SEC News

Staff guidance on the SEC’s standards of conduct for broker-dealers and investment advisers

• On August 3, the SEC published a staff bulletin in the form of Q&As on their standards of conduct for broker-dealers and investment advisers in identifying and addressing conflicts of interest.
• Read the staff bulletin.

New report from the Small Business Forum includes recommendations to improve capital raising

• On July 28, the SEC released a report to Congress which summarizes policy recommendations made during the 41st Annual Government-Business Forum on Small Business Capital Formation.
• Read the press release.

SEC Rulemaking

SEC proposes rules for clearing agency governance

• On August 8, the SEC proposed new rules to help improve governance arrangements across all registered clearing agencies.
• Comments are due 30 days after publication in the Federal Register or October 7, 2022, whichever is later.
• Read the press release, proposing release and fact sheet.

SEC proposes to enhance private fund reporting

• On August 10, the SEC proposed amendments to Form PF, the confidential reporting form for certain SEC-registered investment advisers to private funds.
• Comments are due 30 days after publication in the Federal Register or October 11, 2022, whichever is later.
• Read the press release, rule proposal and fact sheet.

SEC Re-Proposes Amendments to Exemption From National Securities Association Membership

• On July 29, the SEC re-proposed rule amendments that would narrow the exemption from Section 15(b)(8) of the Exchange Act, which requires any broker or dealer registered with the Commission to become a member of a national securities association.
• Comment due on September 27, 2020.
• Read the press release, proposing release and fact sheet.

Department of Labor (DOL)

DOL proposes amendment to Qualified Professional Asset Manager Exemption to protect benefits plans, participants, beneficiaries

• On July 26, the DOL proposed amendments to PTE 84-14 that would expand the types of misconduct that disqualify plan asset managers from using the exemption and clarifies that foreign criminal convictions are disqualifying, among other updates.
• Comments are due on September 26, 2022.
• Read the press release and proposed amendments.

DOL reopens comment period and hearing regarding proposed amendment to procedures governing the filing and processing of prohibited transaction exemption applications

• On September 15 (and 16, if needed), the DOL will hold a virtual public hearing regarding the proposed amendment to its prohibited transaction exemption filing and processing procedures.
• Read the announcement.

FINRA

FINRA proposes rule change on private residence offices as residential supervisory locations

• FINRA filed a proposed rule with the SEC to adopt new Supplementary Material .19 under Rule 3110, which would allow certain non-branch locations to be subject to three-year inspections (instead of annual inspections).
• Read the entire text of the proposed rule change.

FINRA proposes rule change for remote inspections pilot program under FINRA Rule 3110

• FINRA filed a rule proposal with the SEC to adopt a voluntary, three-year remote inspection pilot program to allow member firms to conduct remote inspections of branch offices and locations.
• Read the entire text of the proposed rule change.

DEPARTMENT OF THE TREASURY

Treasury explores additional post-trade transparency of data regarding secondary market transactions of Treasury securities

• Read the entire text of the request for comment.