Commentary by Steven Lofchie
In a joint statement, SEC Commissioners Hester M. Peirce and Elad L. Roisman criticized SEC Chair Gary Gensler's recently announced Regulatory Flexibility Agenda for, among other things, failing to "include any items intended to facilitate capital formation."
SEC staff determined that individualized written responses to proxy requests for no-action relief provide better clarity and transparency to shareholders and companies as to compliance with Securities Exchange Act shareholder proposal rules.
FINRA reached a settlement with six member firms for "failures to reasonably supervise early rollovers of Unit Investment Trusts, which caused customers to incur potentially excessive sales charges."
In a supervision and regulation letter to institutions that have large derivatives portfolios and relationships with investment funds, the Federal Reserve Board reiterated previously issued expectations as to large banks' counterparty credit risk management and margin practices.
OFAC authorized certain transactions necessary for the transfer of noncommercial, personal remittances to Afghanistan.