fund investors and clients of asset managers; and (3) exploring methods to engage the public for input on the valuation of mutual funds.

According to Director Champ, long-term priorities of IM include: (1) developing a rule that would create a summary prospectus for variable annuities; (2) reviewing methods to codify exemptive relief for the ETFs of new sponsors that are coming to market; (3) improving data collection efforts pursuant to the SEC's 2010 requirement of monthly reporting on portfolio holdings for money market funds; (4) reviewing Advisers Act rules to address investor protection concerns and business models of private fund advisers; and (5) analyzing feedback on the SEC's 2011 concept release on funds' use of derivatives, and whether the mutual fund and investment company regulatory regimes should be revised.

View remarks in full here (links externally to SEC website).