SEC Invites Regulated Entities to Submit Self-Assessments of Diversity Policies and Practices
Washington, D.C.--(Newsfile Corp. - June 5, 2024) - The Securities and Exchange Commission has commenced its biennial collection of Diversity Self-Assessment Submissions from Regulated Entities. Engaging in a self-assessment provides an opportunity for organizations to closely review their diversity and inclusion policies and practices for any strengths, opportunities, risks, and vulnerabilities. The SEC uses the important data from the submissions to assess and report on progress and trends...
2024-06-05 12:37 PM EDT
SEC to Close Salt Lake Regional Office
Washington, D.C.--(Newsfile Corp. - June 4, 2024) - The Securities and Exchange Commission today announced that it will close its Salt Lake Regional Office (SLRO) later this year, reducing its regional footprint from 11 regional offices to 10. The SLRO has long been the SEC’s smallest regional office and recently has experienced significant attrition. The agency considered its budget and organizational efficiency in deciding to close the office, and it has no plans to close any other regional...
2024-06-04 3:02 PM EDT
SEC Charges Robert Scott Murray and Trillium Capital with Fraudulent Scheme to Manipulate Getty Images Stock
Washington, D.C.--(Newsfile Corp. - May 31, 2024) - The Securities and Exchange Commission today charged Robert Scott Murray and Trillium Capital LLC, a private company controlled by Murray, with a fraudulent scheme to manipulate the stock price of Getty Images Holdings Inc. by announcing a phony offer by Trillium to purchase Getty Images. Murray, of Mashpee, Mass., is a former CEO and CFO of several publicly traded companies. The SEC’s complaint, filed in U.S. District Court for the District...
2024-05-31 2:26 PM EDT
SEC Investor Advisory Committee to Examine the New Frontier for Investment Advice and Discuss AI Regulation at June 6 Meeting
Washington, D.C.--(Newsfile Corp. - May 31, 2024) - The Securities and Exchange Commission’s Investor Advisory Committee will hold a virtual public meeting on June 6, 2024, at 10 a.m. ET. The meeting will be webcast on the SEC website. The committee will host two panels: Examining the New Frontier for Investment Advice; and AI Regulation: Embracing the Future The committee will also discuss potential recommendations regarding the Protection of Self-Directed Investors when Trading Complex...
2024-05-31 9:40 AM EDT
SEC Charges Advisory Firm Mass Ave Global and Co-Founder and CEO Winston Feng with False Statements and Undisclosed Conflicts
Washington, D.C.--(Newsfile Corp. - May 29, 2024) - The Securities and Exchange Commission today instituted settled proceedings against formerly registered investment adviser Mass Ave Global Inc. (MassAve) and its co-founder and CEO Winston M. Feng for making false and misleading statements to investors in MassAve’s flagship opportunity fund. To settle the SEC’s charges, MassAve agreed to pay a civil penalty of $350,000, and Feng agreed to pay a civil penalty of $250,000. In addition, Feng,...
2024-05-29 11:00 AM EDT
SEC Charges Intercontinental Exchange and Nine Affiliates Including the New York Stock Exchange with Failing to Inform the Commission of a Cyber Intrusion
Washington, D.C.--(Newsfile Corp. - May 22, 2024) - The Securities and Exchange Commission today announced that The Intercontinental Exchange, Inc. (ICE) agreed to pay a $10 million penalty to settle charges that it caused the failure of nine wholly-owned subsidiaries, including the New York Stock Exchange, to timely inform the SEC of a cyber intrusion as required by Regulation Systems Compliance and Integrity (Regulation SCI). According to the SEC’s order, in April 2021, a third party...
