“ § Comments are due May 9, 2022. Effective date: April 1, 2022. On February 9, 2022, the SEC published a release addressing Cybersecurity Risk Management for Investment Advisers, Registered Investment Companies, and Business Development Companies ("Release"). The agenda identifies 4/23 as the target date for issuance of a proposal. Three months ago, the U.S. Securities and Exchange Commission (SEC) proposed amendments to its rules on cybersecurity risk management, strategy, governance and incident reporting by public companies subject to the reporting requirements of the Securities Exchange Act of 1934. Proposed EU Directive would impact US companies (PDF) For more information, please contact: Michael Maekawa | +1 213-955-8331 | … Based on the compliance dates noted in the proposal, the current expectation is that the SEC will adopt the final rules with an effective date in December 2022. On December 15, 2020, the Board of Governors of the Federal Reserve System (FRB), the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) (collectively, the Agencies) issued a proposed rule (Proposed Rule) that would impose new notification requirements for significant cybersecurity incidents. 7. March 4, 2022. SEC PROPOSES NEW CYBERSECURITY DISCLOSURE RULES. The SEC's proposed rules would provide useful guidance to SPAC sponsors on how they can structure their SPACs to avoid having to register as investment companies, and thereby avoid liability for the types of Investment Company Act "status" claims that were first asserted against a few SPACs in 2021. § 80b-3: SEC SEC Proposed Rule Release 33-11048: Special Purpose Acquisition Companies, Shell Companies, and Projections On March 30, 2022, the U.S. Securities and Exchange Commission (SEC) proposed a series of rules and amendments that would align the disclosure and liability regimes for companies going public through a combination with a special purpose … The new Form SR would require issuers to identify the class and total amount of securities purchased, the average price paid, and whether the amounts were repurchased in reliance on the safe harbor found in Exchange Act Rule 10b-18 or pursuant to a Rule 10b5-1 plan. The agenda identifies 4/23 as the target date for issuance of a proposal. The SEC is providing notice that public companies may file financial data in XBRL with their first annual report on Form 20-F or 40-F for the fiscal period ending on or after Dec. 15, 2017. Continuing its focus on cybersecurity, on March 9, 2022, in a party-line vote, the SEC proposed rules and amendments governing cybersecurity reporting requirements for … Comments are due within 30 days of posting to the Federal Register, or May 9, 2022, whichever is later. The SEC issued a Fact Sheet summarizing the key provisions of the proposed rules. The cybersecurity disclosure guidance issued by the SEC staff in 2011 and by the Commission in 2018 would supplement the proposed rules, if adopted. Material cybersecurity incidents to be reported on Form 8-K Most notably, the proposed rules would require current disclosure of material … The SEC is comprised of classes of employees who have any of 22 “specified cancers,” who worked for a specified period of time at one of the SEC Work Sites or participated in certain nuclear weapons tests, and who meet other additional requirements under The Act. After a year of anticipation, on March 21 the SEC proposed a sweeping climate disclosure regime for public companies in a 3-1 vote with the sole Republican commissioner issuing a separate dissenting statement. IC-34549 (proposed Mar. SEC Proposed Rule Release 33-11048: Special Purpose Acquisition Companies, Shell Companies, and Projections On March 30, 2022, the U.S. Securities and Exchange Commission (SEC) proposed a series of rules and amendments that would align the disclosure and liability regimes for companies going public through a combination with a special purpose … Dear Secretary Countryman: Proposed rule. Interested parties can submit comments here. SEC Chairman Gary Gensler says the disclosures required by the proposed rules would help investors make apples-to-apples comparisons. Joe Holman Principal. The second part of the proposal is new reporting requirements on a company’s Form 10-K. It’d require them to include cybersecurity … Washington D.C., March 9, 2022 —. The Proposed Rule is open to public comment until May 20, 2022, or until 30 days after publication in the Federal Register, whichever occurs later. The Proposed Rule, titled The Enhancement and Standardization of Climate-Related Disclosures for Investors, … Three months ago, the U.S. Securities and Exchange Commission (SEC) proposed amendments to its rules on cybersecurity risk management, strategy, governance and incident reporting by public companies subject to the reporting requirements of the Securities Exchange Act of 1934. The U.S. Securities and Exchange Commission (SEC) has proposed amendments that would require domestic and foreign companies to include certain climate-related information in registration statements and periodic reports. Chair of the Commission Gary Gensler emphasized that the proposal would … Financial advisors today are presented with two abysmal options when it comes to meeting SEC cybersecurity requirements: Option 1: Hire mercenaries to fight on your behalf. Compliance would be keyed off of the number of fiscal years following the effective date of the rules. Less than a month after the U.S. Securities and Exchange Commission (SEC) proposed substantial new cybersecurity requirements for investment advisers and registered investment companies, the commission unveiled a new slate of