SEC Reiterates Examination Focus On Firms Engaged In ESG Investing - Finance and Banking mondaq.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mondaq.com Daily Mail and Mail on Sunday newspapers.
The U.S. Securities and Exchange Commission (SEC) Division of
Examinations (Division
1) recently released a Risk
Alert
2 highlighting its continued focus on digital
assets
3 that are securities (Digital Asset Securities).
The Division emphasized that the offer, sale, and trading of
Digital Asset Securities present unique risks to investors and
encouraged firms to consider the distinct features of
distributed-ledger technology when designing their
regulatory-compliance programs. The Risk Alert provides
observations made by Division staff during recent examinations of
industry participants that may assist firms in developing their
compliance practices and policies. The Risk Alert also provides
transparency about areas of focus for the Division s future
Monday, April 19, 2021
On March 3, 2021, the SEC’s Division of Examinations (formerly the Office of Compliance Inspections and Examinations (OCIE)) issued its examination priorities for 2021. In addition to broadly reiterating its continued focus on advisers’ fiduciary duties to their clients, the protection of retail investors and compliance with Regulation Best Interest and Form CRS; knowledgeable and empowered CCOs; conflicts of interest; environmental, social and governance (ESG) matters; and technology and cybersecurity in general, the Division also identified examination priorities that will be of particular interest to managers of both private and registered funds.
Cybersecurity Matters Related to COVID-19
Cybersecurity matters will continue to be a focus, especially those that may be exacerbated by remote work arrangements caused by the COVID-19 pandemic, including with respect to data protection, oversight of vendors, phishing, mobile and remote application
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On Wednesday, April 14, 2021, the US Food and Drug
Administration (FDA) published a long-awaited final guidance document explaining its policy
for conducting remote evaluations during COVID-19.
According to the guidance, FDA will request and conduct voluntary
remote evaluations at (1) facilities where drugs and biologics are
manufactured, processed, packed, or held; (2) facilities covered
under the bioresearch monitoring (BIMO) program; and (3)
outsourcing facilities registered under section 503B of the Federal
Food, Drug, and Cosmetic Act (FDCA). The evaluations do not replace
in-person inspections, and FDA Form 483s will not be issued as a
REGULATORY UPDATES
SEC Leadership Changes
On April 14, 2021, the U.S. Senate voted to approve President Biden’s nomination of Gary Gensler as Chairman of the Securities and Exchange Commission (the “SEC”) through June 5, 2021. The vote came after the Senate Banking Committee endorsed Gensler’s nomination in March 2021. The confirmation only approves Gensler to serve the remainder of former SEC Chairman Jay Clayton’s term, though the Senate Banking Committee has cleared Gensler to serve another five-year term afterward. Gensler served as chairman of the U.S. Commodity Futures Trading Commission from 2009 to 2014, and helped to draft the Sarbanes-Oxley Act as senior advisor to U.S. Senator Paul Sarbanes. In a statement, the SEC’s four commissioners said they welcome Gensler “and look forward to working together to execute our vital mission.”