March 6, 2013

Mary Jo White Hearing Set for March 12

Senate Banking to also consider nomination of Richard Cordray as CFPB director

More On Legal & Compliance

from The Advisor's Professional Library
  • Differences Between State and SEC Regulation of Investment Advisors States may impose licensing or registration requirements on IARs doing business in their jurisdiction, even if the IAR works for an SEC-registered firm.  States may investigate and prosecute fraud by any IAR in their jurisdiction, even if the individual works for an SEC-registered firm.
  • Whistleblowers A whistleblower is any individual providing the SEC with original information related to a possible violation of federal securities law.  The Dodd-Frank Act established a whistleblower program that enables the SEC to reward individuals who voluntarily provide such information.

The Senate Banking Committee announced late Monday that it will hold a hearing next Tuesday to consider the nomination of Mary Jo White to be the next chairwoman of the SEC.

The committee will also consider the nomination of Richard Cordray to be director of the Consumer Financial Protection Bureau.

A vote on the nominees will be scheduled for a later date, the committee said.

Mary Jo WhiteOnce the Senate Banking Committee has its hearing, the full Senate can confirm white (left) the next day, or a day later, so she could replace current SEC Chairwoman Elisse Walter by mid-March.

One comment from an SEC official at the SEC Speaks conference in Washington in late February put Mary Jo White’s presence at the agency at “30 days” away.

On Friday, the SEC published its request for public comment on its rule to put brokers under a fiduciary mandate. White’s arrival at the agency puts a big question mark on how the agency will move forward with a fiduciary rule.

 

 

Reprints Discuss this story
This is where the comments go.