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Alternative Market Briefing

US government shutdown’s impact on financial regulators

Wednesday, October 02, 2013

Bart Chilton
Benedicte Gravrand, Opalesque Geneva:

Yesterday, the US government started a partial shutdown after the two houses of Congress failed to agree a new budget plan. More than 700,000 federal employees from the departments of Defense, Commerce, Energy, Transportation, Museums, Parks, Research and others face unpaid leave with no guarantee of back pay once the deadlock is over, the BBC reports. The shutdown phase is now entering its second day.

However, the Securities and Exchange Commission (SEC) will stay open for business, at least for a while. According to the SEC’s website, it is currently "open and operational during the federal government’s lapse in appropriations."

The SEC expects to continue operating fully for a few weeks, a spokesman said on Monday, according to Reuters, even if the rest of the federal government starts shutting down when funding runs out at midnight.

"The SEC will be able to stay open in the event of a funding lapse," spokesman John Nester said, explaining that the SEC has funds that are not available to most other US agencies.

If the SEC ran out of funds, it would still be monitoring exchange activity, insider-trading and money funds, says the report, but......................

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