Friday, April 9, 2021
SEC Announces 2021 Examination Priorities
The SEC’s Division of Examinations (Division), formerly known as the Office of Compliance Inspections and Examinations (OCIE), released its 2021 examination priorities. In its release, the Division noted that it completed over 2,952 examinations in 2020 and issued more than 2,000 deficiency letters. Approximately 15% of all registered investment advisers were examined during 2020 and the Division completed more than 100 examinations of investment companies. The Division also conducted hundreds of outreach calls to investment companies and advisers to assess market impacts of the COVID-19 pandemic. The 2021 priorities are grouped into the following categories, each of which is described below in more detail:
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The Biden Administration is taking over the reins of government with vigor and focus. The Department of Justice, the Treasury Department, the State Department and the Commerce Department are expected to coordinate closely in an important objective – international anti-corruption efforts.
What will this mean?
DOJ will increase its focus on FCPA enforcement, Anti-Kleptocracy cases, Anti-Money Laundering, International Trade Sanctions;
The Treasury Department’s Office of Foreign Asset Control (OFAC) will increase economic sanctions against corrupt individuals and entities, and AML enforcement by FinCEN will increase with enactment of the AML Act of 2020 as part of the National Defense Authorization Act;
Nordgas Settles with OFAC As Part of UniControls Violations of Iran Sanctions Program | Michael Volkov jdsupra.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jdsupra.com Daily Mail and Mail on Sunday newspapers.
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NYSE Pulls Another Reversal, Says It Will Delist Chinese Firms Delisting is being done to comply with executive order
Announcing yet another reversal, the New York Stock Exchange (NYSE) said on Wednesday that it will delist three of China’s largest telecommunication companies to comply with an executive order President Trump signed in November.
The NYSE first announced its plan to delist China Mobile Ltd., China Telecom Corp Ltd., China Unicom Hong Kong Ltd. on New Year’s Eve, then said on Monday that it was reversing the decision.
The OFAC is the enforcement arm of the Treasury Department that ensures US sanctions and financial restrictions are being followed. The executive order signed by President Trump prohibits Americans from investing in Chinese firms that the US government claims have ties to China’s military. The order is set to take effect on January 11th.