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On May 27, the SEC announced Investor Advocate Rick A. Fleming will depart the agency after more than eight years of service. Mr. Fleming was appointed in February 2014 to be the first director of the Office of the Investor Advocate at the Commission.
On June 8, the Senate Committee on Banking, Housing, and Urban Affairs advanced the nominates of Jaime E. Lizarraga, of Virginia, and Mark Toshiro Uyeda, of California, to be members of the Securities and Exchange Commission. The next step is confirmation by the full Senate.
The new members, who will serve four-year terms, include:
On May 25, the SEC proposed amendments to rules and reporting forms “to promote consistent, comparable, and reliable information for investors concerning funds’ and advisers’ incorporation of environmental, social, and governance (ESG) factors.”
On May 25, the SEC proposed amendments “to enhance and modernize the Investment Company Act “Names Rule” to address changes in the fund industry and compliance practices that have developed in the approximately 20 years since the rule was adopted.”
On June 3, the SEC announced that it adopted amendments to require certain forms that currently are permitted to be filed or submitted in paper format to be filed or submitted electronically. The amendments also amend certain forms to require structured data reporting and remove outdated references.
On May 18, the INDEX Act was introduced in the Senate. The sponsor of the bill, Senator Sullivan of Alaska said “The INDEX Act would require investment advisors of passively-managed funds to vote proxies in accordance with the instructions of fund investors – not at the discretion of the advisor. The advisor would be responsible for passing through the proxies, collecting the instructions, and dutifully voting according to the investors’ wishes.”
On May 20, the DOL Employee Benefits Security Administration (EBSA), the IRS and the Pension Benefit Guaranty Corp. released a Federal Register Notice announcing changes to the Form 5500 Annual Return/Report of Employee Benefit Plan and Form 5500-SF Short Form Annual Return/Report of Employee Benefit Plan, and related instructions, which apply beginning with 2022 plan year reports.
On May 6, FINRA issued an information notice advising member firms that the Options Clearing Corporation has issued the March 2022 Options Disclosure Document (ODD). The ODD contains general disclosures on the characteristics and risks of trading standardized options.
Effective May 15, 2023, FINRA has adopted amendments to Rule 6730 (Transaction Reporting) to require members to append a modifier to a corporate bond trade that is part of a portfolio trade when reporting to FINRA’s Trade Reporting and Compliance Engine (TRACE).
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