SEC chair lays out plan to oversee systemic risk of asset managers

WASHINGTON/NEW YORK Dec 11 (Reuters) - The U.S. Securities and Exchange Commission plans to launch a sweeping set of reforms designed to ensure that large asset managers are properly dealing with risks and have plans to wind down in the event of a major market disruption.

SEC Chair Mary Jo White announced the three-prong plan in a speech at The New York Times Dealbook conference in New York, saying it will “lay the foundation for a renewed focus on regulating the risks arising from the portfolio composition and operations of investment advisers.”

White said the SEC is working on rules to enhance the data it collects on both funds and advisers. It also will consider requiring mutual funds and others to beef up their risk controls and start requiring firms to come up with a wind-down plan in the event of a market crisis. (Reporting by Sarah N. Lynch and John McCrank)