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☆ SEC approves disclosure rule for climate-related risks. Here's what's next for companies and investors
▼ + stars: | 2024-03-06 | by ( Bob Pisani | ) www.cnbc.com time to read: +1 min

The U.S. Securities and Exchange Commission on Wednesday voted to adopt new rules that will require most publicly traded companies to disclose climate-related risks in their registration statements and annual reports. The rule proposal was first made in March 2022, but the SEC extended the public comment period several times. He noted the SEC has continuously updated its disclosure requirements over the years, including those related to environmental risks. SEC staff members have noted that nearly 40% of publicly traded companies already disclose information about climate-related risk in their annual reports, but there is no common reporting framework. The final rules would require companies to disclose the following:

Persons: Gary Gensler, Hester Peirce Organizations: . Securities, Exchange, Financial, Capitol, Washington , D.C, U.S . Securities, Exchange Commission, SEC, Republican SEC Locations: Washington ,

It brings the U.S. closer to the European Union and California, which moved ahead earlier with corporate climate disclosure rules. The narrowed rule doesn’t include requirements that companies report some indirect emissions known as Scope 3. And small or emerging companies don’t have to report emissions at all. The SEC has said many companies already report such information, and the SEC’s rule would standardize such disclosures. More than 5,300 companies will be required to report their emissions under the California rule, according to Ceres, a nonprofit that works with investors and companies to address environmental challenges.

Persons: Caroline Crenshaw, “, ”, Hester Peirce, ” Peirce, —, Hana Vizcarra, Vizcarra, Gary Gensler, Gensler, ” Gensler, Coy Garrison, ” Suzanne Ashley, ” Ashley Organizations: WASHINGTON, U.S . Securities, Exchange Commission, U.S, European Union and, Publicly, SEC, Republican, Companies, Associated Press Locations: European Union and California, Earthjustice, U.S, overreach, California, Ceres, AP.org

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBitcoin inches closer to all-time high as cryptocurrency tests $67,000: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, SEC Commissioner Hester Peirce discusses what needs to change for regulating crypto in the U.S. from ETHDenver.

Persons: explainers, Hester Peirce Organizations: CNBC Crypto, CNBC, SEC Locations: U.S, ETHDenver

☆ Wall St regulator adopts Dodd Frank rule against trader conflicts
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +2 min

The seal of the U.S. Securities and Exchange Commission (SEC) is seen at their headquarters in Washington, D.C., U.S., May 12, 2021. The SEC move is mandated by the Dodd Frank law, aimed at eradicating behavior seen in the 2008 global financial crisis. The rule is among the last to be adopted under 2010's Dodd Frank Wall Street reform legislation and faced a winding road to completion. Parties covered by the rule include underwriters, placement agents and sponsors for asset-backed securities. The SEC says it will require compliance with the rule for asset-backed securities with closing dates falling 18 months after the rule appears in the Federal Register.

Persons: Andrew Kelly, Dodd Frank, Dodd Frank Wall, Gary Gensler, Hester Peirce, Goldman Sachs, Douglas Gillison, David Gregorio, Marguerita Choy Organizations: U.S . Securities, Exchange Commission, Washington , D.C, REUTERS, SEC, Republican, Senate, Federal Register, Thomson Locations: Washington ,

☆ SEC Commissioner Peirce: The logic for why we haven't approved a bitcoin ETF has always mystified me
▼ + stars: | 2023-10-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSEC Commissioner Peirce: The logic for why we haven't approved a bitcoin ETF has always mystified meSEC Commissioner Hester Peirce joins 'Squawk Box' to discuss the state of crypto regulation, the agency's regulatory agenda, and more.

Persons: Peirce, Hester Peirce

☆ US SEC proposes banning volume-based trading discounts for stock brokerages
▼ + stars: | 2023-10-18 | by ( Douglas Gillison | ) www.reuters.com time to read: +3 min

The headquarters of the U.S. Securities and Exchange Commission (SEC) are seen in Washington, July 6, 2009. FollowOct 18 (Reuters) - Wall Street's top regulator on Wednesday proposed new regulations it said should level the playing field among broker-dealers operating on U.S. stock exchanges by ending pricing schemes that tend to favor bigger players. At a public meeting in Washington, a divided five-member U.S. Securities and Exchange Commission voted 3-2 to propose banning stock exchanges from offering lower transaction prices and rebates to brokerages with higher trading volumes, something officials said creates unfair competitive advantages for larger firms. The ban on transaction price discounts and rebates would not apply when brokerages trade for themselves, SEC officials said in advance of the meeting. In those cases, stock exchanges will have to disclose pricing tiers and the number of exchange members who qualify to the SEC, which will make this available to the public.

