News

January 31, 2023

The SEC’s swing pricing proposal would mandate swing pricing for most open-end funds (excluding money market funds and ETFs). The program will provide an overview of the SEC's proposal on swing pricing and liquidity and its potential impact to the mutual fund industry.

January 30, 2023

The post notes that boards are hearing more about work-force related matters such as “culture, purpose, hybrid work, the future of work, well-being, skills gaps, automation, and shifting societal expectations, as well as diversity, equity, and inclusion (DEI).” As the post notes, aside from the regulatory scrutiny “institutional investors continue to advocate for corporate actions ahead of regulatory requirements.”

January 26, 2023

The alert highlights how the fact pattern of the GSAM case varied slightly from the BNY Mellon order the SEC announced last May, but emphasizes the SEC is proactively looking at “all statements made about an adviser’s ESG strategy and is willing to bring enforcement actions regarding any perceived gaps between communications to investors/clients on ESG, an adviser’s ESG compliance policies and procedures and the adviser’s actual ESG investment process.”

January 25, 2023

US Treasury Secretary Janet Yellen sent a letter to leaders on Capitol Hill announcing the commencement of “extraordinary measures” to delay the federal government’s default on its debt. The “extraordinary measures” the Treasury Department has taken will likely last into the summer which gives congressional leaders a runway to reach a deal.

January 24, 2023

ACA published the December 2022 Regulatory Update which covers the SEC’s Division of Enforcement’s 2022 annual report. On mutual funds, the report breaks down recent changes to proxy voting disclosures required by registered funds and institutional investment managers, as well as amending the disclosure in annual and semi-annual shareholder reports issued by open-end funds and ETFs.

January 23, 2023

K&L Gates plans to host a webinar titled “Crypto: What You Should Be Considering" which will examine how digital assets and blockchain technology are and might be used in the asset management industry, key risks to consider, and what’s in store for 2023.

January 19, 2023

The Securities and Exchange Commission proposed four new rules that would make significant changes to Regulation Best Execution, order competition and auctions, order execution disclosure, tick size and maker-taker fee caps. At the same open meeting, the Commission also adopted amendments to Rule 10b5-1 for permissible insider trading plans, adding conditions to affirmative defenses and creating new disclosure requirements.

January 18, 2023

Akin Gump released its December edition of CryptoLink, a newsletter that touches on key regulatory developments, enforcement actions, and other resources in the cryptocurrency space.

January 17, 2023

The SEC recently released an update to its Regulatory Flex Agenda which includes information on timelines for final rules covering climate change, the Names Rule, and money market fund reforms, among others. The release notes anticipated dates for final rule releases, but these dates are not deadlines.

January 12, 2023

The staff of the SEC’s Division of Corporation Finance released guidance which calls for providing investors with specific, tailored disclosure regarding a company’s involvement with cryptocurrency and other digital assets, together with associated risk factors.

January 11, 2023

In a recent blog post on the Harvard Law School’s Forum on Corporate Governance, authors from PWC detail the role a corporate board plays in crisis preparedness. The authors note that as part of crisis preparedness, boards should encourage management to “reflect on recent events and take a look at the effectiveness of its enterprise risk management program, crisis preparedness plan, and crisis response” which will benefit operations and shareholders.

January 10, 2023

The Financial Stability Oversight Council unanimously approved its 2022 annual report which makes specific recommendations regarding non-bank financial intermediation, digital assets, climate related financial risk, Treasury market resilience, cybersecurity, and the transition away from LIBOR.

January 9, 2023

Join us tomorrow as Mahlet Makonnen, a Principal at Williams & Jensen in Washington, D.C., analyzes the outcome of the November 2022 mid-term election and discusses how the results will shape the congressional landscape for the financial services sector going forward.

January 5, 2023

Cybersecurity Docket will host the 2023 “Incident Response Forum Ransomware” virtual conference which will include presentations from senior government cybersecurity officials from the FBI and OFAC as well as nearly two dozen other legal and consulting professionals in the field of ransomware response.

January 4, 2023

The SEC recently announced that Sarah ten Siethoff will serve as deputy director of its investment management division. She served as interim director of the investment management division until 2021, when William Birdthistle was appointed to the post.

January 3, 2023

Ernst & Young will host a virtual program covering regulatory and reporting updates for registered funds. The panel will discuss updates on tax legislation, the SEC regulatory agenda, and accounting and financial reporting.

December 22, 2022

Deloitte updated and modernized its “Audit Committee Guide” to provide the latest resources and insights on how audit committee members can perform their duties more effectively. The guide poses questions for audit committee members to consider as they work through problems encountered in committee meetings.

December 21, 2022

In a recent study from the National Bureau of Economic Research entitled, “The Big Three and Board Gender Diversity: The Effectiveness of Shareholder Voice” the authors found after a 2017 “Fearless Girl” campaign by the three largest institutional investors (State Street, Blackrock, and Vanguard) “led American corporations to add at least 2.5 times as many female directors in 2019 as they had in 2016.”

December 20, 2022

In a letter to SEC Chair Gary Gensler, Senator Thom Tillis (R-NC) noted that a recent SEC Inspector General report stated there are “grave deficiencies within the SEC, especially pertaining to its workforce, level of rulemaking experience, and the length of public comment periods.” The letter posed several questions about the pace of rulemakings, responding to concerns in the IG report about staff-related issues, and resource management.

December 19, 2022

Dechert LLP offers a series called “Cyber Bits” a publication that highlights key developments in privacy & cybersecurity policy. The November edition highlights an update from the Cybersecurity & Infrastructure Security Agency (“CISA”), a government agency focused on efforts to enhance the security, resiliency, and reliability of the Nation's cybersecurity and communications infrastructure.