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On May 9, the SEC announced that it would extend the comment period on the climate-related disclosures proposal and reopen comment periods for the proposed rules regarding private fund advisers and Regulation ATS. In the press release, SEC Chair Gary Gensler stated, "The SEC benefits greatly from hearing from the public on proposed regulatory changes. Commenters with diverse views have noted that they would benefit from additional time to review these three proposals, and I'm pleased that the public will have additional time to provide thoughtful feedback."
On May 3, the SEC announced the allocation of 20 additional positions to the unit responsible for protecting investors in crypto markets and from cyber-related threats. The newly renamed Crypto Assets and Cyber Unit in the Division of Enforcement will grow to 50 dedicated positions.
The Small Business Capital Formation Advisory Committee held a virtual meeting on Friday, May 6 to examine the Commission’s proposed rules on climate-related disclosures and special purpose acquisition companies (SPACs). The committee explored the potential impacts of the proposed climate-related disclosure and SPAC rules on smaller public companies and companies seeking to go public.
The SEC’s Investor Advisory Committee (IAC) held a meeting on March 10, which included a panel discussion regarding ethical artificial intelligence and “roboadviser” fiduciary responsibilities and a panel discussion regarding cybersecurity. The next IAC meeting will take place June 9, 2022.
FINRA is soliciting comment on: (1) effective practices that members have developed for complex products and options, particularly when retail investors are involved; and (2) whether the current regulatory framework is appropriately tailored to address current concerns raised by complex products and options.
FINRA recently took enforcement action against several firms for failing to establish or maintain a reasonably designed supervisory system for recommendations of alternative mutual funds, also sometimes referred to as “alt funds” or “liquid alts.” This notice reminds member firms of their sales practice and supervisory obligations for such funds.
On April 15, the DOL announced the appointment of seven members and leadership for the 2022 Advisory Council on Employee Welfare and Pension Benefit Plans, also known as the ERISA Advisory Council.
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