In its 2021 Annual Report, the Financial Stability Oversight Council assessed the state of the financial system and provided recommendations concerning climate-related financial risk, digital asset risk, the orderly transition away from LIBOR, and cybersecurity.
The SEC issued a second no-action letter to FINRA providing relief to member firms that do not comply with Exchange Act Rule 15c2-11 concerning fixed income securities until dates beginning on January 3, 2022, and staggered in three phases.
A broker-dealer settled SEC charges for (i) the offer and sale of unregistered microcap securities, and (ii) failure to file suspicious activity reports for transactions it executed as agent for one of its offshore customers.
In a joint statement, SEC Commissioners Hester M. Peirce and Elad L. Roisman criticized SEC Chair Gary Gensler's recently announced Regulatory Flexibility Agenda for, among other things, failing to "include any items intended to facilitate capital formation."
The SEC final rule on filing fee disclosure and payment methods goes into effect on January 31, 2022. Certain provisions of the final rule go into effect on May 31, 2022 to facilitate the transition of smaller filers to the structuring requirements that will apply to fees and related information.