SEC Chair Gary Gensler kicked off the annual “SEC Speaks” conference Tuesday, providing an in-depth look at the agency’s priorities for the…
The annual two-day"SEC Speaks" event kicked off Tuesday, offering clues to what the priorities will be for the Securities and Exchange Commission in the coming year.
Based on Gensler's introductory remarks, there will be discussions about the upcoming move to shorten the securities settlement cycle from two days to one , the expansion of the definition of an exchange to include more recent trading platforms , consideration of a change in the current one-penny increment for quoting stock trades to sub-penny levels, creation of a best execution standard for broker-dealers, and creation of more competition for individual investors orders .
Congress then passed the Securities Act of 1933, and the following year passed the Securities Exchange Act of 1934, which created the SEC to enforce all the new laws. It also required everyone involved in the securities business to register with the SEC. There's also a division of examinations that conducts the SEC's National Exam Program. It's just what it sounds like. The SEC identifies areas of high concern and then monitors Corporate America to make sure they are in compliance with all the required disclosures. Current hot topics include climate change, crypto and cybersecurity.
Prior to the recent rule changes, executives marketing a company to be acquired by a SPAC often made wild claims about the future profitability of these businesses — claims that would never have been possible to make had a traditional initial public offering route been used. The new SPAC rules that the SEC adopted made the target company legally liable for any statement made about future results by assuming responsibility for disclosures.
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