SEC study: 2010 reforms not 'break the buck' panacea
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Last month, the FSOC rolled out a framework of new rules that largely mirror the plan championed by Schapiro.
It is collecting comments on the draft, which discusses the various regulatory approaches.
If the SEC refuses to act, then the FSOC could formally present its recommendations, which would force the SEC to agree to them, or reject them in writing within 90 days. With Schapiro about to depart the agency on Dec. 14, that will leave the SEC split between two Democrats and two Republicans, potentially making it harder to reach a consensus. Aguilar has not publicly commented specifically about his
views on either the capital buffer or floating NAV proposals. Gallagher, however, has previously said he would be open to a floating NAV if it were coupled with rules allowing fund boards to impose liquidity "gates" on redemptions.