The sequester will not delay the start of new financial advisor and investment advisory company examinations, an SEC director has told Financial Advisor magazine.
The scheduled March 1 federal-government wide cutbacks known as the sequester will not prevent the SEC from doing new exams and won't prolong the completion of exams already in process, said SEC Office of Compliance, Inspections and Examinations Director Carlo di Florio.
SEC Chair Elisse Walter recent told reporters that the agency "won’t be able to hire all the people we need, we won’t be able to do the things we planned to do. But, we are prepared.”
On Tuesday, the agency’s lead spokesperson John Nester said the SEC has not released details of agency-wide and division-specific cuts that are anticipated if Congress does not change the budget mandate.
SEC Investment Management Division Director Norm Champ said he has no comment on how his unit’s dealings with mutual funds, exchange-traded funds and other investment companies would be affected by the sequester.