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Monday, March 8, 2021 Environmental, social and governance (ESG) matters will increasingly be a priority for the Securities and Exchange Commission (SEC) as evidenced by: the SEC s announcements last week of the formation of a Climate and ESG task force under the purview of the SEC s Division of Enforcement; the identification of ESG issues as a 2021 examination priority by the SEC s Division of Examinations on March 3; and the March 2 Senate confirmation hearing testimony of Gary Gensler, President Joe Biden s nominee to lead the SEC, where Mr. Gensler said that investors increasingly want to see climate risk disclosures. This follows last month s instruction by Acting SEC Chair Allison Herren Lee that staff of the SEC s Division of Corporation Finance (CorpFin) should augment their focus on climate-related disclosure in public company filings. ....
Thursday, February 4, 2021 In March 2001, the U.S. Securities and Exchange Commission (“SEC”) published Notice 01-18, pursuant to which the SEC approved rules requiring “Fixed Income Transaction Reporting And Dissemination” under SEC Rule 6200 Series, so that information about the trading of corporate bonds and certain structured products would be publicly available. The reporting system was named “Trade Reporting and Compliance Engine” (“TRACE”). TRACE determines which bond transactions must be reported and when that information must be reported. The TRACE technology platform is administered in conjunction with the Financial Institution Regulatory Authority (“FINRA”), as the successor to the regulatory authority part of the National Association of Securities Dealers (“NASD”). Registered broker-dealers (i.e., registered with the SEC), who are FINRA members (and almost all are), are required to report on TRACE trades in fixed income securiti ....
ABC News Turn on desktop notifications for breaking stories about interest? OffOn The SEC added it would protect retail investors from prohibited activities. • 4 min read Man who drove GameStop mania speaks out The wild week on Wall Street fueled by a short squeeze ended with the market plunge, but GameStop, a key stock behind the market chaos, is still surging.Spencer Platt/Getty Images The U.S. Securities and Exchange Commission said Friday it is closely monitoring and evaluating the extreme price volatility of certain stocks’ trading prices over the past several days. This announcement comes at the end of a week that saw massive disruptions on Wall Street fueled by amateur traders loosely organizing on Reddit, although the SEC s statement did not mention any stocks, social media platforms or trading platforms specifically. ....
Thursday, January 7, 2021 Rule 144 was originally adopted by the U. S. Securities and Exchange Commission (“SEC”) in 1972 to improve liquidity for investors in privately-placed securities. Under Section 5 of the Securities Act of 1933, as amended (the “33 Act”), it is unlawful to sell any security unless it is registered with the SEC or exempt from that registration requirement. One available exemption under Section 4(2) of the 33 Act is for offerings “not involving a public offering,” an exemption frequently relied upon to raise capital for start-ups and for local businesses. See my September 15, 2020, blog post, “‘Accredited Investor’: Regulatory Design, the Revised Definition, and the Unfinished Result,” for a history of the development of the so-called “private offering” exemption. ....