Washington Report 360 | December 17, 2021

SEC rule amendments related to insider trading, money market fund, share repurchase disclosures

Amy S. Matsuo

Amy S. Matsuo

Regulatory and ESG Insights Leader, KPMG US

+1 919-664-7100

Key Highlights

  • OCC is seeking feedback on climate-related financial risk management across six areas of risk, inclusive of credit, operational, and legal/compliance risks; specific questions address current practices; data, disclosure, and reporting issues; and scenario analysis.
  • SEC:
    • Proposed amendments to money market fund rules to reduce the likelihood of runs during periods of market stress.
    • Proposed amendments to help ensure that a corporate insider does not have material nonpublic information at the time they make a trade in their corporation’s securities (i.e., affirmative defense).
    • Released its Fall 2021 Regulatory Agenda projecting climate and human capital disclosures are forthcoming and will be followed by cyber risk and board diversity disclosures in April 2022.
  • CFPB:
    • Released its Fall 2021 Regulatory Agenda highlights small business data collection (section 1071), availability of electronic consumer financial account data (section 1033), and standards for automated valuation models.
    • Announced inquiries into BNPL (“buy now pay later”) practices.

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