ESG Investing Emphases Highlighted in DOL and SEC Announcements natlawreview.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from natlawreview.com Daily Mail and Mail on Sunday newspapers.
REGULATORY UPDATES
SEC Leadership Changes
On April 14, 2021, the U.S. Senate voted to approve President Biden’s nomination of Gary Gensler as Chairman of the Securities and Exchange Commission (the “SEC”) through June 5, 2021. The vote came after the Senate Banking Committee endorsed Gensler’s nomination in March 2021. The confirmation only approves Gensler to serve the remainder of former SEC Chairman Jay Clayton’s term, though the Senate Banking Committee has cleared Gensler to serve another five-year term afterward. Gensler served as chairman of the U.S. Commodity Futures Trading Commission from 2009 to 2014, and helped to draft the Sarbanes-Oxley Act as senior advisor to U.S. Senator Paul Sarbanes. In a statement, the SEC’s four commissioners said they welcome Gensler “and look forward to working together to execute our vital mission.”
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In the US Securities and Exchange Commission staff’s most recent guidance addressing environmental, social, and governance (ESG) investing, the staff of the Division of Examinations released an April 9 Risk Alert noting observations made during recent examinations of investment advisers and funds (both registered and private) engaged in ESG investing.
The Risk Alert[1] highlights certain deficiencies and internal control weaknesses observed by the staff, as well as observations regarding what the staff viewed as effective practices related to the management and oversight of ESG investing activities. The Risk Alert also summarizes certain ESG-related areas on which the Division of Examinations (Examinations) intends to continue to focus in its examinations of investment advisers and funds. In an April 12, 2021, statement, US Securities and Exchange Commission (SEC) Commissioner Hester M. Peirce offered her thoughts on th
LAUREN RUDD: Investment fraudsters thrive during COVID-19 pandemic heraldtribune.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from heraldtribune.com Daily Mail and Mail on Sunday newspapers.
SEC Charges Felon And Six Others In Oil-And-Gas Offering Fraud Date
14/04/2021
The Securities and Exchange Commission today charged seven individuals, including criminal recidivist Richard Dale Sterritt, Jr., with defrauding investors through a multimillion dollar oil-and-gas offering fraud and related market manipulation scheme.
The SEC s complaint alleges that, between March 2018 and at least November 2020, Sterritt – who used the pseudonym Richard Richman – Michael Greer, Deanna Looney, Robert Magness, Jr., Katie Mathews, James Christopher Pittman, and Mark Ross raised more than $16 million from more than 300 investors through an unregistered private placement of the common stock of Zona Energy Inc., a Dallas-based company that claimed to be focused on the oil and gas industry. According to the complaint, the defendants made various false and misleading statements verbally and in offering materials to solicit investors, including that their funds would be used t