Cox Says Mutual Fund Rule May Get Another Public Airing

Securities and Exchange Commission Chairman Christopher Cox says the mutual fund 75% rule returned to the agency by a federal appeals court earlier this month may be open again for public comment. Cox, who said a decision on that could come in days, made his remarks following his first-ever testimony as a chairman before the Senate Banking Committee, where he reviewed the priorities he stated when he assumed his position. He added that he will be meeting with members of non-U.S. stock exchanges to discuss how to regulate foreign stock exchanges, which he believes will inevitably merge.

According to The Wall Street Journal, Cox told senators how the SEC will deal with keeping capital markets in this country competitive as a growing number of international exchanges acquire market share.