House Republicans, Senate Democrats Agree on PBGC Administrative Funding
If the bills are reconciled, the PBGC would receive $513 million in funding, with adjustments made for additional terminated plans.
Regulation
SEC Finalizes Cybersecurity Disclosure Rules
Issuers will have to disclose ‘material cybersecurity incidents’ within 4 business days.
PBGC Clarifies ‘Return Seeking’ and ‘Investment Grade’ for SFA Purposes
Reacting to some confusion about the terms’ precise meanings, the PBGC clarified and provided examples of both.
House Republicans Propose 11 Bills Reforming Proxy Advisory Services
The bills would make it substantially easier for issuers to exclude proposals and harder for the SEC to compel them to include proposals on proxy statements.
SEC Chair Gensler Says Crypto Is ‘Rife With Fraud’
The comments come as the SEC reviews applications for six Bitcoin ETFs.
Changes to Pension Risk Transfer Rules Might Be Coming
The ERISA Advisory Council met this week to discuss possible changes to IB 95-1, which outlines how fiduciaries should select an annuity provider.
‘Transformative’ Artificial Intelligence May Still Present Conflicts of Interest
At a talk hosted by the National Press Club, SEC Chair Gary Gensler explained that while AI presents many economic opportunities, there is also major potential for conflicts of interest.
PBGC Assists Automotive, Trucker, Retail Pension Plans
The total assistance to three multiemployer plans amounted to more than $1.4 billion.
Congressional Interest in Proxy Voting Services Escalates
The House Committee on Financial Services held two hearings related to proxy voting on Thursday.
Senate, House Advance Very Different SEC, IRS Spending Bills
House Republicans support blocking the SEC’s market structure proposals, but Senate Democrats do not.
PBGC Updates Terminated Single-Employer Plan Benefits
The PBGC updated ambiguous regulations and practices, such as when lump sum payments are acceptable under their trusteeship.
Supreme Court Will Hear Challenge to SEC Administrative Courts
The case has implications for the administrative and enforcement authority of many executive agencies beyond the SEC.
CFTC Imposes $145.7M Penalty on Fraudulent Silver Scheme
The scam, ongoing since 2014, involved selling silver coins to more than 200 investors, who then leased them back in exchange for monthly payments.
Five Multiemployer Pension Funds Bailed Out By PBGC This Week, Totaling More Than $2 Billion
The PACE Industry and National Integrated Group Pension plans make up the bulk of that amount.
Republican ESG Working Group Calls Out Proxy Voting
An interim report published by Republicans on the House Financial Services Committee argues that ESG lowers returns and that the proxy voting industry is unacceptably opaque.