CONTENTS
Post-Election Update
- Congressional Updates
- SEC Leadership Changes
SEC Rulemaking
- Electronic Submission of Certain Material Under the Securities Exchange Act of 1934; Amendments Regarding the FOCUS Report
- Conforming Amendments to Commission Rules and Forms 17 CFR Parts 200, 230, 274, and 275
SEC Guidance & Other Activities
- Recent SEC Commissioner Speeches and Statements
- SEC Small Business Advocacy Office Delivers Report to Congress on Capital Raising for Startups to Small Public Companies
- SEC Office of the Investor Advocate Issues Report on Nationally Representative Survey of Investors and Continues to Focus on Investment Fraud
- SEC Investor Advisory Committee (IAC) – December 10 Meeting
- SEC Announces Enforcement Results for Fiscal Year 2024
- Office of the Investor Advocate (OIAD) Working Paper 2024-01 – Investor Testing on Registered Investment Company Fee Meters
FINRA
- FINRA 2024 Industry Snapshot
- Unlocking Transparency: Navigating FINRA's Market Data Offerings (Podcast)
- Special Investigations Unit: Combating Money Laundering and Fraud in the Securities Industry (Podcast)
Retirement
- U.S. Department of Labor (DOL) Holds Its Final Meeting of the 2024 Advisory Council
- U.S. Department of Labor (DOL), IRS, Pension Benefit Guaranty Corp. Release Information for Annual Benefits Plan Report/Return Filings
- U.S. Department Of Labor (DOL) Announces Start of Information Collection to Build 'Lost' Retirement Savings Online Search Tool
Post Election Update
As a result of the November elections, there will be leadership changes at Federal agencies and on the Hill. We've included the high-profile changes, with more to come over the next few months:
Congressional Leadership Changes for 119th Congress -
- Senate Leader John Thune (R-SD) / Senate Minority Leader – Chuck Schumer (D-NY)
- Senate Banking Committee
- Chairman – Tim Scott (R-SC)
- Ranking Member – Elizabeth Warren (D-MA)
- House Speaker – Mike Johnson (R-LA) / House Minority Leader – Hakeem Jeffries (D-NY)
- House Financial Services Committee
- Chairman – French Hill (R-AR)
- Ranking Member – Maxine Waters (D-CA)
SEC Leadership Updates –
- SEC Commissioners (As Of December 20)
- SEC Chair – Chair Gensler will leave on January 20. Paul Atkins is expected to be nominated by President-Elect Trump and confirmed by the Senate this spring
- Jaime Lizárraga is departing in Jan – The democratic seat will be open until filled
- Caroline Crenshaw – Her term expired June 2024. Another democratic seat will open if she is not confirmed for a second term
- Other SEC Leadership Changes (new Division leadership will be appointed once the new chairman begins their term)
- Cicely LaMothe named Acting Director of the Corporation Finance Division following departure of Director Erik Gerding
- The press release is available here:
https://www.sec.gov/newsroom/press-releases/2024-20 - Deputy Director David Saltiel to serve as Acting Director of Trading and Markets Division following departure of Director Haoxiang Zhu.
- The press release is available here:
https://www.sec.gov/newsroom/press-releases/2024-191
SEC Rulemaking
Electronic Submission of Certain Material Under the Securities Exchange Act of 1934; Amendments Regarding the FOCUS Report
On December 16, 2024, the SEC finalized rules to:
- Require the electronic filing or submission on EDGAR, using structured data where appropriate, for certain forms filed or submitted by self-regulatory organizations ("SROs"). The amendments require the information currently contained in Form 19b-4(e) to be publicly posted on the SRO's website and remove the manual signature requirements for SRO's proposed rule change filings.
- Require that clearing agency post supplemental material to its website.
- Require under the Exchange Act and the Securities Act of 1933 to require the electronic filing or submission on EDGAR, using structured data where appropriate, of certain forms, reports, and notices provided by broker-dealers, security-based swap dealers, and major security-based swap participants.
- Require withdrawal in certain circumstances of notices filed in connection with an exception to counting certain dealing transactions toward determining whether a person is a security-based swap dealer.
- Allow electronic signatures in certain broker-dealer filings, and amend the Financial and Operational Combined Uniform Single Report ("FOCUS Report") to harmonize with other rules, make technical corrections, and provide clarifications.
The Press Release, Fact Sheet and Adopting Release are available here:
https://www.sec.gov/newsroom/press-releases/2024-202
Conforming Amendments to Commission Rules and Forms 17 CFR Parts 200, 230, 274, and 275
Effective November 18, 2024, the SEC has adopted Technical amendments, including to the Tailored Shareholder Report Rulemaking, to correct certain errors in various rules and forms under the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940 and the Investment Advisers Act of 1940. The Commission is also amending a rule that displays control numbers assigned to information collection requirements by the Office of Management and Budget pursuant to the Paperwork Reduction Act.
The final rule is available here:
https://www.sec.gov/files/rules/final/2024/33-11325.pdf
SEC Guidance & Other Activities
Recent SEC Commissioner Speeches and Statements
Recent speeches and statements (including testimony and video transcripts) given by the Chair, Commissioners, and senior SEC staff provide their views on recent changes and future priorities for 2025.
