- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2023-05-02T20:34:00
At a speech before a European financial services think tank, a Republican commissioner with the Securities and Exchange Commission (SEC) threw cold water on regulators’ attempts to create environmental, social, and governance (ESG) standards for public companies.
Speaking Friday in Sweden before EuroFi, Hester Peirce argued materiality-based standards—not ESG standards—best suit investors’ needs.
Peirce said ESG-specific standards “cannot help but direct the allocation of private capital, especially when they are combined with sustainable finance initiatives designed to encourage financing of favored activities and the defunding of disfavored activities.” This redirection of capital is not, she argued, meant to primarily serve investors’ needs “but rather to direct the allocation of private capital to further government ends.”
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The Securities and Exchange Commission adopted amendments to its rule covering fund names to ensure the regulation is appropriate to address new investment drivers, namely environmental, social, and governance matters.
Gary Gensler, despite being put on the spot by a member of Congress, declined to provide an update on when the Securities and Exchange Commission might approve its climate-related disclosure rule for public companies.
The Treasury Department’s Federal Insurance Office issued a report on gaps in how states supervise and assess climate-related risks among insurers.
President-elect Donald Trump announced he plans to appoint Cantor Fitzgerald President and CEO Howard Lutnick to lead the U.S. Commerce Department, as the incoming administration is expected to charge import tariffs against friends and foes.
If your business uses leather, rubber, wood, beef, palm oil, soy, or paper, then you may need to comply with the EU Deforestation Directive, a new rule intended to ensure that no goods traded in the EU contribute to global deforestation.
With the presidential election this week, one fear has remained on the minds of voters regardless of their political stripe–that artificial intelligence will be misused to change the outcome of the race.
