Mary Schapiro, Securities and Exchange Commission chairwoman, is worried about the complexities of the financial markets yet proud of the SEC’s accomplishments, and perhaps most importantly, she is confident that a fiduciary standard will be proposed by next year.
“I very much believe there should be a uniform fiduciary standard of care” for registered investment advisors (RIAs) and broker-dealers, Schapiro said during a Q&A session at the Securities Industry and Financial Market Association’s (SIFMA) annual meeting in New York on Tuesday.
“My hope is that by sometime next year we can go through a proposal,” Schapiro said. “It’s very important, and the passage of time has not discouraged me at all. There’s strong interest even from nontraditional voices. The devil is in the details, but I’m more confident that we will get it done, not less.”
Asked about her future at the SEC if President Obama wins re-election, Schapiro said she hasn’t given it much thought because she is focused on the day-to-day demands of her job.
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“I love what I do, but I haven’t thought about what I would do after 2014 when my term ends,” she said. “I don’t have a date in my head.”
In addition to creating more of a level playing field for advisors, Schapiro said she is proudest of her efforts involving the hedge fund regulatory regime, the whistle-blowing program and the lasting effect she will have on steering the SEC through its toughest time in history.