Some Wall Street executives have been breathing a sigh of relief that New York Attorney General Eliot Spitzer is going to run for governor. But if he does move on, will that mean a more relaxed stance at the SEC? Many in the industry think not. Having been repeatedly upstaged by the zealous A.G., the Commission is likely to continue to take a hard look at mutual funds, and a more aggressive SEC in the years to come is likely to be his legacy, industry insiders tell CBSMarketWatch.

One indication already of this is the SEC and NASD’s joint investigation into gifts by two dozen brokerage firms to fund execs, which they launched independently of the attorney general. The SEC is also looking into revenue-sharing and is going to re-examine the use of 12b-1 fees. Further, the SEC’s newly created office of risk assessment has been set up to detect new ways criminals might corrupt the system.

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