SIFMA and the Security Traders Association raised concerns about legislative proposals on capital formation and corporate governance currently under consideration by the U.S. Senate Committee on Banking, Housing and Urban Affairs.
SEC Chief Accountant Wesley Bricker reviewed the implementation of the new Generally Accepted Accounting Principles standards, the new auditor's reporting model, and the role of distributed ledger technology in financial reporting.
SEC Chief Accountant Wesley Bricker discussed (i) the role of financial reporting in financial markets, (ii) recent credit loss standard-setting efforts, and (iii) compliance with auditing requirements in connection with initial coin offerings.
SEC Acting Chair Michael Piwowar addressed best practices for the regulation of capital formation, and emphasized the importance of disclosure for lowering the cost of capital and protecting investors.
The SEC accepted offers of settlement in two enforcement actions involving "disclosure violations that deprived investors of material information during battles for corporate control of publicly traded companies."
SEC Investor Advocate Rick A. Fleming and Division of Economic and Risk Analysis Deputy Director Scott W. Bauguess described how the SEC can utilize data analytics to improve disclosure and the value of "big data" research.
SEC Chair Mary Jo White called for the SEC, FINRA and the exchanges to offer recommendations to adjust the "limit-up/limit-down" plan in order to reflect the sensitivity of exchange-traded products to disorderly market activity.