Council of Institutional Investors

Section: October 13, 2022 | Vol. 27, Issue 38
Tech Error Prompts SEC to Re-Solicit Comments on Number of Key Proposals

The SEC reopened the public comment periods for 11 rulemaking releases and one request for comment “due to a technological error that resulted in a number of public comments submitted through the commission’s internet comment form not being received by the commission.
SEC Official Lauds Independent Proxy Advisor Oversight, ESMA Announces Review of Proxy Advice
A senior SEC official strongly endorsed the work of the Independent Oversight Committee (IOC), which reviews compliance by leading proxy advisory firms with a global set of Best Practice Principles (BPP).
Acting FDIC Chair Issues Dire Warning to Banks About Climate Change

Acting FDIC Chairman Martin Gruenberg discussed the financial risks associated with climate change and the impact they may have on the financial system and financial regulation, during an October 3 speech at the American Bankers Association’s annual conference.
GOP Congressman Urges Biden Against Restricting U.S. Investment in China

House Financial Services Committee Ranking Minority Member Patrick McHenry (R-N.C.) sent a letter to National Security Advisor Jake Sullivan expressing concern about press reports that President Biden may issue an executive order under the International Emergency Economic Powers Act, to regulate “certain [outbound] investment flows to China.”
SEC Acting Chief Accountant Provides Guidance to Auditors on Combatting Fraud
The SEC’s Acting Chief Accountant Paul Munter issued guidance to auditors that emphasizes the importance of acting with professional care and skepticism amid current changes to the macroeconomic and geopolitical environment in which companies operate.
IFRS Advisory Council Members Find Fault with ISSB’s Plans
Several members of the IFRS Advisory Council members criticized the International Sustainability Standards Board (ISSB) for not having a concrete timeline for setting an agenda and questioned why the board is setting priorities for only two years, Bloomberg reports.