Lynn Johannson, Advisor, Sustainability and ESG
January 4th, 2024
Lynn Johannson, President of E2 Management Corporation and Catalyst for THE Collaboration
In a care[...]
SEC Considering 50 Rule Changes: “One of the largest regulatory agendas in years”
CNBC | Bob Pisani | Feb 4, 2022
The Securities and Exchange Commission has roughly 50 proposed rule changes it is considering, and a handful that are in a final regulatory stage and could be adopted soon.
Amy Lynch, president of Frontline Compliance and a former SEC compliance official, told me:
“This is one of the largest regulatory agendas we have seen from the SEC in many years.”
While the list of proposed rules changes is large, they can be loosely grouped into several “buckets”: proposals of an environmental, social and government (ESG) type; buybacks; insider trading and executive compensation; trading activities; and investor protection.
Focus on Crypto
While there are no explicit proposals on cryptocurrency, Gensler and his staff will be very active deciding what comes under their jurisdiction. The SEC chairman has refused to approve a pure-play bitcoin ETF on the grounds bitcoin is subject to fraud and manipulation, and has also made it clear he believes Congress should clarify the regulatory regime around the crypto space. But Congress is unlikely to pass any legislation.
See: Top Crypto Lawyer says Don’t wait for the SEC
Thomas Gorman, an attorney with Dorsey Whitney who held key positions at the SEC for many years, told me:
“In the absence of new regulation, Gensler can continue to define what is a registered security, which will determine whether the SEC has jurisdiction over coins, crypto exchanges or other parts of the crypto universe.”
He noted the SEC will likely claim that certain crypto investments and platforms meet the definition of a security under existing law and will seek to force them to register with the SEC.
Disclosure is a main theme
At the heart of many of Gensler’s proposed rules is disclosure, lots of it.
Few argue against disclosure, but the issue revolves around how much is necessary and how it is used.
See: Canadian securities regulators publish guidance on ESG-related investment fund disclosure
One SEC watcher, who asked to remain anonymous, told me:
“The point of disclosure is, do people have enough information to make an informed decision?”
Referring to the PFOF controversy, this source told me, “The point is not to regulate the pricing of the products. If there are hidden fees, they should be disclosed, but the point should not be, ’You guys are making too much money, and we should do disclosure so you can make less money.”
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
 |  |  |
Support NCFA by Following us on Twitter!Follow @NCFACanada  |
Related Posts
Event May 8-9, Dubai: FinTechs and banks unite for innovation at DIFC’s Dubai FinTech Summit Dialogues- SEC says GameStop’s wild stock surge was not short covering
- Jamie Dimon Advises Government to ‘Close Down Crypto’
- What AngelList is doing about the proposed SEC rules to overhaul startup financing
- Fineqia Signs Up Fintech Firm Nivaura for Crypto Asset Bond UK Regulatory Test
- Journal of Banking and Finance Law and Practice: Why Should Australian Policymakers Care About Crowdfunding?
Leave a Reply