SEC Commissioner Michael S. Piwowar praised collaborative efforts between regulators and market participants on FinTech and RegTech and called for a continued focus on cybersecurity and risk management.
At a co-sponsored conference held at New York University, SEC Commissioner Michael Piwowar encouraged examination of (i) the effect of exchange-traded investment products on financial markets, (ii) implications for investors and (iii) the future of ETPs.
House Financial Services Committee members Maxine Waters (D-MO) and Gwen Moore (D-WI) criticized the treatment of the Conflict Minerals Rule by SEC Commissioner Michael Piwowar and the SEC Division of Corporation Finance.
Four Democratic Senators urged SEC Inspector General Carl W. Hoecker to investigate SEC Acting Chair Michael Piwowar's actions during his transitional appointment in order to "determine whether they are legally permissible and in keeping with the SEC's core mission."
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.
SEC Acting Chair Michael Piwowar encouraged the undertaking of a "Special Study" of the securities markets by the Columbia Law School Capital Markets Program. The Study will offer recommendations for financial market regulatory reform.
The SEC approved a rule amendment that alters the settlement cycle from three business days after the trade date (T+3) to two business days (T+2). The amendment is expected to improve capital efficiency and reduce risk.
The SEC and the North American Securities Administrators Association entered into a memorandum of understanding to ensure that recently adopted exemptions to intrastate crowdfunding and regional offering requirements are "facilitating access to capital for small business."
The SEC requested industry feedback on the pay ratio disclosure rule. The request is in response to unanticipated compliance difficulties reported by issuers. SEC Acting Chair Michael S. Piwowar called on Commission staff to "reconsider the implementation of the rule" and consider additional guidance.
SEC Acting Chair Michael S. Piwowar directed Commission staff to reconsider the appropriateness of the 2014 guidance on the SEC Conflict Minerals Rule in light of (i) the expiration of the temporary transition period provided for in the Rule, and (ii) ongoing litigation concerning a Court of Appeals' determination that portions of the rule violated the First Amendment.