The SEC extended the comment period on proposed amendments to rules governing beneficial ownership reporting until June 27, 2023. The SEC provided a supplemental analysis on the proposal's economic impact.
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The SEC set an effective date of February 5, 2024 for final rules on the filing of certain beneficial ownership reports and guidance. The SEC also outlined compliance date requirements. The SEC final rules and guidance were published in the Federal Register.
The SEC amended rules on the filing of certain beneficial ownership reports and provided guidance on (i) disclosure requirements with respect to derivative securities and (ii) the legal standards applicable to certain common types of shareholder engagement activities.
The SEC issued a " Commission Statement " to provide relief from aspects of the security-based swap dealer ("SBSD") business conduct rules, primarily the treatment of special entities. The SEC stated that the action is in response to "practical compliance difficulties" raised by market participants. The relief allows market participants to rely on representations in the context of complying with CFTC external business conduct requirements. In particular, the statement takes the following "no-action" positions that are "limited to the Commission's enforcement discretion . . . and does not
The SEC proposed establishing "risk mitigation" requirements applicable to security-based swap dealers ("SBSDs"), including portfolio reconciliation and compression, and swap trading relationship documentation. In a proposal, the SEC noted that it "attempted to harmonize [its] proposal with the existing CFTC rules wherever possible." The proposing release provides explanations of the relevant differences between the rules. Proposed Rule 15Fi-3 would require SBSDs to engage in portfolio reconciliations. The rule is analogous to CFTC Rule 23.502. Proposed Rule 15Fi-4 would require SBSDs to