- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2023-04-12T16:25:00
A commissioner at the Securities and Exchange Commission (SEC) warned about “potential pitfalls” with structured data, which regulators and lawmakers have embraced as a way to make data accessible and easy to use.
In a speech Monday in Washington, D.C., before the RegTech 2023 Data Summit, SEC Commissioner Hester Peirce said the agency’s rollout of structured data requirements lacks a strategic plan, doesn’t adequately address the costs of creating structured data for smaller entities, and may create data that is not useful to the public.
Other pitfalls include “the dangers of embedding in rules technology that inevitably becomes outdated; and the likely result of making it easier for government to process data, which is to increase the appetite for collecting ever more data,” she said.
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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.
Huntleigh Advisors and affiliate Datatex Investment Services agreed to pay $893,502 to settle charges laid by the Securities and Exchange Commission regarding failure to disclose conflicts of interest to their advisory clients over eight years.
The Securities and Exchange Commission proposed registered investment advisers be required to place nearly any asset, not just cash and securities, with qualified custodians, thereby expanding the scope of client assets.
Financial institutions holding Russian sovereign assets that have not reported them to the Treasury Department’s Office of Foreign Assets Control are now required to do so by Aug. 2.
Compliance officers should take note of proposed laws in the U.K. with the newly elected Labor government setting the legislative agenda in the King’s Speech last week, promising consultations on enhanced employee rights and a higher minimum wage.
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.