2024-05-22 9:03 AM EDT
SEC Chair Gensler Statement on Upcoming Implementation of T+1 Settlement Cycle
Washington, D.C.--(Newsfile Corp. - May 21, 2024) - Securities and Exchange Commission Chair Gary Gensler today issued the following statement on the conversion of the U.S. securities market to a T+1 standard settlement cycle, which will take place on May 28, 2024: “For everyday investors who sell their stock on a Monday, shortening the settlement cycle will allow them to get their money on Tuesday. Shortening the settlement cycle also will help the markets because time is money and time is...
2024-05-21 3:43 PM EDT
SEC Issues Exemptive Order Providing Additional Time for Certain Registrants to File Quarterly Reports in Light of BF Borgers Permanent Suspension
Washington, D.C.--(Newsfile Corp. - May 20, 2024) - The Securities and Exchange Commission today provided exemptive relief to certain registrants affected by the permanent suspension of BF Borgers CPA PC and its owner, Benjamin F. Borgers (together, “BF Borgers”), from appearing and practicing before the Commission as an accountant. It is expected that registrants that previously retained BF Borgers will need to engage a new, qualified, independent, PCAOB-registered public accountant to audit...
2024-05-20 7:04 PM EDT
SEC Announces Departure of Policy Director Heather Slavkin Corzo and Appointment of Corey Klemmer to the Role
Washington, D.C.--(Newsfile Corp. - May 17, 2024) - The Securities and Exchange Commission today announced that Policy Director Heather Slavkin Corzo will leave the agency. Corey Klemmer, most recently the Corporation Finance Counsel to Chair Gary Gensler, has been appointed Policy Director. “Heather has been one of my most trusted advisers over the last three years,” said Chair Gensler. “She has provided sound counsel and managed a policy agenda that, together, have bolstered protections for...
2024-05-17 10:54 AM EDT
Tina Diamantopoulos Named Regional Director of Chicago Office
Washington, D.C.--(Newsfile Corp. - May 16, 2024) - The Securities and Exchange Commission today announced that Tina Diamantopoulos has been named Director of the Chicago Regional Office, the Commission’s second-largest regional office. Ms. Diamantopoulos is a 30-year veteran of the SEC and has held leadership roles in both the Division of Enforcement and the Division of Examinations. Since April 2022, she has served as the Associate Director for the regional broker-dealer examination program...
2024-05-16 10:41 AM EDT
SEC Adopts Rule Amendments to Regulation S-P to Enhance Protection of Customer Information
Washington, D.C.--(Newsfile Corp. - May 16, 2024) - The Securities and Exchange Commission today announced the adoption of amendments to Regulation S-P to modernize and enhance the rules that govern the treatment of consumers’ nonpublic personal information by certain financial institutions. The amendments update the rules’ requirements for broker-dealers (including funding portals), investment companies, registered investment advisers, and transfer agents (collectively, “covered...
2024-05-16 8:50 AM EDT
SEC Staff Publishes New Investment Adviser Statistics Report
Washington, D.C.--(Newsfile Corp. - May 15, 2024) - The staff of the Securities and Exchange Commission today published a new report of Investment Adviser Statistics, which is based on aggregated data filed by investment advisers on Form ADV. The new report, which will be updated on an annual basis, is designed to give the public a view into the investment advisory industry, with insights into areas such as business activities, client composition, and the types of funds advised. The report...
2024-05-15 12:59 PM EDT
SEC Seeks Candidates for Small Business Capital Formation Advisory Committee
Washington, D.C.--(Newsfile Corp. - May 14, 2024) - The Securities and Exchange Commission is seeking candidates to fill a limited number of vacancies on the agency’s Small Business Capital Formation Advisory Committee, which provides advice and recommendations to the Commission on rules, regulations, and policy matters relating to small businesses. The committee was established by the SEC Small Business Advocate Act of 2016. Consistent with statutory requirements, committee members represent...
