The SEC is proposing substantial amendments to its controversial 2020 proxy advisory firm rules. And it's seeking comment on its equally controversial guidance for investment advisers on proxy voting, asking whether that guidance should be rescinded, revised, or clarified. This comes after SEC Chair Gary Gensler’s directed staff to consider whether the rules warranted further action and Corp Fin announced it would not recommend enforcement action while the rules were under review.
SEC Commissioner Elad Roisman is urging the SEC to provide more clarity around advisers’ cybersecurity obligations, underscoring the need to set clear expectations and promote protection of client account data as firms' reliance on technology grows.
SEC commissioners and senior SEC officials provided updates on high priority issues and initiatives at the recent SEC Speaks in 2021 conference. Digital engagement practices, digital assets, and the private markets dominated their remarks.
In a 4-1 vote at Chair Gary Gensler’s first open meeting, the SEC proposed requiring institutional investment managers that are required to file Form 13F to report “say-on-pay” votes, which are non-binding shareholder votes related to corporate executive compensation.
The SEC adopted amendments to its Whistleblower Program rules in September 2020 that address the criteria for making an award where another agency’s whistleblower program may apply to an action as well as for determining an appropriate award amount.
SEC Chair Gary Gensler has issued a statement directing the SEC staff to consider whether the SEC should revisit the 2019 interpretation stating that proxy voting advice generally is a solicitation under the proxy rules.
The SEC’s Asset Management Advisory Committee’s (AMAC’s) March meeting covered several topics that are high on the SEC’s policy agenda and introduced two new agenda items for 2021.
The SEC’s Division of Investment Management staff is considering amending Investment Company Act Cross Trading Rule 17a-7 and is requesting recommendations.
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