Speeches and Statements through December 18, 2024, are available here:
https://www.sec.gov/newsroom/speeches-statements
SEC Small Business Advocacy Office Delivers Report to Congress on Capital Raising for Startups to Small Public Companies
On December 12, 2024, the SEC Office of the Advocate for Small Business Capital Formation issued its 2024 Annual Report to Congress and the Commission. The report includes data on small business capital formation, policy recommendations from the office, and highlights of the office's advocacy work and public engagements from fiscal year 2024.
The press release and the report are available here:
https://www.sec.gov/newsroom/press-releases/2024-197
SEC Office of the Investor Advocate Issues Report on Nationally Representative Survey of Investors and Continues Focus on Investment Fraud
On December 12, 2024, the SEC Office of the Investor Advocate published its Report on Activities for the Fiscal Year 2024 to Congress, highlighting the work of the office during 2024.
The press release is available here:
https://www.sec.gov/newsroom/press-releases/2024-196
The report is available here:
https://www.sec.gov/files/fy24-oiad-sar-activities-report.pdf
SEC Investor Advisory Committee (IAC) – December 10 Meeting
The SEC IAC held a meeting on December 10, 2024. The meeting included two panel discussions: "Examining the Use of Mandatory Arbitration Clauses by Registered Investment Advisers" and "Mainstreaming of Alternative Assets to Retail Investors."
The meeting agenda and materials are available here:
SEC Announces Enforcement Results for Fiscal Year 2024
On November 22, 2024, the SEC announced it filed 583 total enforcement actions in fiscal year 2024 while obtaining orders for $8.2 billion in financial remedies, the highest amount in SEC history. The 583 enforcement actions represent a 26 percent decline in total enforcement actions compared to fiscal year 2023.
The press release is available here:
https://www.sec.gov/newsroom/press-releases/2024-186
Office of the Investor Advocate (OIAD) Working Paper 2024-01 – Investor Testing on Registered Investment Company Fee Meters
The SEC OIAD September 2024 Working Paper, Investor Testing on Registered Investment Company Fee Meters, is available here: https://www.sec.gov/files/ric-fees-report.pdf
FINRA
FINRA 2024 Industry Snapshot
In October 2024, FINRA published the 2024 FINRA Industry Snapshot. The report summarizes the data that FINRA collects. The 2024 report provides a high-level overview of FINRA membership, ranging from the number of FINRA-registered individuals to the overall revenues of firms and from trading activity to how firms market their products and service
The reports are available here:
https://www.finra.org/sites/default/files/2024-07/2024-Industry-Snapshot.pdf
Unlocking Transparency: Navigating FINRA's Market Data Offerings (Podcast)
On December 10, 2024, FINRA Unscripted had members of the Market Regulation and Transparency Services team discuss periodic aggregate market data sets, including some new data recently added to FINRA's website and how FINRA makes this information available to the public.
The podcast is available here:
Special Investigations Unit: Combating Money Laundering and Fraud in the Securities Industry (Podcast)
On November 12, 2024, FINRA Unscripted had SIU Senior Director Gargi Sharma and three investigative directors from her team share how they work to identify and mitigate threats related to money laundering and other frauds.
The podcast is available here:
Retirement
DOL Holds Its Final Meeting of the 2024 ERISA Advisory Council
On December 12 and 13, the DOL held its final meeting of the 2024 Advisory Council on Employee Welfare and Pension Benefit Plans. During the meeting, the council presented its observations and recommendations for the Secretary of Labor on its two 2024 study topics, "Making Welfare Plan Claims and Appeals Procedures More Accessible to Participants" and "Lifetime Income and Qualified Defined Investment Alternatives.
The press release is available here:
https://www.dol.gov/newsroom/releases/ebsa/ebsa20241209
More information about the ERISA Counsel is available here:
https://www.dol.gov/agencies/ebsa/about-ebsa/about-us/erisa-advisory-council
DOL, IRS, Pension Benefit Guaranty Corp. Release Information for Annual Benefits Plan Report/Return Filings
On November 25, 2024, the DOL announced its Employee Benefits Security Administration (EBSA) joined the IRS and Pension Benefit Guaranty Corp. in releasing informational copies of the 2024 Form 5500, Form 5500-SF, IRS Form 5500-EZ, IRS Form 5558 and related instructions:
https://www.dol.gov/agencies/ebsa/employers-and-advisers/plan-administration-and-compliance/reporting-and-filing/form-5500 online. The IRS will release paper copies of Form 5500-EZ and instructions for 2024 separately on its website after January 1, 2025. The press release is available here:
https://www.dol.gov/newsroom/releases/ebsa/ebsa20241125
DOL Announces Start of Information Collection to Build 'Lost' Retirement Savings Online Search Tool
On November 18, 2024, the DOL issued a notice requesting information from retirement plan administrators that will allow it to begin populating the Retirement Savings Lost and Found database, an online search tool to help America's workers locate lost retirement savings. The Retirement Savings Lost and Found database started accepting data on November 18, 2024. It is expected to go live by December 29, 2024; EBSA will work with plan administrators, recordkeepers and others to populate the database before it is launched to the public.
The press release is available here:
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