2024-05-14 3:04 PM EDT
SEC Charges Hudson Valley Wealth Management Advisory Firm and Founder for Failing to Disclose Conflicts of Interest
Washington, D.C.--(Newsfile Corp. - May 14, 2024) - The Securities and Exchange Commission today announced settled charges against New York-based registered investment adviser Hudson Valley Wealth Management Inc. and its founder, Christopher Conover, for breaching their fiduciary duties by failing to disclose conflicts of interest and making misleading statements to their clients. To settle the charges, Hudson Valley agreed to pay a civil penalty of $200,000, and Conover agreed to pay more...
2024-05-14 2:43 PM EDT
SEC, FinCEN Propose Customer Identification Program Requirements for Registered Investment Advisers and Exempt Reporting Advisers
Washington, D.C.--(Newsfile Corp. - May 13, 2024) - Today the Securities and Exchange Commission and the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) jointly proposed a new rule that would require SEC-registered investment advisers (RIAs) and exempt reporting advisers (ERAs) to establish, document, and maintain written customer identification programs (CIPs). The proposal is designed to prevent illicit finance activity involving the customers of investment...
2024-05-13 11:14 AM EDT
SEC Charges Pennsylvania Resident with Insider Trading in Dick's Sporting Goods Securities
Washington, D.C.--(Newsfile Corp. - May 10, 2024) - The Securities and Exchange Commission today charged Gibsonia, PA resident Frank T. Poerio, Jr. with insider trading for misappropriating material, nonpublic information concerning Dick’s Sporting Goods Inc. and trading on that information, realizing illegal profits of more than $800,000. According to the SEC’s complaint, between November 2019 and May 2021, Poerio knew a Dick’s employee who had access to multiple internal sources of material...
2024-05-10 2:22 PM EDT
SEC Names Nathaniel H. Benjamin as Director of the Office of Minority and Women Inclusion
Washington, D.C.--(Newsfile Corp. - May 3, 2024) - The Securities and Exchange Commission today announced that Nathaniel H. Benjamin has been appointed the Director of the Office of Minority and Women Inclusion (OMWI). Mr. Benjamin will join OMWI from AmeriCorps, where he is the Chief Diversity and Inclusion Officer, on May 5, 2024. Allison Wise, OMWI’s Deputy Director, has served as Acting Director of the Office since October 2023. “I welcome Nate to the SEC in the leadership role as...
2024-05-03 5:38 PM EDT
SEC Charges Audit Firm BF Borgers and Its Owner with Massive Fraud Affecting More Than 1,500 SEC Filings
Washington, D.C.--(Newsfile Corp. - May 3, 2024) - The Securities and Exchange Commission today charged audit firm BF Borgers CPA PC and its owner, Benjamin F. Borgers (together, “Respondents”), with deliberate and systemic failures to comply with Public Company Accounting Oversight Board (PCAOB) standards in its audits and reviews incorporated in more than 1,500 SEC filings from January 2021 through June 2023. The SEC also charged the Respondents with falsely representing to their clients...
2024-05-03 9:08 AM EDT
SEC Small Business Advisory Committee to Discuss Regulation Crowdfunding and the State of Angel Investing
Washington, D.C.--(Newsfile Corp. - April 25, 2024) - The Securities and Exchange Commission’s Small Business Capital Formation Advisory Committee today released the agenda for its meeting on Monday, May 6, 2024. The meeting will include a discussion of Regulation Crowdfunding (Reg CF) and activity and trends in angel investing. Members of the public can watch the live meeting via webcast on www.sec.gov. The Committee, which provides advice and recommendations to the Commission on rules,...
2024-04-25 2:34 PM EDT
SEC Staff Publishes New Registered Fund Statistics Report
Washington, D.C.--(Newsfile Corp. - April 24, 2024) - The staff of the Securities and Exchange Commission today published a new report of Registered Fund Statistics, which is based on aggregated data reported by SEC-registered funds on Form N-PORT. The new report, which will be updated on a quarterly basis, is designed to provide the public with a regular and detailed picture of the registered funds industry—with its more than 12,000 funds and more than $26 trillion in total net assets under...
2024-04-24 10:31 AM EDT