Commentary by Michael A. Kleinman
SEC Chair Gary Gensler outlined additional regulatory steps to protect registrants, public companies and service providers against "cybersecurity pitfalls" facing the "financial sector, investors, issuers and the economy at large."
The SEC proposed cybersecurity risk management and reporting requirements that would be applicable to registered investment advisers, registered investment companies and business development companies. The SEC also proposed amendments to certain rules that govern investment adviser and fund disclosures.
The SEC proposed extensive new regulation of private fund advisers under the Adviser's Act.
The SEC proposed amendments to its broker-dealer and security-based swap dealer electronic recordkeeping requirements.
The SEC proposed amendments to reporting requirements for (i) "management investment companies" (including exchange traded funds) as to their reporting of proxy votes, and (ii) "institutional investment managers" as to proxy voting relating to executive compensation.