General Counsel
Tw Li

September 24, 2021

Different Disclosures for Different Degrees

SEC Issues Sample Letter on Climate Change Disclosures

Steven Lofchie

Commentary by Steven Lofchie

The SEC Division of Corporation Finance provided companies with an example of a letter "containing sample comments that the Division may issue to companies regarding their climate-related disclosure or the absence of such disclosure."

"Please revise your disclosure to identify material pending or existing climate change-related legislation, regulations, and international accords and describe any material effect on your business, financial condition, and results of operations."

SEC Division of Corporation Finance

House Subcommittee Considers Pandemic-Related FRB Emergency Lending Programs

The House Committee on Financial Services Subcommittee on National Security, International Development and Monetary Policy considered testimony on lessons learned from emergency lending facilities set up by the Federal Reserve Board during the pandemic.

SEC Denies Exchanges' Application for Stay of Market Data Plan

The SEC denied a joint application by several exchanges to stay the effect of an SEC order authorizing the implementation of the National Market System plan on consolidated equity market data.

SEC Grants Exemptive Relief to Three ETFs from Tender Offer Rules

The SEC Division of Corporation Finance granted conditional no-action relief to three exchange-traded funds from requirements prohibiting purchases outside of a tender offer.

CFPB Charges Software Provider with Assisting in Unlawful Fee Collection

The CFPB charged a credit-repair software and solutions company and its CEO with assisting credit-repair businesses in their collection of advance fees from consumers, in violation of the Telemarketing Sales Rule.

MFA Seeks Clarification as to SECR Due Diligence Obligations

The Managed Funds Association urged the European Commission to amend the Securitisation Regulation ("SECR") so that non-EU alternative investment funds managers do not have to comply with the due diligence obligations under SECR where they market alternative investment funds to EU investors.

FinCEN Seeks Comment on Regulations to Implement BSA Provisions on Antiquities Trading

In an Advance Notice of Proposed Rulemaking, FinCEN requested comment on regulations to implement amendments to the Bank Secrecy Act on antiquities trading contained in the Anti-Money Laundering Act of 2020.

SEC Charges Quantitative Analyst with $8.5M Front-Running Scheme

The SEC charged a quantitative analyst with a years-long scheme to front-run securities trades entered by two investment advisers that employed him.

SEC Charges Company Executives with Conducting a Fraudulent Securitization Scheme

The SEC charged the CEO and Chief Operating Officer of a subprime auto loan funding and servicing company with conducting a fraudulent securitization scheme.

Also Covered

Reg. Tracker: September 16 to September 30

Reg. Tracker: September 16 to September 30

The Cabinet Regulatory Tracker is a list of comment deadlines, expiration dates and effective dates.