Good morning, and welcome to this year’s first meeting of the Investor Advisory Committee. Thank you all for making time in your busy schedules to be here. Today, I want to very briefly update you on a few recent developments at the Commission and give you a glimpse of some of what lies ahead in 2015.White proceed to provide an update on several rules that regulate market technology and enhance disclosures to investors:
- In November, the SEC adopted Regulation Systems Compliance and Integrity (“Regulation SCI”) which applies to the regulation and disclosure of "exchanges, clearing agencies, FINRA, the MSRB, securities information processors, and alternative trading systems accounting for the bulk of equity trading on such systems."
- In December, White recounts the announcement that the Division of Investment Management is developing recommendations for the SEC to address portfolio composition with the aim of modernizing and enhancing data reporting for funds and investment advisers.
- White also discusses the two rules adopted already in 2015, 1) under Title VII of the Dodd-Frank Act, which brings transparency in the over-the-counter derivatives market, and 2) the requirement of disclosure about whether directors, officers and other employees are permitted to hedge the market value of securities obtained through equity-based compensation.
the additional Title VII and executive compensation rulemakings under Dodd-Frank, as well as Regulation A and crowdfunding under the JOBS Act. We will also be busy in a number of other important areas, including, to name just a few, enhancements of our equity and fixed income market structure, the asset management initiatives I mentioned, our disclosure effectiveness review, and enhancing broker-dealer financial responsibility requirements.To read the full speech, click here.