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The SEC Provides an Opinion Letter Regarding Blockchain Settlement Service for Public Shares
Concerns blockchains and Clearing Agency Registration Under Section 17A(b)(1) of the Securities Exchange Act of 1934.
CorpFin issues guidance on confidential treatment applications
Securities and Exchange Commission’s Division of Corporation Finance (CorpFin) has issued practical guidance on what steps to take when filing an application objecting to the public release of confidential information. In March 2019, the commission made significant changes to filing requirements pursuant to rule 406 and Rule 24b-2. Generally, the filing guidelines include: what information is required; how to maintain protection of the confidential information and relevant time limitations. CorpFin staff will review all applications for confidential treatment.
Proposed Rules on Incentive-Based Compensation in Financial Institutions
The SEC and several other financial regulators today jointly issued rules regarding incentive-based compensation practices at financial institutions, required by Section 956 of the Dodd-Frank Act.
SEC Adopts Amendments to Implement JOBS Act and FAST Act Changes for Exchange Act Registration Requirements
Most of this was required by the specific terms of the JOBS Act. The SEC did not change the definition of “held of record” other than carve out holders who received their securities through equity compensation plans under Section 701. Consequently, “held of record” still refers to record holders plus DTC account holders and not beneficial owners held through their broker-dealers or custodians. The details are below.
SEC Charges “Frack Master” With Running an $80 Million Oil and Gas Fraud
SEC Offers Online Tool to Help Companies Estimate Registration Fees
The Securities and Exchange Commission today announced the release of an online tool to help companies calculate registration fees for certain form submissions to EDGAR, the SEC’s electronic database of financial reports and other filings. The new tool is intended to improve the accuracy of fee calculations and minimize the need for corrections.
Really Bad Lawyering costs client $240,000 per SEC
SEC Charges Broker-Dealer Nationwide Planning and Two Affiliated Investment Advisers with Violating Whistleblower Protection Rule
Divided SEC Approves PCAOB’s Quality Control Standard
The Securities and Exchange Commission (SEC) on September 9, 2024, voted 3-2 to approve the Public Company Accounting Oversight Board’s (PCAOB) new quality control (QC) standard that imposes a combination of principles-based and prescriptive requirements to make sure that audit firms have a robust QC system to better protect investors.
SEC Abandons ESG Enforcement Group Amid Broader Backlash
Per Bloomberg the SEC’s ESG Enforcement Group is disbanded and the dedicated website is down.
Divided SEC Approves PCAOB’s Quality Control Standard
The Securities and Exchange Commission (SEC) on September 9, 2024, voted 3-2 to approve the Public Company Accounting Oversight Board’s (PCAOB) new quality control (QC) standard that imposes a combination of principles-based and prescriptive requirements to make sure that audit firms have a robust QC system to better protect investors.
Form N-PORT and Form N-CEN Reporting; Guidance on Open-End Fund Liquidity Risk Management Programs
The Securities and Exchange Commission (“Commission”) is adopting amendments to reporting requirements on Forms N-PORT and N-CEN that apply to certain registered investment companies, including registered open-end funds, registered closed-end funds, and unit investment trusts. The amendments will require more frequent reporting of monthly portfolio holdings and related information to the Commission and the public, amend certain reporting requirements relating to entity identifiers, and require open-end funds to report information about service providers used to comply with liquidity risk management program requirements. In addition, the Commission is providing guidance related to open-end fund liquidity risk management program requirements.
SEC Division of Examinations Announces 2025 Priorities
The Securities and Exchange Commission’s Division of Examinations today released its 2025 examination priorities. The Division publishes its examination priorities annually to inform investors and registrants of potential risks in the U.S. capital markets and to make them aware of the examination topics that the Division plans to focus on in the new fiscal year. This year’s examinations will prioritize perennial and emerging risk areas, such as fiduciary duty, standards of conduct, cybersecurity, and artificial intelligence.
SEC Announces Departure of Enforcement Director Gurbir S. Grewal
Sanjay Wadhwa, a 21-year agency vet, named Acting Director; Sam Waldon named Acting Deputy Director