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.
Regulation
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.
House Democrats Express Misgivings About Some Market Structure Proposals
House Republicans have opposed these proposals for some time, but Democratic skepticism is also emerging.
Republican Spending Bill Would Cut SEC Budget, Block Market Structure Proposals
The legislation would also cut spending by the SEC and the IRS, targeting the agencies’ enforcement budgets.
PBGC Adjusts Quarterly, Monthly Interest Rates
Interest rates for late payment liability, ERISA 4044 annuity discount rates and variable rate premiums have been adjusted, the PBGC announced.
Barr Introduces Another Anti-ESG Bill in House
Mirroring language from Trump-era rules, the Ensuring Sound Guidance Act would require that only pecuniary factors be considered by fiduciaries in investment decisions.
Legislation Requiring Diversity Disclosures Introduced in House
The Improving Corporate Governance Through Diversity Act would require issuers to disclose information on diversity at the director and executive levels.
Pensions, Asset Managers Broadly Support Tick-Size, Access Fee Updates
The SEC proposed reducing exchange access fees and pricing increments for tick-constrained symbols in December 2022.
Bill to Protect Older Investors Against Scams Passes House
The proposed legislation would create a senior investor task force within the SEC.
SEC Charges Binance, Coinbase as Unregistered Exchanges
SEC Chairman Gary Gensler continues his enforcement efforts against cryptocurrency trading platforms.
SEC Approves Amendments Limiting Use of Credit Ratings
The SEC will no longer consider ratings as part of its definition of ‘investment grade’ under Regulation M.
Comments Ask SEC to Modify Disclosure Requirements for Cyberattacks
Industry leaders also asked that the SEC harmonize the proposals and related disclosures.
Republicans, Democrats Continue to Speak Past Each Other on ESG
Future ESG policy is likely to be influenced more by which party is in power than by its actual merits.
SEC Staff to Provide Recommendations on AI Regulations, Says Chairman Gensler
AI has been a topic of interest for Gensler lately, and this likely marks the first confirmation that the SEC is already working on the issue.