The Securities and Exchange Commission is "very focused" on making sure that its uniform fiduciary rule for brokers and advisors doesn't deprive low- and moderate-income investors of access to "reasonably" priced investment advice, and SEC staffers have "provided an outline in dialogue" with the commissioners about the rule's course, the agency's chairwoman said Tuesday.
Testifying before the Senate Appropriations Financial Services Subcommittee, Chairwoman Mary Jo White also said the agency would use $14.7 million of President Barack Obama's $1.781 billion fiscal 2017 budget request to enhance the agency's cybersecurity controls, specifically to secure the agency's data and "what companies provide to us."
The fiscal 2017 budget request is an increase of $176 million, or 11%, from the agency's 2016 budget.
Securing the boost in funds under Obama's budget would allow the agency to continue to add examiners to focus on cybersecurity issues as well as investment advisors, White said.
She continued that this is the third year that "cyber exams" have been a priority for the agency, adding that the SEC has performed sweeps of broker-dealer and advisors on cyber preparedness.
