SEC – Keynote Address at the 8th Annual Conference on Financial Market Regulation (CFMR) “Mind the (Data) Gaps”

May 14, 2021 – Highlighted the importance of data to provide insight, shape the agency’s regulatory approach. Relayed the need to handle personal or proprietary data carefully, and the need to protect it. Need to be cognizant of the impact of reporting, and disclosure requirements on participants. Discussed serious harm of regulating in absence of data, used COVID-19 as an example. Listed private markets as the area to obtain more data, by finalizing the 2013 Reg D proposal. Additionally, listed investor testing of form CRS, regulation best interest disclosures. Consolidated Audit Trail (CAT) also listed, used GameStop market activity as an example. GameStop raised the question of sufficient public data on short sales and securities lending. Suggested that the SEC should consider adding to current proposed amendments to Rule 144, a requirement for corporate insiders to disclose certain data electronically.

For more information, visit www.sec.gov.

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