SEC derivatives rule on the chopping block

Exposure cap for mutual funds likely to be scrapped, but segregation proposals may survive

michael-piwowar-sec
Acting SEC chairman Michael Piwowar opposed the rule when it was proposed

The US Securities and Exchange Commission (SEC) is expected to gut its proposed derivatives rule for mutual funds, which was championed by the former head of the agency, Mary Jo White.

SEC staff are currently reviewing how to proceed with the rule, acting chairman Michael Piwowar said at the Investment Adviser Association conference in Washington, DC on March 2.

“Based on Piwowar’s comments, and the general sense that we get, I’d be surprised if he and the next head of the SEC move forward

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