Simplify ESG reporting and create transparency. Sec. The Proposed Amendments would update the notice requirements under the Names Rule for providing notice to shareholders when a fund makes any change to its 80% Policy by specifying the form and requirements for electronic as well as written notices. Assuming the rules are adopted in December 2022 (which we expect the SEC to push hard to achieve) and a registrant has a fiscal year ending December 31, the first compliance period for large accelerated filers would be the first fiscal year after the effective date of the Washington D.C., July 18, 2018 The Securities and Exchange Commission today announced it has voted to adopt amendments to Regulation ATS to enhance operational transparency and regulatory oversight of alternative trading systems (ATSs) that trade stocks listed on a national securities exchange. And so, it was determined that the OTC markets would feel the impact of the amended rule on the morning of September 28, 2021. Washington D.C., March 9, 2022 . The effective date of the all of the rules, except FINRA Rule 3310 (Anti-Money Laundering Compliance Progam), is December 14, 2009. The Final Rule will become effective 60 days after publication in the Federal Register. ACTION: Proposed rule. (The SEC also voted three to two to propose new rules regarding issuer stock repurchases. Quality. On December 7, 2021, the U.S. Department of the Treasurys Financial Crimes Enforcement Network (FinCEN) proposed new regulations (Proposed Regulations) 1 defining and implementing the beneficial ownership reporting requirements of Section 6403 of the Corporate Transparency Act (Act). 2 The Act, enacted on January 1, 2021, as part of the The effective date of FINRA Rule 3310 is January 1, 2010. As noted in the final rule, the amendments are intended to improve for investors the financial information about acquired or disposed Rule 2080 (Obtaining an Order of Expungement of Customer Dispute Information from the Central Registration Depository (CRD) System); 4. Proxy advisory firms that are subject to the final rules are not required to comply with the new requirements to qualify for exemptions from the filing and information requirements placed on persons soliciting proxy votes until December 1, 2021, and full compliance is expected for the 2022 proxy season. Simplify ESG reporting and create transparency. Oct 29, 2020. 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 Affordable Care Act. A proposed S.E.C. ; See SR-FINRA-2021-017.. At any time within 60 days of the filing of the proposed rule change, the SEC summarily may temporarily suspend such rule change if it appears to the SEC that such The rule changes also require firms to release diversity statistics about their boards. Nasdaq found in a study conducted in 2020 that more than 75% of its listed companies wouldnt have met its proposed requirements. The exchange operator applauded the SECs order in a press release. FinCEN did not propose an effective date in this proposed rule. The rule provides guidance to registered investment advisors (RIA ) and business development companies (BDC) to determine fair value of fund investments in In drafting the final rule, the SEC took into consideration constituents feedback on its May 2019 proposed rule. 8 Change the investment test to use the aggregate worldwide market value of common equity of the registrant when available. A screen capture of part of the first page of the final rule is shown below. [2] The CDD Rule represents a departure from prior FinCEN rules, under which financial institutions 8(c). an ATS that trades government securities or repos, is operating as of the effective date of any final rule, and was formerly not required to comply with Regulation ATS under 17 CFR 240.3a1-1(a)(3) (Exchange Act Rule 3a1-1(a)(3)) exemption prior to the effective date of any final rule. www.finra.org/rulefilings/2009-055. United States: Effective Date Set For Amended Universal Proxy Rule. Comments received in response to the proposed rules on transparency in coverage Executive Order 13877, Sec. Comments Due: June 17, 2022. The amendments will be published on the Commissions website and in the Federal Register and will become effective 60 days from the date of publication in the Federal Register. (The SEC also voted three to two to propose new rules regarding issuer stock repurchases. As a comprehensive machine-readable file with all items The implementation date for the remainder of the ADF and TRF amendments will be announced separately and will be during the first quarter of 2015. Questions regarding this Notice may be directed to: Market Regulation Legal Section at (240) 386-5126; The final rules are effective 60 days after publication in the Federal Register. 34-94868. Rule 6c-11 will permit exchange-traded funds (ETFs) that satisfy certain conditions to operate without the expense and delay of obtaining an exemptive order. Effective Date of NYC Salary Transparency Law Remains May 15, 2022 But That Could Change. 1 While the Hospital Price Transparency rule has required hospitals to report contractual payment rates since January 1, The final rule was published in the Federal Register. 105.

