The Securities and Exchange Commission and its Chair, Mary Jo White, announced a new program for reducing “undue” risk in the $63 trillion asset management business on Thursday. The industry is comprised of 11,000 investment advisors and more than 10,000 mutual funds registered. Assets under management for most of the largest firms have doubled since 2004. White unveiled a three-part plan for increasing oversight of the industry and reducing “undue” risk to investors. “We are now embarking on a new period of regulatory change, driven by long-term trends in the industry and the lessons of the financial crisis,” White said. The SEC will improve data to determine risk levels and the requirements will be expanded and updated. It will also ensure that registered funds can identify and address risks to newer investment products such as exchange traded funds (ETFs) and derivatives. Finally, the SEC will make sure that brokerage firms have a plan for moving client assets to safety, in case of another financial crisis.
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