Search Results: Regulatory Guidance

UK ICO Confirms Transfers of Data to SEC in the Public Interest

The UK Information Commissioner’s Office (“ICO”) has published a letter sent to the U.S. Securities and Exchange Commission. The ICO confirms that it is possible for SEC regulated UK firms to transfer personal data to the U.S. where the transfer is necessary for important reasons of public interest (the derogation in Article…

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CFTC Announces New Climate Risk Unit — the “CRU”

On March 17, 2021, Acting CFTC Chairman Rostin Behnam announced that the derivatives regulator had established a new interdivisional group called the Climate Risk Unit or the “CRU” to focus on the derivatives markets’ role in addressing climate-related risk and transitioning to a low-carbon/net-zero economy.  The CRU (sounds like an…

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SEC Staff Seeks Input on Cross Trading Between Affiliated Funds

On March 11, 2021, the staff of the SEC’s Division of Investment Management issued a statement addressing cross trading among affiliated registered funds and soliciting feedback in this area.  The staff issued the statement in response to public feedback on the SEC’s recent adoption of the “Valuation Rule,” which will…

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DOL Will Not Enforce Its Own ESG Rule, But Fiduciaries Should Not Ignore It

The Department of Labor (DOL) recently announced that it will not enforce its own rule on investment duties under ERISA.  The rule makes it more difficult for investment fiduciaries to consider environmental, social, governance and similar (“ESG”) issues in their decision-making.  The ESG rule was finalized under the Trump administration…

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Climate Clash at the Commission?

A flurry of recent climate-related announcements from the SEC forecasts an upcoming policy battle at the agency.  Acting Chair Allison Herren Lee has signaled that “ESG” will clearly be in focus across the SEC’s various divisions, including Examinations, Corporation Finance, and Enforcement.  Presumptive incoming SEC Chairman Gary Gensler also indicated…

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SEC Corporation Finance Staff Urges Specific Company Disclosures for Securities Offerings During Volatile Times

On February 8, 2021, staff in the SEC Division of Corporation Finance (Corp Fin) issued a letter cautioning that market and stock volatility can create risk for companies and investors, especially when companies are raising capital during these periods. In the letter, Corp Fin staff identifies several examples of comments…

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SEC Adopts Amendments to Advertising and Cash Solicitation Rules

On December 22, the SEC adopted amendments to modernize and combine the existing advertising and cash solicitation rules for advisers registered or required to be registered with the SEC. Among many other things, the amendments: Streamline the advertising and cash solicitation requirements under the newly named “Investment Adviser Marketing Rule” (numerous long-standing…

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SEC to Wyoming (Division of Banking): Interpreting Federal Securities Laws and Rules is Our Domain

In early November 2020, the staff of the U.S. Securities and Exchange Commission (“SEC”) Division of Investment Management (“IM Division”), in consultation with the SEC’s “FinHub” staff, issued a statement in response to a No-Action Letter from the Wyoming Division of Banking purporting to provide interpretive guidance on both Wyoming and federal securities laws,…

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