Many of the new rule proposals governing the maligned mutual fund industry have already been ratified by the Securities and Exchange Commission, but the agency’s chairman said in New York Thursday that those who oversee the markets are next in line.

"The Commission will soon be voting on new proposals to improve the governance and financial transparency of all self-regulatory organizations," Chairman William Donaldson said at the Conference Board’s annual dinner.

Corporations themselves have already seen tighter regulations, Donaldson pointed out, with nine of 12 rule changes having been passed, including the controversial board independence rule that has recently been attacked in court by the U.S. Chamber of Commerce. But regulating companies themselves does not go far enough, Donaldson said.

"We believe that SROs play a critical role as standard setters for issuing companies, operators of trading markets and front-line regulators of securities firms," Donaldson said. "We should consider holding them to higher corporate governance standards, as well."

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