SEC Commissioner Hester Peirce commented on a host of issues during a CFA Society of Washington’s annual dinner.
Peirce had a Q&A session with a reporter from InvestmentNews and the audience, with a range of topics discussed including SEC regulatory goals, recent proposals, crypto currency, and their congressional mandate.
Key Takeaways from the Interview
- The agenda under Chairman Gensler is enormous. The new rules are dense and cover such a large number of issues that the commissioner admits they have a most ambitious agenda.
- The SEC is trying to “dramatically change” the approach that regulators take over entire areas of the marketplace.
- The SEC is aware of the pushback with certain rules that some argue should already be considered under the fiduciary duty requirements.
- The practical application of ESG will be incredibly difficult.
- Commissioner Peirce also discussed that the SEC may be overstepping its Congressional mandate with some of the proposals and amendments being discussed.
It is difficult to argue against the notion that the SEC is setting a more aggressive and ambitious regulatory agenda than ever before.
As firms rush to meet compliance deadlines, it may be beneficial to conduct a full analysis of your compliance program to make sure it can quickly adjust in a dynamic and ambitious regulatory environment.
Compliance “on the fly” puts firms at greater risk for increased examinations, costly penalties, and ongoing regulatory headaches.
Please reach out to Vigilant today if you have any questions or concerns about maintaining a successful compliance program at this time.