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From Investment News:

Schapiro exiting, Walter named acting SEC boss

President Barack Obama’s selection of Elisse Walter to replace outgoing Securities and Exchange Commission chairman Mary Schapiro will have a big impact on whether a potential regulation that would significantly change the standard of care for investment advice becomes a reality.

Mr. Obama announced that he is appointing SEC commissioner Walter as chairman, when Ms. Schapiro departs in December. Ms. Walter is eligible to serve as the chair until the end of 2013 — unless she is named to permanently fill the role, which would require approval by Congress.

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