On June 26, 2024, the U.S. Court of Appeals for the Fifth Circuit vacated the SEC’s 2022 rescission of certain rule amendments regarding proxy advisory firms, holding that the SEC’s explanation for rescinding the amendments was “arbitrary and capricious and therefore unlawful.”Continue Reading Fifth Circuit Court of Appeals Vacates SEC’s 2022 Rescission of Certain 2020 Amendments to Proxy Rules
SEC Settles Charges Against Exchange for Alleged Failure to Inform SEC of Cyber Intrusion
On May 22, 2024, the SEC announced the settlement of administrative proceedings against a U.S. securities exchange and certain of its subsidiaries for their alleged failure to timely inform the SEC of a systems intrusion in violation of Rules 1002(b)(1) and 1002(b)(2) of Regulation Systems Compliance and Integrity (Regulation SCI). The rules require that covered entities notify the SEC of a system disruption or intrusion within 24 hours unless the covered entity immediately determined that the disruption or intrusion would have no or a de minimis impact on operations or market participants.Continue Reading SEC Settles Charges Against Exchange for Alleged Failure to Inform SEC of Cyber Intrusion
Investment Services Regulatory Update August 2023
The below links direct to each article included in the August 2023 issue of the Investment Services Regulatory Update. These thought leadership pieces review new rules, proposed rules and guidance and alerts regarding the SEC.Continue Reading Investment Services Regulatory Update August 2023