SEC Director of Enforcement, Gurbir S. Grewal highlighted the challenge of ensuring that companies and investment firms make truthful ESG disclosures, and the tendency of some entities to exaggerate positive ESG activities or downplay negative ESG-related information.
An investment adviser settled charges with the SEC for failing to disclose to the Board of an ETF managed by the adviser, the terms of a contract with a social media influencer.
A special purpose acquisition company settled SEC charges for failing to disclose discussions with a target company and its controlling shareholder about a potential business combination prior to and during the IPO process.
The SEC adopted rules to impose a comprehensive regulatory scheme on special purpose acquisition companies ("SPACs") and their subsequent de-SPAC transactions with the stated purpose of aligning the regulation of SPACs more closely with more traditional initial public offerings.
In a letter to SEC Chair Gary Gensler, U.S. Senators Kevin Cramer (R-ND) and Shelley Moore Capito (R-WV) asserted that the SEC lacks the authority to finalize a rule requiring companies to disclose their greenhouse gas emissions and other disclosures to the public.