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IM Director Testifies Before House Committee

Dalia Blass, director of the SEC’s Division of Investment Management,faced questions from lawmakers on the SEC’s recent withdrawal of no-action letters related to proxy advisory firms and other topics during testimony before the House Financial Services Committee. Lawmakers voiced concerns regarding proxy advisory firms’ conflicts of interest as well as the “abrupt” withdrawal of the letters. Blass told the committee that the letters were withdrawn with the goal of ensuring a robust discussion at the SEC’s November 15 roundtable on the proxy voting rules. Blass’s prepared statement also summarized current IM initiatives including a recommendation that the SEC re-propose a derivatives rule and certain actions related to the division’s fund board outreach initiative. According to the statement, the division, in coordination with the SEC’s Office of the Chief Accountant, “is considering recommendations for updates to Commission guidance on the valuation of portfolio securities and other assets held by registered funds and BDCs to reflect evolution in the markets and the standards for accounting, auditing, and reporting.”

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