Persons: Jim Bourg, Gary Gensler, Hester Peirce, Ellen Greene, Douglas Gillison, Jonathan Oatis Organizations: U.S . Securities, Exchange Commission, SEC, REUTERS, AddSekkei Inc, Exchange, Republican, American Securities Association, Securities Industry, Financial Markets Association, Thomson Locations: Washington, brokerages

☆ Securities traders are gathering in Washington, trying to figure out what the SEC is doing
▼ + stars: | 2023-10-11 | by ( Bob Pisani | ) www.cnbc.com time to read: +6 min

The seal of the U.S. Securities and Exchange Commission hangs on the wall at SEC headquarters in Washington, June 24, 2011. The big topic: trying to figure out what the Securities and Exchange Commission is doing. These wholesalers may send the orders to exchanges, but often match the orders against their own internal order flow. Gallagher will also likely weigh in on payment for order flow as well. "I'm doing everything backwards, I'm leaving a trade group and going into politics, but sometimes you gotta step up."

Persons: There's, Gary Gensler, Gensler, Schwab, ETrade, Hester Peirce, Jonathan Kellner, Peirce, Hope Jarkowski, Rostin Behnam, Dan Gallagher, Matt Andresen, Gallagher, Jim, George Santos, Santos Organizations: U.S . Securities, Exchange, SEC, Securities, Securities and Exchange, Security Traders Association, Security Traders Association of New, Marriott Marquis, Intelligence, Citadel, Republican, MEMX, Democratic, NYSE, CFTC, Corporate, Headlands Technology, Congress Locations: Washington, Security Traders Association of New York, U.S, Long

☆ US SEC shortens deadline to disclose 5% stock ownership to 5 days
▼ + stars: | 2023-10-10 | by ( Douglas Gillison | ) www.reuters.com time to read: +3 min

[1/2] The seal of the U.S. Securities and Exchange Commission (SEC) is seen at their headquarters in Washington, D.C., U.S., May 12, 2021. As adopted, the rule also shortens the disclosure deadline for certain institutional investors to 45 days from the end of the quarter in which their ownership stake surpasses 5%. Previously, the deadline was 45 days from the end of the calendar year. In advance of the announcement, SEC officials told reporters the final rule had been softened in important ways from the original proposal. The SEC announced the new rule changes after they had already been adopted rather than through a public meeting.

Persons: Andrew Kelly, Gary Gensler, Elon Musk, Hester Peirce, Peirce, Douglas Gillison, David Gregorio, Nick Zieminski, Mark Porter Organizations: U.S . Securities, Exchange Commission, Washington , D.C, REUTERS, SEC, Republican, Thomson Locations: Washington ,

☆ LA media company settles first SEC enforcement case over NFTs
▼ + stars: | 2023-08-28 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

Signage is seen at the headquarters of the U.S. Securities and Exchange Commission (SEC) in Washington, D.C., U.S., May 12, 2021. The SEC said Impact Theory marketed its Founder's Keys--sold in "Legendary," "Heroic" and "Relentless" tiers--as a means to profit from its business by investing at an early stage. Impact Theory allegedly raised $29.9 million by selling 13,921 Founder's Keys in late 2021, and received $978,000 of royalties from secondary sales. The SEC said Impact Theory also compared its NFTs with "handing ($20) to Mark Zuckerberg in his dorm room," referring to the billionaire Facebook co-founder. SEC commissioners Hester Peirce and Mark Uyeda partially dissented from Monday's settlement, saying the regulator owed investors better guidance on NFTs.

Persons: Andrew Kelly, Disney, Mickey Mouse, Willie, Mark Zuckerberg, Antonia Apps, Hester Peirce, Mark Uyeda, Peirce, Uyeda, Nathaniel Chastain, Jonathan Stempel, David Gregorio Our Organizations: U.S . Securities, Exchange Commission, SEC, Washington , D.C, REUTERS, Los, U.S, Securities, Walt Disney, Disney, Facebook, Thomson Locations: Washington ,, Los Angeles, York, Manhattan, New York

☆ EU states approve world's first comprehensive crypto rules
▼ + stars: | 2023-05-16 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

(Reuters) - European Union states on Tuesday gave the final nod to the world’s first comprehensive set of rules to regulate cryptoassets on Tuesday, piling pressure on countries such as Britain and the United States to play catch up. REUTERS/Dado Ruvic/IllustrationAn EU finance minister meeting in Brussels approved rules that were thrashed out with the European Parliament, which gave its approval in April. Regulating crypto has become more urgent for regulators after the collapse of crypto exchange FTX. Crypto firms say they want certainty in regulation, putting pressure on countries to copy the EU rules, and on regulators to come up with global norms for a cross-border activity. The United States has focused on using existing securities rules for enforcement action in the sector while it decides on whether to introduce bespoke new rules and who would apply them.

