SEC Chair Jay Clayton, Division of Corporation Finance Director William Hinman, Division of Investment Management Director Dalia Blass and Division of Trading and Markets Director Brett Redfearn provided updates on the SEC's various pandemic relief measures.
The SEC extended (i) the filing periods included in previous conditional reporting relief from specific filing obligations, and (ii) certain regulatory relief provided previously for funds and investment advisers whose operations may have been impacted by COVID-19.
The SEC adopted amendments to the definitions of "accelerated filer" and "large accelerated filer" under Exchange Act registration and reporting rules. The amendments reduce costs for certain lower-revenue companies.
A bipartisan group of senators introduced a bill which would impose federal beneficial ownership reporting requirements for legal entities established under state law, intended to assist law enforcement in fighting money laundering and terrorist financing.
A bipartisan group of U.S. senators proposed the "ILLICIT CASH Act," which would establish federal reporting requirements to help federal and local law enforcement officials more easily access beneficial ownership information.
The SEC clarified that any registrant may voluntarily satisfy the recently adopted mining disclosure requirements if it complies with (i) Mining Operations disclosure rules and (ii) EDGAR requirements.