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SEC Staff Urge Disclosure on Brexit, LIBOR Phaseout, Cybersecurity

SEC Chairman Jay Clayton at a recent conference said he believes the potential impact of Brexit has been understated and urged firms to look at the Brexit issue closely and share their views with investors, the Wall Street Journal reported. The British cabinet recently accepted a proposed deal to exit from the European Union but the deal must be ratified by a divided Parliament. Clayton’s concerns were echoed by Kyle Moffat, chief accountant in the SEC’s Corporate Finance Division, who encouraged firms during the conference to align their disclosure policies and procedures with guidance on cybersecurity and to address risks related to Brexit and the planned phaseout of the London interbank offered rate, according to the WSJ report.