- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-06-14T15:50:00
The rest of the year is shaping up to be busy at the Securities and Exchange Commission (SEC), where final rules regarding climate-related disclosures, enhanced cybersecurity risk governance, and more are all on the near-term agenda.
The agency’s spring 2023 rule list, released Tuesday by the Office of Information and Regulatory Affairs, features 37 rules in the final stage, which is the option selected by regulators when they intend to adopt a rulemaking proposal within the next 12 months. The SEC did not provide specific dates for when it expects to finalize certain rules but set targets of October 2023 or April 2024.
Listed under October are the climate-related disclosure and cybersecurity risk governance rules. The rules, respectively proposed in the Federal Register in April and March of last year, are each of significant interest to companies given their requirements. The climate rule would force all public companies to quantify, measure, and disclose their effect on the environment, while the cyber rule would require companies to disclose data breaches four business days after they occur.
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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 No. 1 priority at the Securities and Exchange Commission after organizations are impacted by a cybersecurity incident is that investors receive timely and accurate disclosures, according to Enforcement Division Director Gurbir Grewal.
The Securities and Exchange Commission adopted two rules aimed at curbing potential misconduct in the security-based swaps market.
Breaches of the EU’s GDPR can cost companies substantial sums and huge reputational damage. Now some are warning that the implementation of the EU’s AI Act will be just as far-reaching, and could potentially lead to similar numbers of cases.
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.
