On a related matter, White said her staff has provided commissioners with a recommendation on third-party reviews of advisors.
Answering Bentsen’s concern that some of SIFMA’s firms have 13 different regulators and might have to do cybersecurity and other compliance 13 different ways, White said the SEC needs to balance the benefits of coordination with other financial overseers with the reality that one size does not fit all.
“There are coordination challenges,” she said.
Looking back on her stay at the SEC, which is seen likely to end in January, White said one of her biggest accomplishment in her three years of leading the agency is the modernization of asset management industry regulation.