Congressman Calls for Proxy Firms to Register With SEC
Wisconsin’s Bryan Steil repeated the thesis of proposed legislation at an STA conference on Thursday: Proxy firms should register and disclose conflicts.
Regulation
California Law Aims for More Equitable Distribution of VC Funding
SB 54 will take effect in March 2025 and will require annual diversity reporting, with a goal of increasing the capital available to venture capital firms owned by women and minorities.
DC Pensions in UK Will Soon Be Required to Disclose Illiquid Asset Policy
Beginning October 1, trustees must include the asset class breakdown for each of their plan’s default arrangements.
Key Government Data, Such as Unemployment and Inflation, Would Not be Published During a Shutdown
Government data collection agencies, such as the Bureau of Labor Statistics, would shut down completely absent a continuing resolution.
New IPOs Cannot Be Processed During Potential Shutdown, SEC Chairman Says
Companies cannot go public if the SEC lacks the staff to process the paperwork, and public companies may be unable to make new offerings.
Infrastructure Fund Adviser Penalized $1.6M by SEC for Fee, Conflict Violations
The firm allegedly failed to disclose conflicts of interest and loans between funds it was advising and managing.
Printer’s Pension Receives $20.6M From PBGC
The plan was projected to become insolvent next year, when it would have had to cut benefits nearly in half.
SEC Tightens Fund Naming Rules
The new rule applies an 80% investment policy that extends far wider than just ESG funds.
SEC’s Birdthistle Defends AI Proposal at House Hearing
The director of investment management said the definition of covered technology is not as broad as many fear, but that the SEC is taking comments on the proposal’s scope seriously.
SECURE 2.0 Allows More Pension Funds to Transfer Money to Health Plans
But the transfers are small and to a rarely offered account type, which means not many plans are taking advantage.
Private Equity Firm to Pay $20.5M to Settle SEC Charges of Inadequate Fee Disclosure
Prime Group allegedly did not disclose that $18 million in fund fees went to a firm wholly owned by its CEO.
Gensler Defends Swing Pricing Proposal Despite Growing Bipartisan Pushback
The chair of the SEC testified about its regulatory agenda, which includes the swing pricing proposal, to the Senate Banking, Housing and Urban Affairs Committee on September 12.
Cement Mason Pension Restored by PBGC Grant
The plan will receive $3.2 million, plus loan repayments, in special financial assistance.
Safeguarding, AI Proposals Scrutinized by Lawmakers
Concerns about cash deposits and the definition of ‘covered technology’ dominate the criticisms of both rules.
IBT Local 863 Receives $334 Million Grant From PBGC
The transportation industry pension was expected to become insolvent next year.