New Final Rules
On January 9th, the SEC approved a proposed rule change filed by the Securities Investor Protection Corporation ("SIPC") to amend SIPC Rule 400 (Rules Relating to Satisfaction of Customer Claims for Standardized Options. The amendment is effective 30 days after publication in the Federal Register, which is expected shortly. SEC Release No. SIPA 172.
SEC General Counsel Responsibilities.
On January 6th, the SEC published amendments to its rules to provide that the agency's general counsel is responsible for providing advice to agency attorneys on professional responsibility issues related to their official duties and investigating allegations of professional misconduct by agency staff and, where appropriate, making referrals to state professional boards or societies. The amendments are effective immediately. SEC Release No. 34-71238.
PCAOB Proposes Dodd-Frank Act Conforming Amendments.
On January 6th, the SEC provided notice of the Public Company Accounting Oversight Board's filing of proposed amendments to its rules to conform them to the requirements of the Dodd-Frank Act, which, in pertinent part, gave the PCAOB oversight authority with respect to audits of brokers and dealers that are registered with the SEC. Comments should be submitted within 60 days after publication in the Federal Register, which is expected shortly. SEC Release No. 34-71237.
On January 9th, the SEC published Form SD, which firms should use to meet their conflict minerals disclosure reporting requirements. Form SD.
On January 6th, the SEC announced that Michael J. Osnato, Jr. has been named chief of the Enforcement Division unit that conducts investigations into complex financial instruments. SEC Press Release.
Compliance and Disclosure Interpretations.
On January 3rd, the Division of Corporation Finance issued new Compliance and Disclosure Interpretations ("C&DI") concerning the "bad actor" provisions of Securities Act Rule 506 and the beneficial ownership regulations of the Securities Exchange Act. The new bad actor C&DIs can be found at Questions 260.28 through 260.32. The beneficial ownership C&DI can be found at Question 105.06. C&DIs.