Marc Leong

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On March 6, 2025, the Securities and Exchange Commission (“SEC”) issued a press release relating to the enhanced Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system (“EDGAR Next”), including useful links to various guidance and resource materials to assist filers and their advisers with transition.  The SEC announced that the new EDGAR Filer Management dashboard…

Various trade associations (the “Associations”), including the Securities Industry and Financial Markets Association (SIFMA), Managed Funds Association (MFA), Futures Industry Association (FIA), International Swaps and Derivatives Association (ISDA), Alternative Investment Management Association (AIMA) and The Institute of International Bankers (IIB), among others, published a letter dated January 24, 2025, to Acting Chairman Mark T. Uyeda…

The Managed Funds Association (MFA) published a letter dated January 20, 2025, to Acting Chair Mark T. Uyeda of the US Securities and Exchange Commission, outlining several policy recommendations for the SEC’s consideration.

The MFA urged the SEC to withdraw its appeal of the “Dealer Rule,” which was vacated by the US District Court of…

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On November 21, 2023, the staff (“Staff”) of the U.S. Securities and Exchange Commission’s Division of Corporation Finance released eight new Compliance and Disclosure Interpretations (“C&DIs”) and revised two C&DIs to clarify the pay versus performance (“PVP”) disclosure requirements in Item 402(v) of Regulation S-K.  The new C&DIs include clarifications on the reporting of…

On October 16, 2023, the Division of Examinations (the “Division”) of the U.S. Securities and Exchange Commission announced its examination priorities for 2024. While the Division typically announces its examination priorities near the start of the calendar year, this is the first time that the Division has published its examination priorities this early, to align…

On September 7, 2023, the Staff of the Division of Corporation Finance (“Division”) of the U.S. Securities and Exchange Commission (“SEC”) issued a sample comment letter (“Letter”), containing sample comments that the Division may issue to companies relating to the disclosure of financial and other information using the eXtensible Business Reporting Language (“XBRL”) format.  The…

On July 26, 2023, the U.S. Securities and Exchange Commission (the “SEC”) issued a release, adopting final rules (the “Final Rules”) aimed at standardizing and enhancing disclosure relating to cybersecurity incidents and risk management processes. The SEC had proposed rules (the “Proposed Rules”) on March 9, 2022. The Final Rules reflect the considerable comments received…

On June 7, 2023, the US Securities and Exchange Commission (the “SEC”) unanimously adopted final rules amending Regulation M (the “Final Rules”) to remove its references to credit ratings, replace them with alternative measures of creditworthiness and impose related record-keeping obligations on broker-dealers. The SEC had previously proposed amendments to Regulation M (the “Proposed Rules”)…

During this morning’s open meeting of the US Securities and Exchange Commission (“SEC”), the Commissioners unanimously voted to adopt amendments to remove references to credit ratings from Regulation M, and replace these with alternative standards of creditworthiness. The existing exceptions in Rules 101 and 102 of Regulation M for certain investment grade rated securities will…

On February 15, 2023, the U.S. Securities and Exchange Commission (the “SEC” or the “Commission”) issued Release No. 34-96930 (the “Adopting Release”), containing final rules (the “Final Rules”) that will shorten the standard settlement cycle for broker-dealer transactions in securities from the current two business days after the trade date (“T+2”) to one business day…