Postings have been few and far between. Work remains busy. Compliance requirements only increase. My non-work activities have kept me from writing. Of course I’ve been doing a lot of bicycle riding, mostly in preparation for the Pan Mass Challenge. I’m serving on my city’s Historical Commission. I joined the board of directors of MassBike, the state-wide cycling advocacy and education non-profit.
Here are a few stories that recently caught my attention.
Top 5 SEC Enforcement Developments
by Michael D. Birnbaum, Jina Choi, and Haimavatha V. Marlier, of Morrison & Foerster LLP
- Proposed Rules Changes on Cybersecurity
- Proposed Rules Changes on Climate-Related Disclosures
- Proposed Rule Changes for SPACs
- Guidance for Lawyers and CCOs Acting as Gatekeepers
- Ripple Executives Must Face Charges, but Key Defense Still in Play
Archegos founder Bill Hwang indicted for fraud; chief risk officer pleads guilty
By Jaclyn Jaeger
One example specifically cited was Archegos’s position in ViacomCBS stock. At one point, Hwang effectively controlled more than 50 percent of the freely trading shares of ViacomCBS, which nobody outside Archegos knew about, according to the Department of Justice. How much the ViacomCBS position constituted Archegos’s capital was often misrepresented on calls with risk personnel from counterparties, according to the SEC, which noted the figure at more than 60 percent as of January 2021.
Elon Musk’s Early Twitter Purchase Under FTC Scrutiny
By Josh Sisco and Jessica Toonkel
The Federal Trade Commission recently opened an inquiry into whether Musk failed to comply with an antitrust reporting requirement as he amassed his initial 9.1% stake in Twitter between the end of January and the beginning of April, The Information has learned. At the heart of the inquiry is whether Musk was initially buying as someone who wanted to influence Twitter management or whether he saw himself as more of a passive shareholder. Notably, Musk’s initial filing with the Securities and Exchange Commission categorized his purchase as a passive stake—which immediately raised questions given his public comments about how Twitter is run.
“The Name’s Bond:” Remarks at City Week
by Chair Gary Gensler
The fixed income markets may not, on the surface, seem like the most cinematic part of the financial system. There are no “meme” bonds (at least, not yet). The nightly news is more likely to focus on stocks.
And yet, bonds are far from the “dullest” market in the world. They’re incredibly important — to individuals, companies, and governments in the U.S. and around the world. Fixed income markets, particularly government securities, money markets, and repurchase agreements (“repos”), are integral to how central banks around the globe administer monetary policy. As individual investors start to approach retirement, they often turn to fixed income as a lower-risk investment.
And some cycling content:
Homestretch
The Homestretch Foundation seeks to close the gender pay gap for women endurance athletes and provide them with training, mentorship, and a community in which they can excel.