proposed cybersecurity disclosure rules for public companies. Items have been prepared primarily by OCC. Cyber risks and the SEC's related focus are particularly relevant for mutual funds, hedge funds, and private equity managers. Re: File No. The cybersecurity disclosure guidance issued by the SEC staff in 2011 and by the Commission in 2018 would supplement the proposed rules, if adopted. On October 27, 2021, the FTC released its much-anticipated final revisions to the Gramm-Leach-Bliley Safeguards Rule (Safeguards Rule or Final Rule), following a 3-2 vote along party lines and also released a notice of proposed rulemaking that would require reporting to the FTC of certain cybersecurity events. The SEC set August 15, 2022 as the new date for when they will make a decision on the proposed rule. Improving Detection of Cybersecurity Vulnerabilities and Incidents on Federal Government Networks. On Friday, August 6, 2021, the SEC approved Nasdaq’s board diversity requirements. SUMMARY: The Securities and Exchange Commission (“Commission”) is proposing rules to enhance and standardize disclosures regarding cybersecurity risk management, strategy, governance, and cybersecurity incident reporting by public companies that are subject to the reporting requirements of the Securities Exchange Act of 1934. Although disclosure requirements currently vary for domestic and foreign registrants, the proposal would amend the requirements for FPIs to provide consistent cybersecurity disclosures for all registrants. The Securities and Exchange Commission today voted to propose rules related to cybersecurity risk management for registered investment advisers, and registered investment companies and business development companies (funds), as well as amendments to certain rules that govern investment adviser and fund disclosures. The proposed rules would also require annual disclosure by public companies of their cybersecurity risk … The SEC is proposing to add new Rule 140a under the Securities Act. The Division first issued proposed cybersecurity rules in April, and made several changes to the final version after accepting comments and holding a public hearing in early May. The fate of some of these proposed rules may … On February 9, 2022, the SEC published a release addressing Cybersecurity Risk Management for Investment Advisers, Registered Investment Companies, and Business Development Companies ("Release"). After a May 9 extension, comments on the proposal are due on June 17. "Over the years, our disclosure regime has evolved to reflect evolving risks and investor needs," … In this title, unless otherwise specified: (1) A DDITIONAL CYBERSECURITY PROCEDURE.—The term “additional cybersecurity procedure” has the meaning given the term in section 3552(b) of title 44, United States Code, as amended by this title. On February 9, 2022, the U.S. Securities and Exchange Commission (SEC) proposed five new rules as well as amendments to Rules 204-2 and 206(4)-7 under the Investment Advisers Act of 1940, as amended (the Advisers Act). According to the SEC, these proposals are designed to address "concerns that arise out of the opacity that is prevalent in … Like the recently-proposed cybersecurity amendments, but unlike many SEC rulemaking actions in recent years, the proposed climate … The Securities and Exchange Commission today proposed amendments to its rules to enhance and standardize disclosures regarding cybersecurity risk management, strategy, governance, and incident reporting by public companies. Based on the compliance dates noted in the proposal, the current expectation is that the SEC will adopt the final rules with an effective date in December 2022. Washington D.C., Feb. 9, 2022 —. The proposal passed on party lines and the comment period ends on the later of 30 days after publication in the Federal Register or May 9, 2022 (which is 60 days from the date that the rules were proposed). Sec. In November 2019, the SEC proposed amendments to its advertising and cash solicitation rules for SEC-registered advisers under the Investment Advisers Act. Compliance would be keyed off of the number of fiscal years following the effective date of the rules. The SEC released a proposed rule intended to enhance and standardize disclosures relating to cybersecurity risk management, strategy, governance, and incident reporting. (2) A GENCY.—The term “agency” has the meaning given the term in section 3502 of title 44, United States Code. The SEC's proposed climate disclosure rule, which was proposed March 21 and has a 60-day comment period that ends May 20, would've benefited from a longer comment period, Mr. On March 9, 2022, the U.S. Securities and Exchange Commission (SEC) proposed new cybersecurity rules to enhance and standardize disclosures regarding cybersecurity risk management, strategy, governance, and incident reporting by public companies. On March 21, 2022, the SEC proposed rules that would require public companies to make climate-related disclosures and seek third-party assurance to “promote efficiency, competition and … After a year of anticipation, on March 21 the SEC proposed a sweeping climate disclosure regime for public companies in a 3-1 vote with the sole Republican commissioner issuing a separate dissenting statement.In the words of the majority, the proposed rules are designed to “provide registrants with a more standardized framework to communicate their … technology and electronic communications.3 In today’s digitally connected world, cybersecurity threats and incidents pose an ongoing and escalating risk to public companies, investors, and market participants.4 Cybersecurity risks have increased