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Regulatory Insights - September 2021

Your source for the latest updates from the SEC, FINRA, DOL and across the industry.


Your source for the latest updates from the SEC, FINRA, DOL and across the industry.

CONTENTS

SEC

  • SEC issues rule proposal on fund and investment manager proxy vote reporting
  • Chair Gary Gensler provides prepared remarks to the SEC’s Investor Advisory Committee
  • Division of Corporation Finance sample letter to companies regarding climate change disclosures
  • SEC’s Office of the Advocate for Small Business Capital Formation published their 2021 Forum Report to Congress
  • Chair Gary Gensler testifies before the United States Senate Committee on Banking, Housing, and Urban Affairs

SEC ADVISORY COMMITTEES

  • Changing dynamics pre-IPO and going public on the agenda for the SEC’s Small Business Capital Formation Advisory Committee
  • Asset Management Advisory Committee – September meeting

CRYPTOCURRENCY

  • SEC Chair Gary Gensler addresses the European Parliament Committee on Economic and Monetary Affairs

FINRA/NYSE

  • NYSE appeals SEC order on proxy fee schedule oversight
  • FINRA Social Media Influencers, Customer Acquisition and Related Information Protection

DEPARTMENT OF LABOR

  • The Department of Labor seeks public comments on proposed revisions and implementation of SECURE Act revisions to the Form 5500 Annual Return/Report filed by private-sector employee benefit plans
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SEC

SEC issues rule proposal on fund and investment manager proxy vote reporting

On September 29, the SEC proposed amendments to Form N-PX for proxy vote reporting by mutual funds, exchange traded funds and certain other funds. The proposed amendments also would require institutional investment managers to disclose how they voted on executive compensation, or so-called “say-on-pay” matters. There is a 60-day comment period.

Read the SEC press release, fact sheet and rule proposal.

Chair Gary Gensler provides prepared remarks to the SEC’s Investor Advisory Committee

On September 9, SEC Chair Gary Gensler met with the Investor Advisory Committee to discuss the behavioral design of online trading platforms, 10b5-1 insider trading plans and SPACs.

Read Chair Gensler’s prepared remarks to the Committee.

Division of Corporation Finance sample letter to companies regarding climate change disclosures

The SEC has published an illustrative letter containing sample comments that the Division of Corporation Finance may issue to companies regarding their climate-related disclosure or the absence of such disclosure.

Read the sample letter.

SEC’s Office of the Advocate for Small Business Capital Formation published their 2021 Forum Report to Congress

The report summarizes the annual Small Business Forum proceedings, including the recommendations developed by participants for changes needed to the capital raising framework and the Commission’s responses to the recommendations.

Read the 2021 Forum Report.

Chair Gary Gensler testifies before the United States Senate Committee on Banking, Housing, and Urban Affairs

On September 14, SEC Chair Gary Gensler testified before the Banking, Housing, and Urban Affairs Committee on the SEC’s unified agenda and its enforcement and examinations divisions.

Read Chair Gensler’s testimony.


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SEC ADVISORY COMMITTEES

Changing dynamics pre-IPO and going public on the agenda for the SEC’s Small Business Capital Formation Advisory Committee

On September 27, the SEC Small Business Capital Formation Advisory Committee met virtually to explore the changing dynamics for pre-IPO companies raising capital and the pathways those companies take to becoming public.

Access all meeting materials.

Asset Management Advisory Committee – September meeting

On September 27, the Asset Management Advisory Committee met to discuss the Private Investments Subcommittee, the Evolution of Advice and the Small Advisers and Small Funds Subcommittees.

Access all meeting materials.


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CRYPTOCURRENCY

SEC Chair Gary Gensler addresses the European Parliament Committee on Economic and Monetary Affairs

On September 1, SEC Chair Gary Gensler addressed the European Parliament Committee on Economic and Monetary Affairs with a particular emphasis on fintech and how it is changing the shape of finance, including digital engagement, crypto and issuer disclosures.

Read Chair Gensler’s remarks.


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FINRA/NYSE

NYSE appeals SEC Order on proxy fee schedule oversight

On September 2, the NYSE submitted a petition appealing the SEC’s order disapproving the NYSE’s proposal to delete the proxy fee schedule (for forwarding proxy and other materials to beneficial owners) from their rules, which would have shifted oversight of the fee schedule to FINRA.

Read the NYSE’s petition.

FINRA Social Media Influencers, Customer Acquisition and Related Information Protection

On September 16, FINRA announced it is reviewing firm practices related to the acquisition of customers through social media channels and how firms manage the data they collect about customers via social media.

Read the FINRA announcement.


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DOL

The Department of Labor seeks public comments on proposed revisions and implementation of SECURE Act revisions to the Form 5500 Annual Return/Report filed by private-sector employee benefit plans.

On September 14, the Department of Labor announced that its Employee Benefits Security Administration, the IRS and the Pension Benefit Guaranty Corp. are seeking public comments on proposed revisions to the Form 5500 Annual Return/Report filed by private-sector employee benefit plans designed primarily to implement provisions in the SECURE Act of 2019.

Read the press release.

Read the Proposed Revision of Annual Information Return/Reports.

This newsletter is not intended as legal advice. Broadridge recommends you contact your legal counsel for a complete understanding of the information contained in this publication.

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