- Examination priorities. The SEC published its FY22 examination priorities, highlighting areas of “significant focus” including, ESG, Emerging Technologies and Crypto-Assets, Information Security and Operational Resiliency, Private Funds, and Standards of Conduct.
- Cybersecurity risks. The FRB, OCC, and FDIC reminded supervised entities that their joint cyber incident notification requirements go into effect April 1, 2022 and compliance is required beginning May 1, 2022; the agencies have each designated points of contact for the required notifications. (See KPMG Regulatory Alert here)
- Climate risk. The FDIC published proposed principles for climate-related financial risk management that closely follow the OCC’s earlier proposal; the principles would apply to supervised entities with more than $100 billion in total consolidated assets. The FDIC specifically seeks comment about entities’ current risk management practices; sources for data, metrics, and tools; and use of scenario analysis.
- Crypto risk. An SEC Accounting Bulletin directs registrants to disclose the crypto assets they are safeguarding for their platform users, citing technological, legal, and regulatory risks and uncertainties. (See KPMG POV, Assessing crypto and digital asset risks here)
- Agency leadership. The Senate confirmed four nominees to serve as commissioners at the CFTC.
Financial services regulatory and policy news
- NY FRB hosted a web series on culture and trust in banks
- Proposed two rules to include certain market participants as ‘Dealers’ or ‘Government Securities Dealers’
- Proposed rules to Enhance Disclosure and Investor Protection Relating to Special Purpose Acquisition Companies, Shell Companies, and Projections
- Released a Staff Bulletin on the obligations of broker-dealers and investment advisers when making account recommendations to Retail Investors; related statement
- Released a Staff Accounting Bulletin on financial statement disclosures for registrants that safeguard crypto-assets for their platform users
- Announced its 2022 examination priorities
- Proposed a rule change to amend Rule 2360 (Options) to increase the position and exercise limits for conventional options on certain exchange-traded funds
- U.S. Congress:
- Published proposals covering sustainability-related financial disclosures and climate-related disclosures
Industry news headlines
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