CONTENTS
Legislation
- House Financial Services Committee passes e-delivery bill (H.R. 1807)
SEC
- Staff Bulletin [1]: Standards of conduct for broker-dealers and investment advisers: Care obligations
- SEC to host inaugural Conference on Emerging Trends in Asset Management
- SEC charges crypto asset trading platform for operating an unregistered exchange, broker, and clearing agency
- Supplemental information and reopening of comment period for Amendments to Exchange Act Rule 3b-16 regarding the definition of “exchange”
- SEC to host Municipal Securities Disclosure Conference
- Final rule: Adoption of updated EDGAR Filing Manual
FINRA
- Regulatory Notice 23-06: FINRA shares effective practices to address risks of fraudulent transfers of accounts through ACATS
- FINRA's Risk Monitoring Program: Understanding the Unique Risks of Every Firm (PODCAST)
Retirement
- Proposed rule: Reopening comment period for the proposed amendment to prohibited transaction class exemption 84-14 (the QPAM Exemption)
- U.S. Department of Labor issues Field Assistance Bulletin for multiemployer plans receiving special financial assistance
- Notice of meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans
Legislation
House Financial Services Committee passes e-delivery bill (H.R. 1807)
On April 26, the House Financial Services Committee considered a bill that would direct the SEC to change the delivery default for regulatory disclosures from paper to email. Although democrats expressed investor protection concerns with the bill, the bill passed out of the committee. The next step is for the committee to come to agreement on key provisions of the bill before the full House considers it. It is expected to be approved by a Republican House and not be taken up any time soon by a Democratic Senate.
Review the draft e-delivery bill.
SEC
Staff bulletin: Standards of conduct for broker-dealers and investment advisers: Care obligations
On April 26, 2023, the SEC issued a staff bulletin reiterating the standards of conduct for broker-dealers and investment advisers in addressing their care obligations when they are providing investment advice and recommendations to retail investors.
Review additional Regulation Best Interest, Form CRS, related interpretations, and other information.
SEC to host inaugural Conference on Emerging Trends in Asset Management
On April 26, 2023, the SEC Division of Investment Management announced it will host – virtually – an inaugural Conference on Emerging Trends in Asset Management on Friday, May 19, 2023.
SEC charges crypto asset trading platform for operating an unregistered exchange, broker, and clearing agency
On April 17, 2023, the SEC announced it has charged crypto asset trading platform Bittrex, Inc. and its co-founder and former CEO William Shihara for operating an unregistered national securities exchange, broker, and clearing agency.
Supplemental information and reopening of comment period for amendments to Exchange Act Rule 3b-16 regarding the definition of “exchange”
On April 14, 2023, the SEC announced the reopening of the comment period for its proposal to amend the rule under the Securities Exchange Act of 1934 that defines certain terms used in the statutory definition of “exchange.”
SEC to host Municipal Securities Disclosure Conference
The SEC will hold a Municipal Securities Disclosure Conference on May 10, 2023, at SEC headquarters.
Final rule: Adoption of updated EDGAR Filer Manual
On March 20, 2023, the SEC announced its adoption of amendments to Volume II of the Electronic Data Gathering, Analysis, and Retrieval system (“EDGAR”) Filer Manual and related rules and forms. EDGAR Release 23.1 was deployed in the EDGAR system on March 20, 2023.
FINRA
Regulatory Notice 23-06: FINRA shares effective practices to address risks of fraudulent transfers of accounts through ACATS
On March 28, 2023, FINRA issued Regulatory Notice 22-21, which alerted member firms about how bad actors effect fraudulent transfers of customer assets using ACATS.
Review the entire regulatory notice.
FINRA's Risk Monitoring Program: Understanding the Unique Risks of Every Firm (PODCAST)
On April 4, 2023, FINRA posted a podcast about its Risk Monitoring Program, “Understanding the Unique Risks of Every Firm.”
Retirement
Proposed rule - Reopening comment period for the proposed amendment to prohibited transaction class exemption 84-14 (the QPAM Exemption)
On March 23, 2023, the DOL announced it is reopening the comment period for the proposed amendment to prohibited transaction class exemption 84–14 (the QPAM Exemption).
U.S. Department of Labor issues Field Assistance Bulletin for multiemployer plans receiving special financial assistance
On April 25, 2023, the Employee Benefits Security Administration issued a Field Assistance Bulletin 2023-01 with frequently asked questions on the annual funding notice requirements for multiemployer pension plans that received special financial assistance under the American Rescue Plan Act.
Notice of meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans
On March 24, 2023, the DOL announced the 215th open meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans (the ERISA Advisory Council) will be held on Friday, May 5, 2023.
Read the meeting announcement.
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