Christopher Cox, the Republican congressman nominated to lead the Securities and Exchange Commission, would not seek undo William Donaldson's reforms, according to people familiar with his thinking.

Mr Cox would seek “continuum” not “revolution” at the regulator if his nomination was confirmed by the Senate, these people said. Among other issues, he had no intention of halting new accounting rules that required companies to treat stock options as expenses and make deductions from profits. Mr Donaldson, who leaves the SEC on Thursday, will use his last meeting as chairman today to try to save his flagship rule to deal with widespread abuses in the mutual fund industry.