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The Managed Funds Association warned that the SEC's proposed cybersecurity rules may cause the "unintended consequence of diverting advisers' resources during a critical window following discovery of an attack."

SIFMA, the Bank Policy Institute, the Institute of International Bankers and the American Bankers Association urged the SEC to revise its proposals on cybersecurity related regulations, emphasizing the need for clear guidance across government agencies and collaboration with the securities industry.