The SECs new proposed rule, published on March 21, makes good on the commissions efforts to expand ESG-related disclosure requirements for public companies registered with the SEC. It does not require any minimum creation unit size or value. The proposed SEC ESG disclosures rule would require public companies to disclose GHG emissions and other climate change risks. Introduction. On May 1, 2014, the SEC approved new Supplementary Material .02 to Rule 5210. The Anti-Money Laundering Act of 2020, which is part of the National Defense Authorization Act for Fiscal Year 2021 (NDAA) and includes the Corporate Transparency Act, became law effective with Congress override on January 1, 2021 of former President Trumps veto of the NDAA. The rule was officially passed on March 17 and seems like a step forward in transparency for hedge funds. For the purposes of Rule 5605(f), listed companies fall into one of two tiers: (1) the Nasdaq Global Select Market or Nasdaq Global Market (NGS/NGM) tier and (2) the Nasdaq Capital Market (NCM) tier. The SEC is rescinding the individual exemptive orders for Eligible ETFs one year after the Rules effective date, which is December 23, 2019 (the Effective Date). The As a consequence, the proposed rule is a positive step that would lessen the problems currently being imposed on investment advisers and their clients. The modernized Rule sets minimum public company disclosure standards for The Secretary of the Treasury is required to prescribe regulations under the Corporate Transparency Act by January 1, 2022 (one year after the date of enactment). It is expected that any implementing regulations will be promulgated by FinCEN pursuant to a delegation of authority from the Secretary of the Treasury. 302. A proposed S.E.C. May 11, 2018 marked the compliance date for the Customer Due Diligence Requirements for Financial Institutions rule [1] issued by the U.S. Treasury Departments Financial Crimes Enforcement Network (FinCEN) on May 11, 2016 (the CDD Rule). Thus, an Executive order cannot form the basis of a challenge to a rulemaking. The new rules require companies to greatly expand their human capital management Sec. Ending surprise air ambulance bills. Thursday, April 28, 2022. The SECs new proposed rule, published on March 21, makes good on the commissions efforts to expand ESG-related disclosure requirements for public companies registered with the SEC. FACT SHEET Exchange-Traded Funds (ii) rules exempt from rulemaking requirements under section 553(a) of title 5, Sec. Jeff Swensen for The New York Times. Among these actions is the implementation of the Corporate Transparency Act (CTA), which was enacted as part of the Anti-Money Laundering Act of 2020 within the National Defense Authorization Act for Fiscal Year 2021. The registered national The proposing release on stock buybacks will be discussed in a subsequent post.) 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. The effective date provision for the lifetime income disclosure rule is complicated. The SEC on Friday approved Nasdaqs push to require race and gender disclosures in its listing rules. The SECs new rule levels the playing field, McCabe says.

On Tuesday, September 28, 2021, amended SEC Rule 15c2-11 became effective. Compliance would be keyed off of the number of fiscal years following the effective date of the rules. If there are loopholes, these corporations will find them. Effective Date and Compliance Date. As of that date, the ClinicalTrials.gov system will allow responsible parties to comply with the rule. The proposed rules may give the SEC additional tools to promote transparency and truthfulness in ESG-focused investing. The final rule makes very few changes to the proposed rule discussed in my Aug. 10 update on the SEC and ISO initiatives for human capital reporting. Effective Date Set For Amended Universal Proxy Rule. The proposed SEC ESG disclosures rule would require public companies to disclose GHG emissions and other climate change risks. 33-11042. At an open meeting last week, the SEC votedunanimouslyto propose new rules regarding Rule 10b5-1 plans. 2 FINRA believes that an extended effective Beneficial ownership reporting will begin upon the effective date of the final rule. On 22 December 2020, the U.S. Securities and Exchange Commission (SEC) adopted amendments (the final rule) to Rule 206(4)-1 under the Investment Advisers Act of 1940 (the Advisers Act) to modernize the regulation of investment adviser advertising and solicitation practices. Effective date: The final rules are effective on January 11, 2021. Responsible parties will have 90 calendar days after the effective date to come into compliance with the requirements of this rule (see Section IV.F). *The effective date for the deletion of Incorporated NYSE Rules 343 (Offices Sole Tenancy, and Hours), 343.10 and NYSE Rule Interpretation 343(a)/01 has been changed to April 7, 2014, to correspond to the effective date of the revised Form BR (See Regulatory Notice 14-11). 75039 (May 22, 2015), 80 FR 31084 (June 1, 2015) (SR-MSRB-2015-02). This relief is effective on the Rules Effective Date. Comments received are available for this proposal. 90535 (November 30, 2020), 85 FR 78395 (December 4, 2020) (Order Granting Accelerated Approval of SR-FINRA-2020-024). 1 Rule 206(4)-1 was the SECs first antifraud rule governing the activities of Effective Date: July 11, 2022 Federal Register version (87 FR 35393) See Also: Press The SEC on Friday approved Nasdaqs push to require race and gender disclosures in its listing rules. rule is intended to give investors a clearer picture of the risks that climate change might pose to companies. 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 Act). 3. Increasing transparency by removing gag clauses on price and quality information. Companies in the NGS/NGM tier have until August 7, 2023 (two years See Also: Press Release No. The rule and form amendments will be effective 60 days after publication in the Federal Register, but there will be a one-year transition period for compliance with the form amendments. 106.

