Schapiro Outlines SEC’s Agenda Following Passage of Financial Reform

SEC Chairman Mary Schapiro recently highlighted upcoming SEC initiatives following expected passage of the Dodd-Frank financial reform bill. She said that the SEC will have authority to adopt a uniform fiduciary standard for investment advisers and broker-dealers who provide personalized investment advice, which she has “long advocated.” She also indicated that the SEC would adopt new recordkeeping and reporting rules for the newly registered hedge fund and private equity fund managers and would implement a “newly-designed examination program.” She also said the SEC would focus on derivatives and the SEC’s expanded enforcement powers.