Last week the Commission announced its largest whistleblower award in the history of the program. More rules were also announced, this time regarding Form PF and the repurchase of shares. The agency also filed a series of enforcement actions. The cases focused on the liquidity requirements of the Investment Company Act, market manipulation and offering frauds.
Be careful; be safe this week.
SEC
Whistleblower: The Commission announced its largest single whistleblower award of nearly $279 million on May 5, 2023.
Rules: The agency adopted amendments to Form PF, the confidential reporting form for certain registered investment advisers to private funds, on April 3, 2023. The amendments will in part enhance reporting by large funds to facilitate the work of the Financial Stability Oversight Counsel or FSOC. They will also require certain additional disclosures regarding select events (here).
Rules: The Commission announced rule amendments that would enhance the information disclosed regarding share repurchases by issuers, according to a release of April 2, 2023 (here). Specifically, the disclosures would include: an obligation to reveal the daily repurchase activity quarterly or semiannually; indicate within four business days if certain directors or officers traded; provide a narrative describing the program; and provide quarterly disclosure in periodic reports.
SEC Enforcement – Filed and Settled Actions
Statistics: Last week the SEC filed 5 civil injunctive actions and 2...
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