SEC Chairman Mary Jo White said Wednesday that a formal proposal for a uniform fiduciary duty for broker-dealers and registered investment advisors is not coming soon.
However, she said her staff is actively working on developing a recommendation.
A staff report on improving public company disclosures and final crowdfunding rules will be coming soon, White said.
As was the case with the Dodd-Frank financial reform act, the SEC has been accused by critics of dragging its feet on getting the crowdfunding rules in place to allow for more soliciting of less wealthy investors over the Internet.
The JOBS Act, which required the SEC to write the standards, was signed by President Barack Obama in April 2012.
White’s announcements came at a meeting of the SEC Advisory Committee on Small and Emerging Companies.
During the session, Democratic Commissioner Luis Aguilar cautioned smaller companies may not be taking cybersecurity as seriously they should, adding that smaller companies were the targets of most cyber assaults last year.
The impact of cyber-attacks "on small businesses and theirinvestors can be devastating,” he said.
Aguilar’s term ended in June, but he technically can stay on the commission until January, 2017. But he is expected to leave soon.
The advisory committee voted to recommend raising the size of public companies eligible for some disclosure requirements from $75 million to $250 million.