SEC Investment Management Director Champ’s Remarks to the IA Compliance Best Practices Summit 2013

Norm Champ, Director of the SEC's Division of Investment Management ("IM") delivered a speech stating that, while the bulk of rulemaking related to investment advisers as required by the Dodd-Frank Act is complete, IM is continues to work on other required rulemakings such as general solicitation and the Volcker Rule. IM is also in the process of conducting a review of active, inactive and potential rulemaking initiatives to develop potential discretionary rulemaking initiatives.

Director Champ noted that the three short-term regulatory priorities of IM were:

(1) potential money market mutual fund reform;
(2) identity theft red flag rules; and
(3) valuation guidance.

According to Director Champ, IM has five longer term regulatory priorities:

(1) the review of rules that apply to private fund advisers;
(2) a derivatives concept release;
(3) an ETF rule;
(4) a variable annuity summary prospectus; and
(5) enhancements to fund disclosures about operations and portfolio holdings.

Click here to view speech in full (links externally to SEC website).
See also: another Director Champ story in today's news.