Displaying items by tag: SEC

Friday, 03 June 2022 08:56

Reg BI Focus on Rollovers to Expand

The SEC is planning to beef up its Reg BI enforcement for the rest of the year. The SEC put out a recent bulletin focused on Reg BI compliance and the role that brokers and advisors play in the process. The tone was about how brokers and advisors need to take more responsibility into their own hands regarding compliance. Additionally, more focus and guidance on rollover recommendations is in the pipe, said the SEC. More bulletins on the topic are expected soon.


FINSUM: Rollovers are obviously a major topic for advisors, so this will be closely watched and scrutinized by the wealth management community.

Published in Wealth Management
Saturday, 14 May 2022 06:43

SEC Eyes Major New Regulatory Move

Special purpose acquisition vehicles (Spacs) have been one of the go-to alternatives for high-income investors in the last year, but for Goldman Sachs that could be changing. The SEC is proposing reforms to Spacs in order to improve transparency and align with traditional investments. Goldman will pause their Spac offerings in response. GS was one of the largest underwriters for Spacs in 2021 and raised almost $16 billion. This isn’t expected to be an isolated event for GS, other Wall Street firms are expected to follow suit as regulation will make these less attractive ventures.


Finsum: Biden’s SEC has been a not-so-quiet regulator when it comes to alternatives where they are quickly expanding scope to come down on these sub-industries

Published in Wealth Management
Monday, 18 April 2022 20:00

Biden’s New Regulatory Pick

President Biden announced he is going to nominate Michael Barr, former Assistant Secretary of the Treasury and current dean of the University of Michigan's Public Policy School, for the Feds Vice Chairman of Supervision. Previously nominated Sarah Bloom Raskin pulled her nomination with harsh criticism from Republicans because she argued the Fed should discourage lending to traditional energy companies. Barr will be stepping into a difficult role but has experience in Government. He helped create the Consumer Financial Protection Bureau. Critics have said that Barr had been easy on bank regulations during the Obama admin and others were suspicious as to his role with Lending Club and Ripple Labs.


Finsum: This is a relatively new position but it has critical regulatory power for the financial system.

Published in Wealth Management
Tuesday, 29 March 2022 17:32

The SEC is Flexing Its Regulatory Muscles

The SEC has splashed headlines recently with crypto and ESG rule changes, and they are once again widening their scope. They have proposed a new rule which would force trading firms to register as dealers and fall under oversight. Algorithm and high frequency traders woud now fall under SEC guidelines and scrutiny. Gensler believes these traders provide an important liquidity function for the US financial system and should be overseen by the SEC. The rules would not apply to those that manage less than $50 million. These requirements would put high costs on many financial market participants and might not be justified according to experts.


Finsum: These measures are to prevent a 2020 Fed step in again, but it's difficult to see if this much oversight is warranted given how much it will cost.

Published in Wealth Management
Friday, 18 March 2022 19:22

Biden’s SEC Battling ESG Greenwashing

Biden has hit a brick wall with his climate legislation, and now is going out of his way pleading that oil companies double down on drilling efforts to curb gas prices in response to Russia-Ukraine invasion. However, the SEC is expected to propose new regulation that will force companies to disclose data around their climate risks. This legislation will only come into effect as early as 2023, but it will put a major spotlight on the biggest polluters and carbon contributors. Many believe these changes will force companies to pay higher costs for their carbon use and maybe make it harder for companies to invest in green bonds and funds around these companies.


Finsum: This isn’t enough to end greenwashing; foriegn governments are well ahead of the US in terms of ESG regulation.

Published in Eq: Tech
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