Stay up-to-date with the latest developments in securities law through access to both news and all statutes and regulations. Find relevant corporate filings through a searchable EDGAR database. And...
Acting SEC Chairman Michael Piwowar March 2 said the agency now has more freedom to focus on “hyper-technical” matters concerning the asset management industry and other non-Dodd-Frank Act issues.
Piwowar told an Investment Adviser Association conference in Washington that he’s suspended the Securities and Exchange Commission’s Dodd-Frank rulemaking activities. The pause creates an “opportune time” for the SEC to devote itself to other matters, Piwowar said.
“For you all what that means is continued engagement with staff on some hyper-technical ideas that aren’t going to make headlines in the newspapers or whatever,” Piwowar said. “But we don’t care. We’re at our best when we’re a nice little boring regulatory agency that does our job.”
Piwowar, who became the SEC’s interim leader in January, also touted the commission’s unanimous votes advancing disclosure proposals and rules at a March 1 open meeting.
Democrat Kara Stein and Piwowar, the only commissioners left on the five-member panel, voted to seek comment on whether bank holding companies should be required to disclose more statistical information. In other votes, they agreed to require companies to include hyperlinks in filings and proposed that businesses use the Inline XBRL format in their filings and municipal issuers report more information, including details on bank loans.
Piwowar said he has more commission actions “teed up” to go while SEC chairman nominee Jay Clayton waits for confirmation in the Senate. He said he’s interested in “good government-type things” and matters “that need a fresh look.”
“What I would like to do is put up what we call ‘mom and apple pie'-type issues,” Piwowar said. “Issues that even if he comes on as chairman, he’ll say, ‘Yes, of course. This is a great thing we should be doing.’ ”
With an evenly divided commission, Piwowar is unlikely to bring sweeping regulatory changes. He has, however, ordered SEC staff to reconsider the implementation of two controversial Dodd-Frank regulations: the pay ratio and conflict minerals rules.
The regulations are the “most egregious” Dodd-Frank rules that the SEC is tasked with handling, he said.
“I directed staff to put it out for public comment and for us to get comments about how it’s not working, how there’s unintended consequences from this rule, potentially as a way for us to go back and revisit the rule or to give the information to Congress to think about potentially repealing those sorts of things,” Piwowar said.
He declined to elaborate on his remarks in a brief exchange with reporters after his talk.
To contact the reporter on this story: Andrew Ramonas in Washington at firstname.lastname@example.org
Copyright © 2017 The Bureau of National Affairs, Inc. All Rights Reserved.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to email@example.com.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to firstname.lastname@example.org.
Put me on standing order
Notify me when new releases are available (no standing order will be created)