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Tuesday, May 12, 2015

The Biggest Systemic Risk For Fundsters, in White's Eyes, Is ...

Reported by Neil Anderson, Managing Editor

"The biggest systemic risk" facing fundsters and the rest of the financial sector, in the eyes of Mary Jo White, is cybersecurity.

The Securities and Exchange Commission (SEC) Chair shared that thought and more in an onstage Q&A session on Friday morning at the Investment Company Institute's (ICI's) 2015 General Membership Meeting (GMM). ICI chief Paul Schott Stevens was the one asking the questions.

"I don't think we can give it [cybersecurity] a high enough priority," White told Stevens.

"Each agency needs to do its part. Everybody gets how high the level of risk and priority this is," White added. "Who's really got the ticket overall?"

White's remarks follow the release last month of a cybersecurity "guidance update" from the SEC's investment management division.

White also talked about: her sports and music preferences (she's a Yankees fan when it comes to baseball and a Fleetwood Mac-Stevie Nicks fan when it comes to rock); a uniform fiduciary standard, but not the DoL's proposed fiduciary regulation; regulators who to want to put the "systemically important financial institution" label on some asset managers; and more. She also revealed the ascension of the SEC's investment management division's new director, David Grim

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