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Financial-services firms risk the wrath of the Securities and Exchange Commission if their employees make campaign contributions to state or local officials such as Walz. Donating to the campaign would violate the regulator's "pay-to-play" rule, which keeps firms from trying to sway politicians for favors such as managing their state's pension fund. Those employees are also required to get permission to donate to the Harris-Walz campaign. It is possible to sidestep the pay-to-play rule by donating to PACs or Super PACs that aren't directly tied to the relevant candidate. "The Pay-to-Play Rule, although well-intentioned, imposes unique, unquantifiable costs on individuals by impeding their ability to participate in the political process."
Persons: , Joe Biden, Kamala Harris, Tim Walz, Walz, Harris, Donald Trump's, Wells, Mike Pence, Pershing, Patricia Crouse, Crouse, aren't, Hester Peirce Organizations: Service, Street, for Responsive, Democrat, Minnesota Gov, Financial, Securities and Exchange Commission, Business, Citigroup, Citi, JPMorgan, Bank of America, Trump, Pershing, SEC, University of New Locations: Wells Fargo, Indiana, Massachusetts, Tallahassee , Florida, University of New Haven
For the last six years, Finland has been ranked the happiest country in the world. I've lived here most of my life, and as a psychologist and happiness researcher, I'm often asked: what exactly makes people in Finland so satisfied with their lives? However, research has shown that those most desperately seeking happiness tend to be less happy. 'Who has happiness should hide it'In Finland, we tend to believe that if you've found happiness, you shouldn't show it. 'The pessimist will never be disappointed'This is an old Finnish saying without any clear origin.
Persons: I've, I'm, you've, Eino Leino, It's, Charles Peirce, Faber Organizations: Nordic Locations: Finland, Helsinki, American, Rome
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
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 ,
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
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 ,
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
Pro Take: Making Medicines Greener
  + stars: | 2023-10-19 | by ( Cecilia Butini | ) www.wsj.com   time to read: +6 min
Photo: mohamed hossam/ShutterstockMaking and supplying medicines generates roughly a third of the global healthcare industry’s greenhouse-gas emissions. Photo: Carlos Jasso/Bloomberg NewsBritish drugmaker GSK , for instance, plans to run on 100% renewable electricity by 2025 and to reach net-zero emissions across its value chain by 2045. GSK partnered with AstraZeneca , Merck KGaA, Novo Nordisk , Roche Holding , Samsung Biologics and Sanofi to form the SMI Health Systems Task Force in 2021. Last year, the partnership decided to strengthen their collaboration by focusing on cutting emissions in the near term and transitioning faster toward net-zero health systems. Novartis aims to achieve net-zero emissions across its value chain by 2040.
Persons: mohamed hossam, Carlos Jasso, “ We’ve, , Mike Peirce, Aurelio Arias, Arias, Claire Lund, Sanofi, Annabelle Harreguy, IQVIA’s Arias, “ It’s, ” Arias, Cecilia Butini Organizations: Pharmaceutical, Pharma, GSK, Bloomberg News British, Climate Group, Climate, Business, Sustainable Markets, Health Systems, Force, AstraZeneca, Merck KGaA, Novo Nordisk, Roche Holding, Samsung Biologics, Sanofi, SMI, Systems, Novartis, World Health Organization, cecilia.butini@wsj.com Locations: GSK’s, China, India, Novo
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
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
[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 ,
[1/2] An Uber riverboat sails on the River Thames, with the Houses of Parliament seen behind in London, Britain, May 17, 2023. Deputy Prime Minister Oliver Dowden and the parliamentary speaker were due to raise the case, after several lawmakers called for not only an explanation but also tighter vetting procedures for those working in the House of Commons. The Sunday Times reported one of those arrested was a researcher in the British parliament. His alleged spying in parliament was raised by British Prime Minister Rishi Sunak at a meeting with Chinese Premier Li Qiang at the G20 summit in India on Sunday. "I think that's the central question that needs to be answered by the prime minister today."
Persons: Toby Melville, Oliver Dowden, Rishi Sunak, Premier Li Qiang, Birnberg Peirce, James, Sunak, Keir Starmer, Elizabeth Piper, Alistair Smout, Kylie MacLellan, Sachin Ravikumar, Christina Fincher, Peter Graff Organizations: REUTERS, London's Metropolitan Police, Sunday Times, Times, British, Premier, Chinese Communist Party, Labour, Thomson Locations: London, Britain, China, London's, India, Beijing
Decarbonisation in mining still a long way off
  + stars: | 2023-09-07 | by ( ) www.reuters.com   time to read: +3 min
Engineering student Mark Peirce from the School of Mines poses for a portrait in the college's experimental mine in Idaho Springs, Colorado, U.S., December 9, 2021. As metals are used across many different industries that serve customers across various geographies, it is difficult for mining companies to account for the whole supply chain. The International Council on Mining and Metals , whose members include around 25 mining companies, on Thursday published guidance for all mining companies on how to account and report their Scope 3 - or indirect - emissions "to try and answer the problem of patchy data to make companies report consistently," its CEO Rohitesh Dhawan said at the conference. Scope 1 refers to a company's direct emissions, Scope 2 to indirect emissions from purchased energy while Scope 3 refers to all other indirect emissions, for example from a company's third-party suppliers. Mining companies have set targets to decarbonise and mostly aim to reach net zero by 2040 and 2050, but some are struggling to keep up.
Persons: Mark Peirce, Kevin Mohatt, Virginia Dundas, Dundas, Rohitesh Dhawan, Rio, Adam Matthews, Clara Denina, Elaine Hardcastle Organizations: School of Mines, REUTERS, Reuters IMPACT, Council, Mining, Metals, Rio Tinto, Church of, Pensions, Thomson Locations: Idaho Springs , Colorado, U.S, Virginia, London
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
The world’s most shark-filled waters
  + stars: | 2023-07-24 | by ( Maureen O'Hare | ) edition.cnn.com   time to read: +7 min
There were just 57 confirmed unprovoked shark attacks last year, out of a global population of 8 billion, five of which were fatal. However, some places around the world have much higher rates of shark attacks than others, with the numbers rising with the passing years. Let’s take a look at the locations worldwide with the highest rates of shark attacks between 2012 and 2021 and the reasons they’ve become hot spots. South Africa (29 bites)South Africa had 29 unprovoked shark bites between 2012 and 2021, of which six were fatal. South Carolina (45 bites)None of the 45 unprovoked attacks in South Carolina in the decade-long time frame were fatal.
Persons: Let’s, , Gavin Naylor, Gansbaai, they’ve, ” Neil Hammerschlag, , ” Richard Peirce, orcas, Brad Leue, Chuck Bangley, Fernando de Noronha, Katarina Zarutskie, ” Zarutskie Organizations: CNN, Discovery, Discovery Channel, Warner Bros ., ISAF, Volusia, Florida Program, Shark Research, orcas, Conservation, University of Miami Rosenstiel School, Shark Conservation Society, International, of Oceanography, Aquaculture Locations: New York, Florida, Florida’s Volusia County, , Smyrna Beach, Australia, New South Wales, Western Australia, Victoria, Hawaii, Windward Oahu, South Africa, Carolina, South Carolina, Charleston, Horry, Beaufort, ” California, San Diego, California, Brunswick County, North, North Carolina, Madagascar, Mauritius, Réunion, Brazil, Pernambuco, Bahamas, Staniel Cay
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.
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.
[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.
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.
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.
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.
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.
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.
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