PALM DESERT, Calif. - The Securities and Exchange Commission may be searching for a new chairman, but that will not prevent it from pursuing new initiatives, including a new rule proposal it expects to issue by June 30, according to Paul Roye, director of the division of investment management for the SEC.

The rule proposal is aimed at increasing disclosure in funds' annual reports as well as streamlining disclosure of portfolio holdings, Roye said. It tops a list of SEC initiatives Roye announced here last week that include everything from a concept release on actively-managed exchange-traded funds to a sweep and inspection of Internet advisers to determine if their products should be regulated like funds. The initiatives signal that work will continue at the SEC even though the regulatory body lacks a chairman.

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