- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-10-10T19:33:00
The Securities and Exchange Commission (SEC) finalized its rule proposal to cut in half the timeline allowed for market participants to file initial beneficial ownership information with the agency.
The rule, adopted Tuesday, shortens the deadline for those who own more than 5 percent of a company to inform the public of their position from 10 days to five days.
“In our fast-paced markets, it shouldn’t take 10 days for the public to learn about an attempt to change or influence control of a public company,” said SEC Chair Gary Gensler in a press release.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
New York-based investment adviser HG Vora Capital Management agreed to pay $950,000 to settle charges levied by the Securities and Exchange Commission alleging failure to report beneficial ownership regarding its stake at trucking transport company Ryder System.
SEC examiners will be asking tough questions of registered firms regarding how they handle risks related to operational security, interact with financial technology companies and crypto assets, and the maturity of their anti-money laundering programs.
The Financial Crimes Enforcement Network announced a notice of proposed rulemaking to extend the deadline for companies created or registered in 2024 to file their initial beneficial ownership information reports.
Any product that uses AI needs to be safety assessed for its entire lifespan under new rules that went into effect recently across the EU. Experts warned companies using AI to tailor products could be classed as “manufacturers” and face the same duty of care as developed.
When lawmakers slam the U.K.’s chief financial regulator as “incompetent,” it not only opens the doors for others to pile criticism on it, but it sparks a debate about how the organization can be improved–or removed.
The U.K. Financial Conduct Authority apologized to investors in peer-to-peer investment firm Collateral for not acting swiftly enough to prevent Collateral from defrauding its customers.
