A group of executives and academics that advises the U.S. Securities and Exchange Commission wants better SPAC disclosures — the latest sign that tougher rules are coming for booming blank-check companies.
The platforms’ digital tactics may create conflicts for retail traders by encouraging investors to trade more often or alter their trading strategy, Chair Gary Gensler said.
The self-directed platform began to roll out a new feature on Wednesday, but New Yorkers won’t have access to it.
The firms’ failed to properly implement cybersecurity policies, which allowed hackers to gain access to thousands of customers’ personal information through broker and employee emails, the agency said.
Firms are likely to consider office consolidation and potentially reduce branch management roles while regulators are changing their focus to cater to a hybrid workforce, recruiters and consultants say.
But broker-dealers and brokers engaged in misconduct will often uncover ways, despite the new rule, to avoid the regulators’ grasp, a former enforcement lawyer predicted.
Asset managers, lawyers, consultants, ESG rating agencies, and even the corporate issuers of securities could push for rules that are ultimately not useful for investors, SEC Commissioner Hester Peirce said.
Brokers had “flawed understanding” of the product and improperly guided clients to hold the ETFs, which are meant for short-term trading, according to a settlement announced Monday.