Monday, January 23. 2023
SEC Issues Fee Rate Advisory #2 for Fiscal Year 2023
On January 23rd, the SEC announced that it has established new fee rates in accordance with Section 31 of the Securities Exchange Act of 1934. The fee rates that apply to most securities transactions will be set at $8.00 per million dollars and will go into effect on February 27th. The rate each self-regulatory organization is required to pay the SEC will remain $22.90 per million dollars for covered sales occurring on charge dates through February 26th. For more information on the charge date, refer to Rule 31(a)(3) and Exchange Act Release No. 49928 on the SEC’s website.
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Thursday, December 29. 2022
SEC Proposes New Rules Related to Regulation Best Execution
The SEC has proposed new rules under the Exchange Act concerning a broker-dealer’s duty of best execution. Under proposed Regulation Best Execution, the current regulatory framework for the duty of best execution would be enhanced by requiring detailed policies and procedures for all broker-dealers.
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Monday, March 28. 2022
SEC Staff to Hold Meeting to Discuss Special Purpose Acquisition Companies, Shell Companies and Projections
The SEC’s Divisions of Corporation Finance and Investment Management will host a meeting via webcast on sec.gov to discuss whether to propose amendments concerning special purpose acquisition companies, shell companies, and the use of projections in SEC filings. The staff will also consider a rule addressing the status of special purpose acquisition companies under the Investment Company Act of 1940. The meeting is free, open for the public to attend, and will take place on Wednesday, March 30, 2022 at 11:30 a.m. ET. {expires: 2022-03-31}
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Wednesday, February 23. 2022
SEC Announces Proposal to Reduce Risks in Clearance and Settlement
On February 9th, the SEC announced that it is proposing new rules and amendments intended to protect investors by reducing risks in the clearance and settlement of securities. The revisions would increase operational efficacy by shortening time between the execution of securities transaction and its settlement. The proposed rule would decrease the standard settlement cycle for the majority of broker-dealer transactions from two business days after the trade date (“T+2”) to one business day after the trade date (“T+1”).
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The Divisions of Corporation Finance and Investment Management Provide Guidance Regarding the Use of Paper “Courtesy Copies”
The Divisions of Corporation Finance and Investment Management receive paper “courtesy copies” of materials from many individuals and entities when they file or submit via EDGAR, email, online form or other electronic methods of communication. Registrants frequently send marked copies of amendments to registration statements or copies of electronically filed registration statements showing modifications from previously submitted or filed versions.
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Thursday, December 23. 2021
SEC Proposes Money Market Fund Reforms
On December 15th, the SEC proposed amendments that would enhance certain reporting requirements to improve the SEC’s ability to monitor and analyze money market fund data. Money market funds are a category of mutual funds registered under the Investment Company Act of 1940 (Act) and regulated pursuant to rule 2a-7 under the Act.
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SEC Proposes Updates to Rule 10b5-1 Insider Trading Plans and Related Disclosures
On December 15th, the SEC proposed amendments to Rule 10b5-1 to enhance disclosure requirements and investor protections against transactions in company securities. Adopted by the SEC in August 2000, Rule 10b5-1 provides corporate insiders an affirmative defense to insider trading: (1) for parties that commonly have access to material nonpublic information, including corporate officers, directors, and issuers, and (2) in circumstances where (subject to certain conditions) the trade was (a) under a binding contract, (b) part of an instruction to another person to execute the trade for the instructing person’s account, or (c) part of a written plan adopted when the trader was not aware of material nonpublic information.
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Wednesday, October 20. 2021
SEC Revises Filing Fee Disclosure and Payment Methods
The SEC voted on October 13th to apply updates to the current methods used to calculate, report, and pay filing fees. The modifications are intended to help automate filing fee calculation and validation and update fee payment options. Importantly, the SEC is introducing a structured data format disclosure requirement concerning fee calculations to most fee-bearing forms.
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Wednesday, October 13. 2021
SEC Proposes Amendments to Form N-PX
The SEC has proposed revisions to Form N-PX to broaden the form’s scope and make it easier and more efficient for investors to get vital information from mutual funds, exchange-traded funds, and other funds that report about their proxy votes. Funds have been required since 2003 to file Form N-PX reports to disclose their voting practices for proxy proposals concerning their investments. However, funds may be inconsistent in the way in which they disclose information about their votes, or they may use a format that is not machine readable, which can make it sometimes difficult for investors to analyze reported data. The rule would render funds’ proxy voting records more usable and easier to analyze. In addition, investors would be able to more easily monitor how their funds vote and compare different funds’ voting records.
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Friday, July 02. 2021
SEC to Hold Remote Meeting of the Asset Management Advisory Committee
The SEC is hosting a virtual meeting of the Asset Management Advisory Committee (AMAC) that will take place on Wednesday, July 7, 2021. The event will begin at 11:00 a.m. ET and will be presented live via webcast for public viewing on sec.gov. {expires: 2021-07-08}
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Tuesday, March 16. 2021
SEC to Hold Virtual Meeting of the Asset Management Advisory Committee
The SEC is hosting a remote meeting of the Asset Management Advisory Committee (AMAC) that will take place on Friday, March 19, 2021. The event will begin at 10:00 a.m. ET and will be presented live via webcast for public viewing on sec.gov. {expires: 2021-03-20}
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Friday, January 08. 2021
SEC Approves Revised Marketing Rule for Investment Advisers
On December 22, 2020, the SEC voted to adopt amendments pursuant to the Investment Advisers Act of 1940, revising rules that regulate investment adviser advertising and payments to solicitors. Drawing from and replacing the current advertising rule (Rule 206(4)-1) and cash solicitation rule (Rule 206(4)-3) is an amalgamated rule established by the amendments. The objective of the amendment is to enhance the SEC’s ability to effectively oversee investment advisers’ marketing communications.
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Wednesday, December 16. 2020
SEC Publishes Supplemental Quarterly Private Funds Statistics
On December 10, 2020, the SEC released the quarterly Private Funds Statistics report, a broadened set of data and analyses of recent private fund industry trends and statistics. First published by the Division of Investment Management’s Analytics Office in October 2015, this recurring report has been offering investors and other market participants beneficial insights on fund activity.
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Thursday, December 10. 2020
SEC Revises Framework for Fund Valuation Practices
On December 3, 2020, the SEC adopted a new rule under the Investment Company Act of 1940 (the “Act”), which will establish both the framework for fund valuation practices and the function of the board of directors regarding the fair value of a business development company (“fund”) or the investments of a registered investment company. The rule is intended to simplify how fund boards can meet the requirements of their valuation obligations considering market developments, such as an increase in both the type and volume of information used in valuation determinations and the increase in the variety of asset classes held by funds.
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Wednesday, November 25. 2020
SEC Announces Agenda for December 1 Meeting of the Asset Management Advisory Committee
The SEC has released the agenda for the Tuesday, December 1, 2020 convening of the Asset Management Advisory Committee (AMAC). The free event will take place from 9 a.m. through 3:30 p.m. ET and will be presented live via webcast on sec.gov. The AMAC was established to provide the SEC with diverse points of view on asset management and related advice and recommendations. The committee is a group made up of outside experts, including parties representing the perspectives of small and large funds, retail and institutional investors, intermediaries, and other market participants.
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