Legislation/Regulation

SEC Adopts Rules to Prohibit the use of Leveraged/Inverse Funds

On October 28, 2020, the Securities and Exchange Commission approved a rule that will dramatically change the use of derivative instruments and certain related transactions by mutual funds, exchange-traded funds, closed-end funds, and business development companies. SAF is opposed to the Commission’s adoption of Rule 18f-4, which represents an…

SEC Adopts Rules Change to Resource Extraction Disclosure

On December 16, 2020, the Securities and Exchange Commission adopted new rules regarding resource extraction payments made by public companies per Section 1504 of the Dodd-Frank Act. This is the third rule attempt governing resource extraction payments adopted by the Commission, as the two previous attempts were reversed by District…

SEC Adopts Rules to Increase Access to Capital Markets

On November 2, 2020, the Securities and Exchange Commission adopted new rules under the title “Facilitating Capital Formation and Expanding Investment Opportunities by Improving Access to Capital in Private Markets.” SAF supports the Commission’s new rules to reduce and simplify the regulatory and compliance burdens that were placed on…

Financial Regulators Adopt Changes to Sections of the Volcker Rule

On June 25, 2020, the Federal Reserve Board approved an amendment to streamline the definition of the “covered funds” provision in the Volcker Rule, a regulation promulgated from the Dodd-Frank Wall Street Reform and Consumer Protection Act that limited financial institutions’ ability to conduct proprietary trading activities.

SEC Adopts Rules Change to Proxy Advisor Process

On September 23, the Securities and Exchange Commission approved an amendment to modify the proxy voting process for public corporations. SAF supports the Commission’s update to Rule 14a-8, which strengthens requirements shareholders must meet to submit proposals to the board of directors: Shareholders must own $25,000 worth of shares…

SAF & ATR Supports Second Term for SEC Commissioner Hester Peirce

Shareholder Advocacy Forum Executive Director James Setterlund and Americans for Tax Reform President Grover Norquist sent a letter to the Senate Banking, Housing, and Urban Affairs Committee Chairman Mike Crapo (R-Idaho) and Ranking Member Sherrod Brown (D-Ohio) expressing support for the re-appointment of Securities and Exchange Commissioner Hester Peirce to…

SAF Submit Comments on Proprietary Trading Proposed Rule

In January, the leaders of the several financial regulators – the Federal Reserve, the Office of the Comptroller of the Currency, the Securities and Exchange Commission, the Federal Deposit Insurance Corporation and the Commodity Futures Trading Commission – announced their intent to amend sections of the Volcker Rule, a…

SAF Submits Comments on Leveraged/Inverse Funds & Due Diligence

The Shareholder Advocacy Forum submitted comments to the Securities and Exchange Commission regarding proposed rules that will restrict access to certain investment products and introduces a merit-based qualification examination to evaluate who can and cannot purchase these products. The proposed rules re-introduce a 2015 Obama-era rule that targets…