for a variety of reasons, including the digitalization of registrants’ operations;5 the prevalence of remote work, which … The SEC has included within the Proposed Rule a list of more than 200 questions for which it is seeking comment, and companies are free to also comment on any other aspect of the Proposed Rule. 33-11048; Investment Company Act Release No. [1] As a result: by August 8, 2022, or the date of the company’s proxy/information statement for its 2022 annual meeting (if later) , each Nasdaq listed company will need to provide statistical disclosures regarding the self-identified diversity characteristics of its board … The Proposed Risk Management Rules would require advisers and registered funds to review their cybersecurity policies and procedures no less frequently than annually and reassess and reprioritize their cybersecurity risks periodically as changes that affect these risks occur, rather than at specified intervals. The SEC staff will then review all comments and draft final rules for vote by the Commissioners. The Release contained proposed new rules under the Advisers Act (Rules 206(4)-9 and 204-6) and the Investment Company Act of 1940 (Rule 38a-2) … On March 20, 2019, the Securities and Exchange Commission (SEC) proposed rules that would modify the registration, communications and offering processes for certain closed-end funds (CEFs), including interval funds, and business development companies (BDCs), under the Securities Act of 1933, as amended (Securities Act). Submitted electronically via SEC.gov. The SEC has proposed sweeping rules that would require most public companies to make extensive disclosures about climate change. The SEC is a uniquely defined category of employees established under The Act (42 CFR Part 83). All seven of these GHG emissions come within the scope of the SEC’s proposed rules. The new SEC cybersecurity disclosure requirements will mandate public companies to provide periodic updates about previously disclosed cybersecurity incidents when a material change, addition, or update has occurred. Vanessa Countryman, Secretary Securities and Exchange Commission 100 F Street, NE Washington, DC 20549-1090. The U.S. Securities and Exchange Commission (SEC) has proposed amendments that would require domestic and foreign companies to include certain climate-related information in registration statements and periodic reports. On March 9, 2022, the Securities and Exchange Commission (SEC) proposed rules that would require disclosure of the occurrence of, and developments related to, material cybersecurity incidents. The SEC extended the period for Commission consideration of a FINRA proposal to require TRACE reporting of transactions in U.S. dollar-denominated foreign sovereign debt securities. The SEC would grant covered exchanges a grace period, during which they can operate provisionally until the earlier of either: (1) the date the entity registers as a broker-dealer and becomes a member of a national securities association, or (2) 210 calendar days after the effective date of any final rule. 3 FINRA's Funding Portal Rules will become effective on January 29, 2016, which aligns with … I. On March 22, 2022, the U.S. Securities and Exchange Commission (SEC) released the long-anticipated proposed rule: The Enhancement and Standardization of Climate-Related Disclosures for Investors. The growing number and complexity of cybersecurity risks facing investment advisers (IAs) has triggered an increased interest in cyber risk management by the United States Securities and Exchange Commission (SEC). Three months ago, the U.S. Securities and Exchange Commission (SEC) proposed amendments to its rules on cybersecurity risk management, strategy, governance and incident reporting by public companies subject to the reporting requirements of the Securities Exchange Act of 1934. If adopted … Compliance date: May 1, 2022. Dial said. The proposed rules, if adopted, would require each … Revisions to the Safeguards Rule Companies would be required to tag the new disclosures described below using iXBRL. 2 The Proposals include a new reporting obligation under proposed Rule 204-6 that would require advisers to report to the SEC on a confidential basis “significant adviser cybersecurity incidents” (which may be with respect to private funds or clients) and “significant fund cybersecurity incidents” (for registered funds) within 48 hours of having a reasonable … Driven by investor demand for consistent and comparable information regarding an issuer’s climate-related risks, the SEC issued proposed rule 33-11042, The Enhancement and Standardization of Climate-Related … Key impacts The SEC issued a Fact Sheet summarizing the key provisions of the proposed rules. On March 9, 2022, the proposal arrived. Proposed Rule, Cybersecurity Risk Management for Investment Advisers, Registered Investment Companies, and Business Development Companies: Investment advisers registered or required to be registered under 15 U.S.C. The SEC proposed three new rules relating to security-based swaps: (1) an anti-fraud rule, (2) a rule to require reporting of large positions in security-based swaps, and (3) a rule prohibiting personnel of an SBS entity from taking any action to improperly interfere with the SBS entity's CCO in the performance of such person's duties.. New SEA Rule 9j-1 (being re-proposed … Update: SEC proposes new rules for private fund advisers. Climate-related risks have financial consequences that investors in public companies consider when making investment and voting decisions. 