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On February 15, the SEC announced six investment advisers and six broker-dealers have agreed to settle charges that they failed to file and deliver client or customer relationship summaries, known as Form CRS.
On February 10, the SEC’s Small Business Capital Formation Advisory Committee held a meeting to explore small business investment issues, including the impact of updates to the financial thresholds in the accredited investor definition, and how the accredited investor definition impacts capital raising opportunities for early-stage companies that raise capital in the exempt markets.
In February, the SEC’s Office of the Investor Advocate published its Report on Activities for Fiscal 2021.
On February 25, the SEC proposed new Exchange Act Rule 13f-2 and the corresponding Form SHO that would require certain institutional investment managers to report short sale related information to the SEC monthly. The SEC then would make aggregate data about large short positions, including daily short sale activity data, available to the public for each individual security. There is a 60-day public comment period.
On February 10, the SEC announced proposed rules “to improve transparency and provide more timely information for shareholders and the market.” There is a 60-day public comment period.
On February 9, the SEC announced proposed rule changes to reduce risks in the clearance and settlement of securities to reduce the credit, market and liquidity risks in securities transactions faced by market participants and U.S. investors. There is a 60-day public comment period.
On February 9, the SEC announced proposed rules related to cybersecurity risk management, requiring advisers and funds to adopt and implement written cybersecurity policies and procedures. There is a 60-day public comment period.
On February 9, the SEC announced new rules and amendments under the Investment Advisers Act of 1940 (Advisers Act) “to enhance the regulation of private fund advisers and to protect private fund investors by increasing transparency, competition and efficiency.”
On February 9, FINRA published its 2022 Report on its Examination and Risk Monitoring Program to provide firms with information that may help inform their compliance programs.
FINRA has adopted amendments to Rule 2165 (Financial Exploitation of Specified Adults) to expand the standards for placing temporary holds to address suspected financial exploitation. The amendments become effective March 17, 2022.
On February 11, the DOL announced publication of a Request for Information (RFI) seeking public comment on what actions, if any, the department should take to protect retirement savings and pensions from risks associated with changes in climate; the RFI follows President Biden’s Executive Order on Climate-Related Financial Risk.
On January 26, the DOL published a report to Congress regarding the impact of the DOL’s 2020 electronic delivery regulation on individuals without web-based access. DOL’s preliminary assessment was that it “is unlikely to have any negative impact … because of the regulation’s specific safeguards...” However, they also said that due to other guidance (e.g., covid relief) “it would be premature and uninformative” to assess the overall regulation.
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