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SEC Proposes Reforms Relating To Investment Advisers Operating Exclusively Through The Internet

Date 26/07/2023

The Securities and Exchange Commission today proposed amendments to the rule permitting certain investment advisers that provide investment advisory services through the internet to register with the Commission. The proposed amendments generally would require an investment adviser relying on the internet adviser registration rule to have at all times an operational interactive website through which the adviser provides digital investment advisory services on an ongoing basis to more than one client. The proposed amendments would also eliminate the de minimis exception from the current rule by proposing to require that an internet investment adviser provide advice to all of its clients exclusively through an operational interactive website, and make certain corresponding changes to Form ADV.
Modernizing Oversight of Internet Advisers, SEC Commissioner Jaime Lizárraga, July 26, 2023

Date 26/07/2023

The Commission is proposing reforms that would modernize oversight over investment advisers that provide investment advice to clients over the internet.
Improving The Quality Of Cybersecurity Risk Management Disclosures, SEC Commissioner Jaime Lizárraga, July 26, 2023

Date 26/07/2023

Today, the Commission is voting to adopt a rule that will require public companies to enhance and standardize their disclosures on cybersecurity risk management, strategy, and governance, as well as incident reporting. I am pleased to support this rule because it will strengthen the quality, consistency, and timeliness of cybersecurity-related disclosures to investors.
Statement On Internet Investment Advisers, SEC Chair Gary Gensler, July 26, 2023

Date 26/07/2023

Today, the Commission is considering a proposal regarding when investment advisers providing advisory services over the internet can register with the Securities and Exchange Commission. I am pleased to support these amendments because, if adopted, they would modernize a 21-year-old rule to better protect investors in a digital age.
Statement On Conflicts Of Interest Related To Uses Of Predictive Data Analytics, SEc Chair Gary Gensler, July 26, 2023

Date 26/07/2023

Today, the Commission is considering a proposal to address conflicts of interest that may emerge when investment advisers and broker-dealers use predictive data analytics or similar techniques to craft their interactions with investors. I believe that, if adopted, these rules would help protect investors from conflicts of interest—and require that, regardless of the technology used, firms meet their obligations not to place their own interests ahead of investors’ interests.

Expanding Investor Protection, SEC Commissioner Jaime Lizárraga, July 26, 2023

Date 26/07/2023

Millions of retail investors invest in our capital markets in various ways, like brokerage accounts and individual retirement accounts. These investors increasingly rely on technology to interact with a financial professional, seek investment advice, or execute trades. In some of these interactions, investors are exposed to a range of online tools – chatbots, push notifications, as well as behavioral prompts.
Statement Of CFTC Commissioner Christy Goldsmith Romero: Improving The Review Process For New Products And Rules - Proposed Amendments To Provisions Common To Registered Entities

Date 26/07/2023

Over the last few years, derivatives markets have had to react quickly to new technologies, new government policies, and new economic realities. Exchanges have added many new products for futures in traditional commodity types. For example, in 2023, exchanges listed new metals contracts for lithium and molybdenum to meet growing demand in response to the historic investment in and demand for electric vehicles and batteries. And we have also seen entirely new product types proliferate. Exchanges have listed new contracts that reference novel commodities, such as digital assets and voluntary carbon market credits.
ISDA - Transition To RFRs Review: First Half Of 2023 And The Second Quarter Of 2023

Date 26/07/2023

The Transition to Risk-free Rates (RFRs) Review analyzes the trading volumes of over-the-counter (OTC) and exchange-traded interest rate derivatives (IRD) that reference selected RFRs, including the Secured Overnight Financing Rate (SOFR), the Sterling Overnight Index Average (SONIA) and the Euro Short-Term Rate (€STR).
Statement Of CFTC Commissioner Christy Goldsmith Romero: Clearinghouse Reporting As A Cornerstone To Monitoring Risk And Promoting Financial Stability - Final Rule On Reporting And Information Requirements For Derivatives Clearing Organizations

Date 26/07/2023

Clearinghouses play an important public interest role—they are critical market infrastructure intended to foster financial stability, trust, and confidence in U.S. markets. Dodd-Frank Act reforms increased central clearing, thereby increasing financial stability. Those reforms also concentrated risk in clearinghouses. With that concentrated risk, it is critical that the Commission maintain vigilance in its oversight over clearinghouses to identify and monitor risk and promote financial stability. This is most important for the CFTC’s monitoring of systemic risk.
SEC Proposes New Requirements To Address Risks To Investors From Conflicts Of Interest Associated With The Use Of Predictive Data Analytics By Broker-Dealers And Investment Advisers

Date 26/07/2023

The Securities and Exchange Commission today proposed new rules that would require broker-dealers and investment advisers (collectively, “firms”) to take certain steps to address conflicts of interest associated with their use of predictive data analytics and similar technologies to interact with investors to prevent firms from placing their interests ahead of investors’ interests.