Close

The right insights, right now

Access the latest news, analysis and trends impacting your business.

About Broadridge

Additional Broadridge resources:

View our Contact Us page for additional information.

Article

Regulatory Insights - June 2021

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


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

CONTENTS

SEC LEADERSHIP CHANGES

  • David Saltiel named SEC Acting Director of Trading and Markets; Christian Sabella departs
  • Jessica Wachter named SEC Chief Economist and Director of the Division of Economic and Risk Analysis
  • Chairman Gensler announces additions to executive staff

SEC REGULATORY INITIATIVES

  • SEC’s Spring 2021 Regulatory Agenda is released
  • Division of Investment Management (IM) staff statement on funds registered under the Investment Company Act investing in the Bitcoin futures market
  • SEC statements on the application of the proxy rules to proxy voting advice
  • Chairman Gensler’s testimony before the Subcommittee on Financial Services and General Government, U.S. House Appropriations Committee
  • SEC Investor Advisory Committee meeting
  • SEC Small Business Capital Formation Advisory Committee meeting: Increasing Capital Access for Underrepresented Founders and Investors

ESG

  • CFA Institute publishes exposure draft of ESG disclosure standards for investment products
  • Biden executive order on climate-related financial risks

RETIREMENT

  • DOL’s Spring 2021 Regulatory Agenda is released
  • SECURE 2.0 – Retirement bills working their way through Congress
  • Biden executive order on climate-related financial risks (retirement savings component)
orange square_bar  Fig_1

SEC LEADERSHIP CHANGES

David Saltiel named SEC Acting Director of Trading and Markets; Christian Sabella departs

Since joining the SEC in 2016, Mr. Saltiel has served as the head of the Office of Analytics and Research in the Division of Trading and Markets. Prior to that he served as Chief Economist at the Municipal Securities Rulemaking Board.

Read the press release.

Jessica Wachter named SEC Chief Economist and Director of the Division of Economic and Risk Analysis

Jessica Wachter has been appointed Chief Economist and Director of the Division of Economic and Risk Analysis (DERA). Dr. Wachter joins the SEC from the Wharton School, University of Pennsylvania, where she has been a professor since 2003.

Read the press release.

Chairman Gensler announces additions to executive staff

On June 9, the SEC announced the appointments of Amanda Fischer, Lisa Helvin, Tejal D. Shah, Angelica Annino, Liz Bloom, Basmah Nada and Jahvonta Mason as members of SEC Chair Gary Gensler’s executive staff.

Read the press release.


lt green_square_bar  Fig_2

SEC REGULATORY INITIATIVES

SEC’s Spring 2021 Regulatory Agenda is released

On June 11, the SEC’s agenda was published. Key items include Tailored Shareholder Reports/498B, Universal Proxy, Move to T+1 Settlement Cycle, Proxy Voting Advice, Form N-PX and Transfer Agent Rule Amendments. Other items on the long-term agenda include Proxy Plumbing (Vote Confirmation) and Improvements to the Fund Proxy System.

Read the entire Short-Term Agenda.

Read the entire Long-Term Agenda.

Division of Investment Management (IM) staff statement on funds registered under the Investment Company Act investing in the Bitcoin futures market

On May 11, the IM staff strongly encouraged investors interested in investing in a mutual fund with exposure to the Bitcoin futures market to carefully consider the risk disclosure of the fund, the investor’s own risk tolerance and the possibility of investor loss.

Read the entire statement.

SEC statements on the application of the proxy rules to proxy voting advice

On June 1, SEC Chair Gary Gensler issued a statement regarding further regulatory action regarding proxy voting advice: The Chair directed SEC staff to consider the recently adopted guidance and rule amendments and whether to recommend further regulatory action regarding proxy voting advice.

Read the Chair’s statement.

Review the response to the Chair’s statement.

Read the SEC’s statement on compliance with the Commission’s 2019 interpretation and guidance regarding these rules.

Chairman Gensler’s testimony before the Subcommittee on Financial Services and General Government, U.S. House Appropriations Committee

On May 26, Chairman Gensler testified before the House Committee on Financial Services and discussed topics including initial public offerings and special purpose acquisition companies, private funds, crypto assets, fintech, and data analytics. He also noted other initiatives, including security-based swaps, Regulation Best Interest, issuer disclosure of climate risks and human capital, and engagement with other agencies and market participants on the transition from LIBOR.

Read a transcript of his testimony.

SEC Investor Advisory Committee meeting

The meeting on June 10 included Commissioner remarks, two panel discussions regarding best execution, and a panel discussion regarding 10b5-1 plans.

View the June 10 meeting materials.

SEC Small Business Capital Formation Advisory Committee meeting: Increasing Capital Access for Underrepresented Founders and Investors

The April 30 meeting included introductory remarks by the Commissioners, a committee member discussion of their outlook for small business capital formation (looking ahead to emerging from the COVID-19 pandemic) and a discussion about increasing capital access for underrepresented founders and investors.

Read the meeting materials and view the webcast.


purple square_bar  Fig_3

ESG

CFA Institute publishes exposure draft of ESG disclosure standards for investment products

New standards seek to provide transparency and comparability of investment products with ESG-related features.

Read the May 19 press release.

Biden executive order on climate-related financial risks

On May 20, President Biden issued an executive order on climate-related financial risks.

Read the executive order.


dk green_square_bar  Fig_4

RETIREMENT

DOL’s Spring 2021 Regulatory Agenda is released

On June 11, the DOL’s Spring Agenda was released. Key Items include Definition of the Term "Fiduciary", Pension Benefit Statements-Lifetime Income Illustrations, and Amendment of the Abandoned Plan Program.

Read the entire Short-Term Agenda.

Read the entire Long-Term Agenda.

SECURE 2.0 – Retirement bills working their way through Congress

U.S. Senators Rob Portman (R-OH) and Ben Cardin (D-MD) introduced the bipartisan Retirement Security & Savings Act (S. 1770).

Read the June 7 announcement from Senator Portman’s office.

Read the Retirement Security & Savings Act of 2021 bill.

The House retirement bill (H.R. 2954) was passed out of the House Ways and Means Committee on May 5.

Read the Securing a Strong Retirement Act of 2021 bill.

Biden executive order on climate-related financial risks (retirement savings component)

President Biden’s May 20 executive order on climate-related financial risks includes a retirement savings component: The DOL shall “consider publishing, by September 2021, for notice and comment a proposed rule to suspend, revise, or rescind “Financial Factors in Selecting Plan Investments,” and “Fiduciary Duties Regarding Proxy Voting and Shareholder Rights.”

Read the executive order.

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.

Contact Us

Welcome back, {firstName lastName}.

Not {firstName}? Clear the form.