33-11038, Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure . The SEC approved 1 FINRA's proposed Funding Portal Rules and related forms for SEC-registered funding portals that become FINRA members pursuant to the crowdfunding provisions of Title III of the JOBS Act 2 and the SEC's Regulation Crowdfunding. On 9 February 2022, the U.S. Securities and Exchange Commission (the SEC) proposed new rules and amendments to existing rules (together, the Proposed Rules) 1 addressing cybersecurity risk management under the Investment Advisers Act of 1940, as amended (the Advisers Act) and the Investment Company Act of 1940, as amended (the 1940 … 1 If adopted, these proposed changes would significantly impact the marketing of private funds 2 by managers after a one-year transition period from the current rules. OCC filed the proposed rule change pursuant to Section 19(b)(3)(A)3 of the Act and Rule 19b-4(f)(6)4 thereunder. Note that in addition to the proposed rule discussed in this Heads Up, the SEC in February 2022 issued a proposed rule on cybersecurity risk management and incident reporting for registered investment advisers and funds. The text of the proposed rules is available here. On February 9, 2022, the Securities Exchange Commission (the SEC) proposed new rules, rule amendments, and a new Form ADV-C (the Proposed Rules) under the Investment Advisers Act of 1940 (the Advisers Act) that seek to further regulate investment advisers to private funds in a significant way. Among the proposed changes are: On February 10, 2022, the Securities and Exchange Commission (“SEC”) proposed two amendments to Rules 21F-3 and 6 under the Securities Exchange Act of 1934 (“Exchange Act”), which govern how the SEC issues rewards to whistleblowers under its whistleblower program, to account for potential disparate treatment. On March 9, 2022, the Securities and Exchange Commission (SEC) proposed rules that are intended to enhance and standardize disclosures regarding cybersecurity risk management, strategy and governance, as well as cybersecurity incident reporting, by public companies that are subject to the reporting requirements of the Securities Exchange Act of … The SEC set August 15, 2022 as the new date for when they will make a decision on the proposed rule. [1] According to the SEC’s release, the amendments … Executive Summary. The Situation: On March 9, 2022, the U.S. Securities and Exchange Commission (the "SEC") proposed amendments to enhance and standardize disclosures regarding cybersecurity risk management, strategy, governance, and incident reporting by public companies. On March 9, 2022, the U.S. Securities and Exchange Commission proposed amendments to its rules that would enhance and standardize disclosures related to cybersecurity risks and incidents, and would expand upon cybersecurity guidance issued by the Commission in 2018. As proposed, new disclosures would be required for all public companies and would include certain climate-related financial metrics in the audited financial statements. The Potential Result: If adopted as proposed, the amendments would, among … 24 May 2022. The SEC is soliciting comments on the proposed rules. “(b) Effective date.—This section shall apply— “(1) on and after the date that is 1 year after the date of enactment of the Federal Information Security Modernization Act of 2022; and “(2) with respect to any contract entered into on or after the date described in paragraph (1). In Short. All seven of these GHG emissions come within the scope of the SEC’s proposed rules. The SEC’s view is that cybersecurity threats and incidents pose an ongoing threat to public … This is in addition to originally disclosing the incident within four business days of the material determination. On March 30, 2022, the Securities and Exchange Commission (the “SEC”) proposed a set of rules and amendments governing special purpose acquisition companies (“SPACs”) that will, if adopted, impose significant new regulatory hurdles for SPAC-related transactions, as well as expand potential bases for liability. The SEC’s view is that cybersecurity threats and incidents pose an ongoing threat to public … +1 212-954-1086. Like the recently-proposed cybersecurity amendments, but unlike many SEC rulemaking actions in recent years, the proposed climate … S7-04-22 Cybersecurity Risk Management for Investment Advisers, Registered Investment Companies, and Business Development Companies. Here are the key takeaways: What Happened. The Securities and Exchange Commission today voted to propose rules related to cybersecurity risk management for registered investment advisers, and registered investment companies and business development companies (funds), as well as amendments to certain rules that govern investment adviser and fund disclosures. Pay a king’s ransom for external experts and their standard cybersecurity program. Financial Industry Regulatory Authority, Inc. (“FINRA”) is filing with the Securities and Exchange Commission (“SEC” or “Commission”) a proposed rule change to extend the effective date of the temporary amendments set forth in SR-FINRA-2020-026 from December 31, 2020, to April 30, 2021. The SEC has proposed amendments to its proxy rules that would require the use of universal proxy cards in contested director elections, and would change the rules governing disclosure of shareholder voting options and standards in both uncontested and contested director elections. Below please find a summary description of the rule proposal, as well as certain Commissioner’s concerns related to the proposal. The Colorado Attorney General approved the rules on June 7, 2017, and the effective date of the rules is July 15, 2017.

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