SEC

SEC extends comment periods for proposals on Alternative Trading Systems (ATSs) and disclosure of climate impact

On May 9, the SEC announced that it would extend the comment period on the climate-related disclosures proposal and reopen comment periods for the proposed rules regarding private fund advisers and Regulation ATS. In the press release, SEC Chair Gary Gensler stated, "The SEC benefits greatly from hearing from the public on proposed regulatory changes. Commenters with diverse views have noted that they would benefit from additional time to review these three proposals, and I'm pleased that the public will have additional time to provide thoughtful feedback."

Read the May 9, 2022 press release.

SEC nearly doubles size of Enforcement’s Crypto Assets and Cyber Unit

On May 3, the SEC announced the allocation of 20 additional positions to the unit responsible for protecting investors in crypto markets and from cyber-related threats. The newly renamed Crypto Assets and Cyber Unit in the Division of Enforcement will grow to 50 dedicated positions.

Read the May 3, 2022 press release.

Small Business Advisory Committee hosts virtual meeting to discuss proposed rules on climate disclosures and SPACs

The Small Business Capital Formation Advisory Committee held a virtual meeting on Friday, May 6 to examine the Commission’s proposed rules on climate-related disclosures and special purpose acquisition companies (SPACs). The committee explored the potential impacts of the proposed climate-related disclosure and SPAC rules on smaller public companies and companies seeking to go public.

Review the May 6, 2022 meeting materials.

Investor Advisory Committee meeting March 10, 2022

The SEC’s Investor Advisory Committee (IAC) held a meeting on March 10, which included a panel discussion regarding ethical artificial intelligence and “roboadviser” fiduciary responsibilities and a panel discussion regarding cybersecurity. The next IAC meeting will take place June 9, 2022.

Watch or listen to a replay of the March 10, 2022 webcast.

FINRA

FINRA reminds members of their sales practice obligations for complex products and options and solicits comment on effective practices and rule enhancements (Regulatory Notice 22-08)

FINRA is soliciting comment on: (1) effective practices that members have developed for complex products and options, particularly when retail investors are involved; and (2) whether the current regulatory framework is appropriately tailored to address current concerns raised by complex products and options.

Read Regulatory Notice 22-08.

FINRA reminds firms of their sales practice obligations for alternative mutual funds (Regulatory Notice 22-11)

FINRA recently took enforcement action against several firms for failing to establish or maintain a reasonably designed supervisory system for recommendations of alternative mutual funds, also sometimes referred to as “alt funds” or “liquid alts.” This notice reminds member firms of their sales practice and supervisory obligations for such funds.

Read Regulatory Notice 22-11.

DOL

DOL announces leadership, new members to Advisory Council on Employee Welfare, Pension Benefit Plans for 2022

On April 15, the DOL announced the appointment of seven members and leadership for the 2022 Advisory Council on Employee Welfare and Pension Benefit Plans, also known as the ERISA Advisory Council.

Read the April 15, 2022 press release.