Before joining the Treasury, Phillips was head of BlackRock Inc.’s financial markets advisory business. The firm is the largest issuer of ETFs in both the U.S. and Europe and has $1.3 trillion of assets within its American ETFs, more than 40 percent of the market.
Rulemaking Process
Even with an SEC staff that’s refocused on ETFs, it’s unclear how long it would take the agency to approve new rules and Clayton may wait for two open seats on the commission to be filled before moving ahead. Hester Peirce, a nominee for the open Republican seat, and Robert Jackson Jr., who’s been tapped for the Democratic opening, are awaiting a Senate confirmation vote.
The 2008 draft will also need significant updates given how much the industry has changed over the past decade. That means the SEC might need to go through a full rulemaking process, which could take many months.
This article was provided by Bloomberg News.