SEC RULEMAKING

SEC proposes rules to require and standardize climate-related disclosures for investors

On March 21, the SEC proposed rules that would require corporate issuers to include certain climate-related disclosures in their registration statements and periodic reports.

Read the March 21, 2022 press release, fact sheet and rule proposal.

SEC proposes rules to enhance disclosure and investor protection relating to special purpose acquisition companies

On March 30, the SEC proposed new rules and amendments to enhance disclosure and investor protection in initial public offerings by special purpose acquisition companies (SPACs) and in business combination transactions involving shell companies, such as SPACs, and private operating companies.

Read the March 30, 2022 press release, fact sheet, and rule proposal.

SEC proposes rules on cybersecurity risk management, strategy, governance, and incident disclosure by public companies

On March 9, the SEC proposed amendments to its rules to enhance and standardize disclosures regarding cybersecurity risk management, strategy, governance, and incident reporting by public companies.

Read the March 9, 2022 press release, fact sheet, and rule proposal.

REGULATORY PRIORITIES

SEC Division of Examinations announces 2022 examination priorities

On March 30, the SEC Division of Examinations announced its 2022 examination priorities, focusing on private funds, environmental, social and governance (ESG) investing, retail investor protections, information security and operational resiliency, emerging technologies and crypto-assets.

Read the March 30, 2022 press release and Exam Priorities report.

SEC Commissioner Allison Herren Lee’s Statement on planned departure from the Commission

Acting SEC Chair Commissioner Allison Herren Lee’s term as Commissioner expires in June of 2022, and she has notified President Biden she intends to step down from the Commission once her successor has been confirmed.

Read Commissioner Allison Herren Lee’s statement.

DOL

Department of Labor issues cryptocurrencies guidance for 401(k)s - Compliance Assistance Release No. 2022-01

On March 10, the DOL announced it has become aware of firms marketing investments in cryptocurrencies to 401(k) plans and cautioned plan fiduciaries to exercise extreme care before they consider adding a cryptocurrency option to a 401(k) plan's investment menu.

Read the March 10, 2022 announcement.

CRYPTOCURRENCY

SEC issues crypto guidance - Staff Accounting Bulletin No. 121

On March 31, the SEC issued Staff Accounting Bulletin No. 121 expressing the views of the staff regarding the accounting for obligations to safeguard crypto-assets an entity holds for platform users.

Read the March 31, 2022 bulletin.

Congress requests information from Chair Gary Gensler regarding SEC utilization of Division of Enforcement and Division of Examination authorities to obtain information related to cryptocurrency and blockchain firms

On March 16, members of Congress delivered a letter to SEC Chair Gary Gensler asking him to help them understand how and why the SEC is soliciting information from private firms related to cryptocurrency and blockchain.

Read the March 16, 2022 letter.