SEC Director Peter Driscoll described the regulatory and operational challenges of delivering financial services during the pandemic, the issuance of alerts on pandemic and emergent risks (including on cybersecurity), and the roll out of Regulation Best Interest.
The SEC Division of Examinations' 2021 priorities include an enhanced focus on climate and environmental, social and governance-related risks, conflicts of interest for brokers and investment advisers, and FinTech-related risks.
An SEC final rule that conditionally exempts certain security-based swap execution facilities and security-based swap dealers from also registering as clearing agencies was published in the Federal Register.
A school for day trading securities settled SEC charges for (i) offering security-based swaps to non-eligible contract participants and (ii) failing to effect the transactions on a registered national securities exchange.
SEC Commissioner Hester Peirce urged the SEC to (i) more carefully analyze the definitions of the terms "facility" and "exchange" in the Exchange Act, (ii) develop related guidance and (iii) solicit public comment on current guidance.