Major players are hoping that the SEC and Washington takes, what crypto watchers see as bluffs, seriously and soften the hard line that regulators have taken on the industry. Coinbase CEO Brian Armstrong said last week that the SEC was on a "lone crusade" with its tough actions against certain crypto companies. "The SEC is a bit of an outlier here," Armstrong told CNBC's Dan Murphy in an interview in Dubai. But he's created some lawsuits, and I think it's quite unhelpful for the industry in the U.S. writ large." "The biggest fear of crypto companies is that regulation will cause panic among crypto investors and prices will go down.

☆ Crypto firms call for global consensus instead of "fire hose" of rules
▼ + stars: | 2023-05-10 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

Apart from compliance with rules to stop money laundering and terrorist financing, crypto firms are largely unregulated in many parts of the world. "If we built a good regulatory regime, people would come. We are shooting ourselves in the foot by not having a regulatory regime in the U.S.," Peirce said. U.S. Congress needed to decide which regulatory body has authority over crypto, Peirce added. Global standards and harmonisation as much as possible are key, said Sarah Pritchard, executive director for supervision at Britain's Financial Conduct Authority.

[1/2] U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler testifies before a House Financial Services and General Government Subcommittee hearing on President Biden's budget request for the Securities and Exchange Commission, on Capitol Hill in Washington, U.S., March 29, 2023. Many in the industry have said existing securities regulations are inappropriate and the sector needs fresh rules. Some DeFi platforms may fall under the proposed definition, but others may already be considered exchanges by the existing one, SEC officials said this week. "Make no mistake: many crypto trading platforms already come under the current definition of an exchange," SEC Chair Gary Gensler said in prepared remarks published on Friday. Most crypto trading platforms meet that definition, regardless of whether they call themselves decentralized, Gensler said.

☆ US SEC sees DeFi platforms as exchanges, seeks more public feedback
▼ + stars: | 2023-04-14 | by ( Chris Prentice | ) www.reuters.com time to read: +3 min

[1/2] U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler testifies before a House Financial Services and General Government Subcommittee hearing on President Biden's budget request for the Securities and Exchange Commission, on Capitol Hill in Washington, U.S., March 29, 2023. The SEC voted 3-2 to take additional comments from the public after crypto firms criticized the plan as vague and aimed at roping in decentralized finance (DeFi) platforms. Some DeFi platforms may fall under the proposed definition, but others may already be considered exchanges by the existing one, SEC officials said this week. "Make no mistake: many crypto trading platforms already come under the current definition of an exchange," SEC Chair Gary Gensler said in prepared remarks published on Friday. Most crypto trading platforms meet that definition, regardless of whether they call themselves decentralized, Gensler said.

☆ Wall Street lines up against SEC chair Gary Gensler on one of his most controversial proposals
▼ + stars: | 2023-03-31 | by ( Bob Pisani | ) www.cnbc.com time to read: +15 min

However, Gensler has claimed that pension funds and other institutional investors are not able to interact with that retail order flow. Auctions: the industry lines up against it The auction proposal has generated a large volume of comment letters to the SEC. He has said investors today need a better understanding of how well their trading orders are being executed. Theoretically, the SEC could vote on any or all of the four proposals in a shorter time period. This is just the start This is just the start of many proposals in front of the SEC.

☆ Op-ed: Crypto and blockchain need a trellis, not just a weed killer, says Scaramucci
▼ + stars: | 2023-03-21 | by ( Anthony Scaramucci | ) www.cnbc.com time to read: +4 min

You might not know this, but Goldilocks and the Three Bears is actually a story about the debate currently surrounding regulation of the blockchain and crypto industries. The agency nearly doubled the size of its crypto assets enforcement unit last May. Many in the crypto industry want this "regulation by enforcement" to stop. It's as much of a trellis for good plants as it is a weed killer. Scaramucci is the founder and managing partner of SkyBridge Capital, an alternative asset manager and SEC-registered investment adviser.

