SEC Provides Testimony On FY 2019 Developments

At a House Financial Services Committee hearing, the SEC provided testimony on initiatives undertaken during the fiscal year. In a joint statement, SEC Chair Jay Clayton, SEC Commissioner Robert J. Jackson Jr., SEC Commissioner Hester M. Peirce, SEC Commissioner Elad L. Roisman and SEC Commissioner Allison Herren Lee highlighted the following FY 2019 initiatives:

• Enforcement and Compliance. The SEC described the development of: (i) the Retail Strategy Task Force, (ii) the Cyber Unit and (iii) the Share Class Selection Disclosure Initiative.
• Market Developments and Risks. The SEC explained actions taken to address various market development risks. These include: (i) creating the position of "Senior Policy Advisor for Market and Activities-Based Risk," (ii) providing guidance to market participants on how to "proactively manage" the transition away from LIBOR and (iii) implementing "FinHub" to assess FinTech topics.