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On March 3, 2021, the Securities and Exchange Commission’s Division of Examinations (EXAMS) (formerly the Office of Compliance Inspections and Examinations (OCIE) released its 2021 examination priorities[1].
Notably, while the majority of the examination priorities echo OCIE priorities from prior years, this year’s EXAMS priorities include a greater focus on climate-related risk and environmental, social, and governance (ESG) matters. This is consistent with the Commission’s increased emphasis on ESG matters in other contexts, as well as that of other regulators. This year’s priorities also include examinations relating to Regulation Best Interest (Reg BI) compliance, considerations relating to the impacts of the COVID-19 pandemic and a continued focus on complex products.
Enhanced Focus on Climate-Related Risks
FOR IMMEDIATE RELEASE Washington D.C., March 3, 2021
The Securities and Exchange Commission’s Division of Examinations today announced its 2021 examination priorities, including a greater focus on climate-related risks. The Division will also focus on conflicts of interest for brokers (Regulation Best Interest) and investment advisers (fiduciary duty), and attendant risks relating to FinTech in its initiatives and examinations. The Division publishes its examination priorities annually to provide insights into its risk-based approach, including the areas it believes present potential risks to investors and the integrity of the U.S. capital markets.
“This year, the Division is enhancing its focus on climate and ESG-related risks by examining proxy voting policies and practices to ensure voting aligns with investors’ best interests and expectations, as well as firms’ business continuity plans in light of intens
SEC exams will focus more heavily on climate risks, Reg BI compliance
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The SEC s exam priorities in 2021 will focus on climate-related risks and conflicts of interests for brokers and investment advisers, among other areas, according to the Securities and Exchange Commission s Division of Examinations.
The division, formerly the Office of Compliance Inspections and Examinations, will concentrate on compliance with Regulation Best Interest, Form CRS and whether registered investment advisers have fulfilled their fiduciary duties of care and loyalty, it said in a report released Wednesday.
In December, the division announced it would focus on specific requirements of Reg BI, including those that go beyond suitability standards and require broker-dealers to have a reasonable basis to believe that recommendations are in retail customers best interests.
SEC Division Of Examinations Announces 2021 Examination Priorities - Enhanced Focus On Climate-Related Risks Date
03/03/2021
The Securities and Exchange Commission’s Division of Examinations today announced its 2021 examination priorities, including a greater focus on climate-related risks. The Division will also focus on conflicts of interest for brokers (Regulation Best Interest) and investment advisers (fiduciary duty), and attendant risks relating to FinTech in its initiatives and examinations. The Division publishes its examination priorities annually to provide insights into its risk-based approach, including the areas it believes present potential risks to investors and the integrity of the U.S. capital markets.
“This year, the Division is enhancing its focus on climate and ESG-related risks by examining proxy voting policies and practices to ensure voting aligns with investors’ best interests and expectations, as well as firms’ business continuity plans in
U.S. Regulators Probe Robinhood Over Meme Stock Trading Restrictions
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Photo: Olivier Douliery, Getty Images
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U.S. regulators are investigating Robinhood after it temporarily blocked users from purchasing so-called meme stocks on its stock trading app amid the Reddit-fuelled short squeeze earlier this year.
Robinhood has received inquiries from the U.S. Securities and Exchange Commission’s Division of Examinations, the Financial Industry Regulatory Authority, and the New York Attorney General’s Office, among other state attorneys general offices and state securities regulators, the company said in a securities filing this week. On top of these probes, it’s also juggling nearly 50 lawsuits related to the so-called GameStonks