The federal government's sequester crisis may yet lead to untold numbers of hardships for American citizens and businesses alike. Yet it has led to at least one boon to fundsters at the ICI Mutual Funds and Investment Management Conference currently being held this week in Palm Springs, California.

The enforced budget cuts undermined the travel plans of two SEC officials who were originally slated to participate in two ICI panel discussions this morning-- forcing SEC Investment Management division chief Norm Champ to take their place.

The officials who were stuck in D.C. as a result of the budget cuts were IM associate director and chief counsel Doug Scheidt and deputy director David Grimm.

Scheidt was to participate in a breakout session titled It's a small world after all: How non-U.S. regulators affect your business. This panel discussion was moderated by ICI senior counsel for international affairs Susan Olson and included: Peter Bonanno, managing director and general counsel at Allianz Global Investors U.S. Holdings; Stuart Fross, a partner at K&L Gates; and Craig Tyle, executive vice president and general counsel atFranklin Templeton.

Grimm, meanwhile, was scheduled to sit in on the panel titled Closer to Home: U.S. Regulatory Developments Affecting Funds. This panel was moderated by ICI general counsel Karrie McMillan, and included: Stuart Coleman, a partner at Stroock & Stroock & Lavan; Heidi Hardin, senior vice president and general counsel at Janus Capital Management; and Robert Zakem, chief compliance officer and general counsel at RidgeWorth Capital Management.

Instead, fundsters were treated to over three hours of insights from the SEC IM chief, who outlined a number of details from his ongoing initiative dubbed "IM Moving Forward." 

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