Regulatory Outlook | 10.07.20
Critics Pummel SEC Effort to Boost Reporting Threshold for Money Managers
An SEC proposal that would allow money managers to avoid disclosing their stock holdings has drawn opposition. The proposal would raise the reporting threshold from $100 million to $3.5 billion for Form 13F. U.S. Representative Maxine Waters (D-CA), chair of the House Financial Services Committee, in a letter to SEC Chair Jay Clayton called on the SEC to withdraw the proposal, which she said would reduce transparency on more than $2.3 trillion in assets. She has urged the agency to do only rulemaking that is related to the coronavirus pandemic. The public comment period for the proposal ended last Tuesday. Many of the letters the agency received opposed the proposal.
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