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Regulatory Insights - May 2021

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

CONTENTS
LEADERSHIP CHANGES
  • Gary Gensler confirmed and sworn in as new SEC Chairman on April 17, 2021.
  • On April 19, the SEC announced the appointments of Prashant Yerramalli, Heather Slavkin Corzo, Kevin Burris and Scott Schneider to Gensler’s senior staff.
REGULATORY INITIATIVES
  • Gensler’s May 6 testimony Before the House Committee on Financial Services
  • NYSE Rules 451/451A - NYSE oversight of Fee Schedule and Gifted Shares proposals
  • SEC requests comment on potential money market fund reform options highlighted in President’s Working Group report
DEPARTMENT OF LABOR
  • Department of Labor announces new guidance on best practices for maintaining cybersecurity
FINRA
  • FINRA Issues its 2021 Examination and Risk Monitoring Program report
  • April 2021 Podcast featuring senior FINRA management
OTHER ITEMS
  • SIFMA, ICI and DTCC leading effort to shorten U.S. securities settlement cycle to T+1
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LEADERSHIP CHANGES

Gary Gensler confirmed and sworn in as new SEC Chairman on April 17, 2021

On April 19, the SEC announced the appointments of Prashant Yerramalli, Heather Slavkin Corzo, Kevin Burris and Scott Schneider to Gensler’s senior staff.


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REGULATORY INITIATIVES

Gensler’s testimony before the House Committee on Financial Services

  • On May 6, Chairman Gensler testified before the House Committee on Financial Services and discussed topics including gamification and user experience, payment for order flow, equity market structure, short selling and market transparency, social media, market “plumbing” (clearance and settlement), and system-wide risks.
  • Read Gensler’s testimony.

NYSE Rules 451/451A - NYSE oversight of Fee Schedule and Gifted Shares proposals

SEC requests comment on potential money market fund reform options highlighted in President’s Working Group report

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DEPARTMENT OF LABOR

Department of Labor announces new guidance on best practices for maintaining cybersecurity

purple square_bar  Fig_3

FINRA

FINRA issues its 2021 Examination and Risk Monitoring Program report

  • This year’s FINRA exams will focus on broker-dealer filings of suspicious activity reports (or SARs), technology governance, and communications about digital assets, in addition to Regulation Best Interest.
  • Download the entire report.

Recent podcast featuring senior FINRA management

  • The April 6, 2021 FINRA podcast features senior FINRA management. “Exam and Risk Monitoring Program: Responding to COVID-19 and Looking Ahead.”
  • It is “likely” account intrusions, takeovers and data breaches will be SAR reportable.
  • FINRA is focused on customer service during platform outages.
  • FINRA will assess whether risks tied to digital assets are being properly disclosed.
  • Listen to the podcast.
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OTHER ITEMS

SIFMA, ICI and DTCC leading effort to shorten U.S. securities settlement cycle to T+1

  • On April 28, the Securities Industry and Financial Markets Association (SIFMA), the Investment Company Institute (ICI), and The Depository Trust & Clearing Corporation (DTCC) announced their collaboration to accelerate the U.S. securities settlement cycle from T+2 to T+1.
  • The organizations are outlining key steps to shorten the cycle for secondary market transactions, identifying priority issues that need to be addressed and conducting the necessary due diligence and resolution of these critical issues.
  • Read the press release.

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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