Wednesday, January 11, 2023

The SEC Unveils its Agenda for 2023

A Busy Mix of New Business and Old

Author: David Schwartz J.D. CPA

In its recently updated regulatory flexibility agenda, the Securities and Exchange Commission has set its priorities for 2023. A mix of old and new business, the Commission's 2023 plans include finalizing 29 existing proposals and placing 23 new proposals up for consideration. 

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Monday, November 15, 2021

New Trends in Data Ownership

How Data Trusts Can Transform Securities Finance.

Author: David Schwartz J.D. CPA

Certain challenges in securities finance can only be met with better data and newer data models. Market regulators now coping with investor demands for ESG-compliance will have to monitor the disclosures of regulated entities by combing through vast pools of stock loan and proxy voting data. Bank custodians and brokers, if tasked with validating the social propriety of their stock loans, will have to dive deep into customer profile data, deeper than either regulators or vendors can today access efficiently.

 

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Wednesday, October 13, 2021

SEC Expands Investment Company Proxy Disclosures

New Light on Funds' Securities Lending versus Proxy Voting

Author: David Schwartz J.D. CPA

On September 29, 2021, the Securities and Exchange Commission issued a proposal to expand investment company disclosures of their proxy voting activities. If adopted, the rules would enhance the information mutual funds, exchange-traded funds, and other regulated investment companies are required to report on Form N-PX under the Investment Company Act. These expanded disclosures are intended to make proxy voting decisions made by investment company advisers more complete, accessible, and understandable to investors. 

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Wednesday, June 2, 2021

Moving ESG Beyond Policy into Practice

Bankers Seek Common Ground with Politicians

Author: David Schwartz J.D. CPA

Accountability in voting is in the news, and nowhere more so than on Wall Street. Through their U.S. credit policy association and its Asian counterpart, Bankers have responded to suspicion among critics that problems abound in the murkiness of the proxy voting practices of asset managers for large pensions, mutual funds, and other institutional investors. With the launch of the "Global Framework for ESG and Securities Lending (GFESL)," the partnership by the two industry associations aims to provide a shared decision-making framework for managing ESG considerations in securities lending. But does it go far enough?

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Saturday, May 22, 2021

Get Your ESG House in Order

Here Come the Regulators.

Author: David Schwartz J.D. CPA

Environmental, social, and governance (ESG) investing has taken global financial markets by storm over the last few years. Post-pandemic, the demand for ESG investments has only intensified and has proven to be much more durable than a fad. However, lack of consistency and transparency threatens the trustworthiness of ESG as a category, and has led to accusations of 'greenwashing.'  As a result, US regulators and their counterparts in the EU and UK have begun building regulatory and enforcement momentum, focusing on the quality and accuracy of ESG disclosures by asset managers and investment funds. Accounting and other standard setters have joined their regulatory brethren in calling for consistency in financial and non-financial ESG reporting.

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