☆ U.S. poised to tighten reporting rules on $20 tln private fund sector
▼ + stars: | 2023-03-17 | by ( Douglas Gillison | ) www.reuters.com time to read: +3 min

March 17 (Reuters) - Wall Street's top regulator is set to adopt new rules aimed at bolstering oversight of systemic risk in the burgeoning, multitrillion-dollar world of private equity and hedge-funds. As proposed in January 2022, the rule would require reporting of such events to the SEC within one business day. The agency billed the new rule in part as a means of supporting the Financial Stability Oversight Council, a multi-agency risk-monitoring body also created under Dodd-Frank. The proposal offered "scant evidence" that it would enhance FSOC's monitoring for systemic risk, she said in dissenting remarks against the proposal, adding that it would likely become a tool "for government to micromanage private fund risk management." Reporting by Douglas Gillison; Editing by David GregorioOur Standards: The Thomson Reuters Trust Principles.

☆ Lack of Crypto Audit Regulation Raises Questions About PCAOB Authority
▼ + stars: | 2023-02-17 | by ( Mark Maurer | ) www.wsj.com time to read: +6 min

Additionally, there isn’t a regulatory framework for audits for many crypto companies. The SEC, which oversees the PCAOB, is reviewing how crypto companies portray reports from audit firms in the aftermath of the FTX collapse. The PCAOB—which sets audit standards, inspects audits and disciplines audit firms—has said it can only oversee audits of public companies and SEC-registered broker-dealers. In a letter last month to PCAOB Chair Erica Williams, they said the watchdog ignored what they called questionable practices by auditors of crypto companies. Even potential improvements to crypto audit regulation might not prevent fraud in the crypto industry, said Andrew Kitto, an assistant professor of accounting at the University of Massachusetts Amherst and a former PCAOB economic research fellow.

☆ SEC commissioner Peirce publicly rebukes her agency, Gensler on crypto regulation
▼ + stars: | 2023-02-09 | by ( Rohan Goswami | ) www.cnbc.com time to read: +2 min

Hester Peirce, commissioner of the US Securities and Exchange Commission (SEC), speaks during the DC Blockchain Summit in Washington, D.C., on Tuesday, May 24, 2022. Hester Peirce of the Securities and Exchange Commission publicly rebuked her agency's apparent crypto regulation by enforcement, asking if a "hostile" regulator is the best solution for the industry. "Whether one agrees with that analysis or not, a more fundamental question is whether SEC registration would have been possible," Peirce wrote. But Gensler and the SEC Enforcement division under his control have moved far more aggressively than the Department of Justice or policymakers to tamp down on the crypto industry. Peirce, who dissented on the enforcement action, indirectly disputed the premise of that assertion.

☆ U.S. targets '08 crisis trader conflicts in new rule, decade after 1st try
▼ + stars: | 2023-01-25 | by ( Douglas Gillison | ) www.reuters.com time to read: +4 min

The rule is among the last to be adopted under the landmark Dodd Frank Wall Street reform legislation of 2010, according to SEC officials. An earlier version of the conflicts rule first proposed in 2011 was never finalized. SEC officials say it would provide exceptions for legitimate activities, such as hedging to mitigate risk, market-making and meeting liquidity commitments. Better Markets, an advocacy organization that promotes more strict financial sector regulation, welcomed Wednesday's rule proposal but vowed to study it. Without citing prominent recent examples of such conflicts of interest in the asset-backed securities market, SEC officials said the conflicts rule was needed to remove the opportunity and incentive for such conduct.

☆ The SEC Seeks to Supplant the Market
▼ + stars: | 2023-01-20 | by ( Phil Gramm | Hester Peirce | ) www.wsj.com time to read: 1 min

When the financial crisis ended in the summer of 2009, economic prognosticators were virtually unanimous in predicting a strong, sustained recovery. But Obama-era regulatory policy smothered that recovery and made it the weakest since the Great Depression. Now, with the economy expected to slip into recession, the coming regulatory tsunami far exceeds the excesses of the post-financial-crisis period. Nowhere are the current regulatory excesses more evident than at the Securities and Exchange Commission.

☆ FTX saga a call to action for us to work on regulatory clarity, says SEC commissioner
▼ + stars: | 2022-11-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFTX saga a call to action for us to work on regulatory clarity, says SEC commissionerHester Peirce, SEC commissioner, joins 'TechCheck' to discuss whether the collapse of FTX supports the idea cryptocurrencies are securities, if she thinks the SEC has done enough to protect ordinary customers and more.

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