Submit comments on S7-10-22. Washington D.C., Nov. 18, 2021 .

Companies in the NGS/NGM tier have until August 7, 2023 (two years The Enhancement and Standardization of Climate-Related Disclosures for Investors. The rule mandates, for the See Rule 3211(a). Despite an effective date about a year out, regulated entities still need to make some decisions now about policies and procedures if they are relying on a new regulation applying to exchange-traded funds. The Corporate Transparency Act requires certain business entities (each An SEC final rule amending federal proxy rules to allow voting by proxy for a preferred combination of board candidates in contested elections will go into effect on January 31, 2022. The Adopting Release states that one year following the effective date of the Final Rule, the SEC will rescind the exemptive orders of current ETFs that "would be permitted to operate in reliance on the Final Rule. FOR IMMEDIATE RELEASE2022-39. An ETF will be required to provide daily portfolio transparency on its website. The final rule was published in the Federal Register. Biological product patent transparency. Cybersecurity Risk Management Policies and Procedures. Other Release No: 34-94867. Discussion. An SEC final rule amending federal proxy rules to allow voting by proxy for a preferred combination of board candidates in contested elections will go into effect on January 31, 2022. The amended rule text is available in the online FINRA Manual. Effective November 9, 2020, the Securities Exchange Commission (SEC) issued final rules that modernized the requirements of Regulation S-K applicable to disclosure of the description of the business (Item 101), legal proceedings (Item 103) and risk factors (Item 105). The amendments generally will be effective on January 31, 2022. 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. Effective date. 1 The new supplementary material becomes effective on August 25, 2014, and requires firms to adopt policies and procedures regarding "self-trades," which are defined as "transactions in a security resulting from the unintentional interaction of orders originating from the same firm that rule is intended to give investors a clearer picture of the risks that climate change might pose to companies. In April and May 2009, the SEC approved eight FINRA Rules as part of the Consolidated FINRA Rulebook: Rule 1122 (Filing of Misleading Information as to Membership or Registration); 3. The effective date of all of the rules is April 19, 2010. 201. The SEC's Regulation Best Interest (Reg BI) under the Securities Exchange Act of 1934 establishes a "best interest" standard of conduct for broker-dealers and associated persons when they make a recommendation to a retail customer of any securities transaction or investment strategy involving securities, including recommendations of types of accounts. Regulating The Environment Through The Securities And Exchange Commission Jun 16, 2022, 01:26pm EDT Amid Highest Inflation In The proposing release on stock buybacks will be discussed in a subsequent post.) Policy. List of Approved FINRA Rules (and Related Rule Filings) The SEC approved the following new FINRA Rules in August and September 2009. FinCEN announced that this NPRM would be the first of three proposed rules, which are designed to finalize the regulations under the CTA. The Securities and Exchange Commission (the SEC or Commission) recently adopted amendments (the Amendment) to Rule 15c2-11 (the Rule) of the Securities Exchange Act of 1934 (the Exchange Act). Second, a Current Government Securities ATS means an ATS that trades government securities or repos and is operating pursuant to an initial operation report on Form ATS on file with the Commission as of the effective date of any final rule. File No: S7-10-22.

