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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2023-09-20T20:01:00
The Securities and Exchange Commission (SEC) adopted amendments to its rule covering fund names to ensure the regulation is appropriate to address new investment drivers, namely environmental, social, and governance (ESG) matters.
The changes to the “Names Rule,” finalized by the agency Wednesday, broaden the scope of the regulation and establish new disclosure and recordkeeping requirements related to the rule. The goal of the amendments is to provide better truth in advertising, as the name of a fund is typically the first piece of information an investor receives.
“The Names Rule reflects a basic idea: A fund’s investment portfolio should match a fund’s advertised investment focus,” said SEC Chair Gary Gensler in a statement. “… Otherwise, a fund’s portfolio might be inconsistent with what fund investors desired when selecting a fund based upon its name.”
The amendments take effect 60 days after publication in the Federal Register. Fund groups with net assets of $1 billion or more must comply within 24 months, while those with net assets of less than $1 billion have 30 months to comply.
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News and analysis for the well-informed compliance or audit exec.
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2023-12-14T19:11:00Z By Kyle Brasseur
The Securities and Exchange Commission adopted a rule change aimed at reducing the threat of systemic risk to U.S. Treasury securities by facilitating additional central clearing in the market.
2023-09-13T20:29:00Z By Aaron Nicodemus
Gary Gensler, despite being put on the spot by a member of Congress, declined to provide an update on when the Securities and Exchange Commission might approve its climate-related disclosure rule for public companies.
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Hester Peirce of the Securities and Exchange Commission argued materiality-based standards—not environmental, social, and governance standards—best suit investors’ needs during a recent speech.
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2024-07-22T15:50:00Z By Aaron Nicodemus
Four federal banking regulators have joined the Treasury Department’s Financial Crimes Enforcement Network in issuing a notice of proposed rulemaking that would require financial institutions to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs.
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