The press release headline for this action is "SEC Proposes to Modernize Framework for Fund Valuation Practices." On February 14, the SEC issued a proposal to "modernize" key market infrastructure; on January 30, proposed to "modernize" financial disclosure and, to close out last year, proposed to "modernize" the auditor independence rules. See for 2020. Earlier, the SEC proposed to "modernize" the use of derivatives by…

Though the statement concerns emerging markets generally, a quick search turns up 29 references to China and none to Brazil, Russia, or India. Chinese issuers seeking to offer securities in the United States may expect to face closer scrutiny of their offering documents. Firms participating in such offerings must anticipate the risks of review of their diligence should an offering go badly. Likewise, funds that invest offshore should review their disclosures. Advisers and broker-dealers that…

It is possible that the difference in legal outcomes by different agencies is based upon statutory language. It may be more likely that it is policy discretion that has resulted in such a sharp distinction between the CFTC's attitude towards crypto-products and that of the SEC. See, e.g., .

The program is intended for issuers with "significant U.S. operations" and a "majority of U.S. based employees." Query whether this will lead to difficult counting or accounting decisions for issuers that might be on the fringes of eligibility?

In addition, here are two small eccentricities of the program: despite the official disfavor of the use of LIBOR-based interest rates and reliance on credit rating agencies, the program will (i) rely on credit ratings to determine eligibility…