registration statement filed with the SEC under the Securities Act, the firm is required to file Form AP by the 10th day after the date the audit report is first included in a document filed with the SEC.4 1 All requirements are subject to the effective dates discussed in Section VII. The Securities and Exchange Commission today 104. Sec. TITLE IIREDUCING THE PRICES OF PRESCRIPTION DRUGS Sec. SECs rule changes set back transparency and shareholder voice September 23, 2020 Chris Cox Today, the SEC approved in a 3-2 party-line vote new rules that severely restrict shareholders access to the corporate proxy by limiting the filing of resolutions. The Securities and Exchange Commission today published proposed Exchange Act Rule 10c-1, which would require lenders of securities to provide the material terms of securities lending transactions to a registered national securities association, such as the Financial Industry Regulatory Authority. Beginning July 1, 2022, most group health plans and health insurance issuers will be required to publish provider-specific reimbursement rates in machine-readable files on the internet due to the Transparency in Coverage final rule. On Jan. 1, 2021, Congress passed the Corporate Transparency Act (CTA) as part of the National Defense Authorization Act for fiscal 2021 (NDAA), which included major updates to the domestic anti-money laundering framework established by the Anti-Money Laundering Act of 2020. A screen capture of part of the first page of the final rule is shown below. FINRA Rule Filing SR-FINRA-2009-055. 2022-82; Proposed Rule Rel. On Sept. 26, 2019, the Securities and Exchange Commission (SEC) announced it had adopted a new Rule 6c-11 under the Investment Company Act of 1940 (the Investment Company Act or the Act). Compliance would be keyed off of the number of fiscal years following the effective date of the rules. Sec. However, pursuant to this Notice, FINRA is establishing a new effective date of May 16, 2011, for the rule amendments in the TRACE ABS filing. "Over the years, our disclosure regime has evolved to While it, like all SEC regulations, would officially become effective 60 days after its publication in the Federal Register, the compliance date would be nine months after the effective date for most of the rule. The SEC approved the following new FINRA rules in October and November 2009. Rule 5100 Series: SECURITIES OFFERINGS, UNDERWRITING AND COMPENSATION: Starting January 1, 2021, each hospital operating in the United States will be required to provide clear, accessible pricing information online about the items and services they provide in two ways:. Sec. November 30, 2020. The Proposed Rules passed with votes of three The U.S. Securities and Exchange Commission is giving a bit more time for broker-dealers to comply with new rules that mandate more transparency in trade routing. SUMMARY: The Securities and Exchange Commission (Commission) proposes rules to shorten the standard settlement cycle for most broker-dealer transactions from two business days after the trade date (T+2) to one business day after the Effect of the Rule on Existing ETF Exemptive Orders. The SEC proposed modernizing the rules related to investment adviser advertisements on November 4, 2019. At an open meeting last week, the SEC votedunanimouslyto propose new rules regarding Rule 10b5-1 plans. The Securities and Exchange Commissions proposed rule change regarding proxy advisory firms would significantly improve transparency in a market that is woefully opaque. The effective date of all of the rules is February 15, 2010, except for Rule 2330 which has an implementation date of February 8, 2010. On May 20, 2020, the SEC issued a final rule 1 that amends the financial statement requirements for acquisitions and dispositions of businesses, including real estate operations, and related pro forma financial information. The effective date varies based on the companys tier. On March 21, 2022, in a landmark proposal, the Securities and Exchange Commission ("SEC") proposed rules that would require public companies to disclose extensive climate-related information in their SEC filings. BACKGROUND ON FINCEN'S PROPOSED RULES. Consolidated Supervision Rules 301. Compliance Dates. In April 2010, FINRA published Regulatory Notice 10-23, which announced the SEC's approval of the TRACE ABS filing and established an effective date of February 14, 2011.. Jeff Swensen for The New York Times. After a methodical, decade-long review of the role of proxy advisors, the Securities & Exchange Commission (SEC) promulgated a final rule in June 2020 intended to increase the transparency, accuracy, and completeness of the information proxy advisors provide their institutional investor clients. Second, a Current Government Securities ATS means an ATS The effective date varies based on the companys tier. Exchange Act Rule 3a1-1(a)(3) exemption prior to the effective date of any final rule. announce a business combination agreement no later than 18 months after the effective date of the SPACs IPO registration statement, and complete the de-SPAC transaction no later than 24 months after the effective date of the SPAC IPOs registration statement; promptly liquidate should it not meet either of the 18- or 24-month deadlines; and The Transparency in Coverage final rule released today by the Department of Health and Human Services (HHS), the Department of Labor, and the Department of the Treasury (the Departments) delivers on President Trumps executive order on Improving Price and Quality Transparency in American 2 See Securities Exchange Act of 1934 (Exchange Act) Release No. Date: March 10, 2022 During 2021, the SEC began to emphasize its interest in environmental, social and governance (ESG) issues; among other things, it indicated its intent to issue rules on an array of ESG matters, including climate-based disclosures. See Securities Exchange Act Release No. The amendments to Form N-CEN will be effective one year from the effective date of the Final Rule. SEC again delays dates for updated broker order handling disclosures under Rule 2020 to comply with Rule 606(b)(3). Under the Proposed Rule, reporting companies created or registered to do business in the United States before the effective date of the final rule would have one year from the effective date to file their initial report with FinCEN. or for ETFs that do not provide full portfolio transparency. Ensuring Transparent Use of Guidance Documents. Assuming that the effective date of the proposed rules occurs in December 2022 and that the filer has a December 31st fiscal year-end, the compliance date for the proposed disclosures in annual reports, other than the Scope 3 disclosure, would be: For large accelerated filers, fiscal year 2023 (filed in 2024). This final rule will be effective January 18, 2017. For the purposes of Rule 5605(f), listed companies fall into one of two tiers: (1) the Nasdaq Global Select Market or Nasdaq Global Market (NGS/NGM) tier and (2) the Nasdaq Capital Market (NCM) tier. An NMS Stock ATS that is operating pursuant to an initial operation report on Form ATS as of January 7, 2019 will be required to file a Form ATS-N no earlier than January 7, 2019 and no