In a speech before the 2015 Compliance Conference of the Managed Funds Association, Commissioner Sharon Bowen argued that it was time for the Commission to finalize rules related to the governance of derivatives clearing organizations, designated contract markets and swap execution facilities. She claimed that finalizing rules on governance would help “deter rule-breaking.” According to Ms. Bowen, “[c]ulture comes from the top—when you have a strong, independent, and involved board of directors, it’s more likely that issues will be fixed before they become problems or cause a regulation or law to be broken.”