Corporate Law News

SEC Advances Plans Dems Oppose Days Before GOP Majority to End (2)

June 28, 2018, 6:11 PMUpdated: June 29, 2018, 2:52 PM

The SEC on June 28 scaled back mutual fund disclosure and moved closer to giving itself more flexibility with its whistleblower award program without any Democratic support as the commission soon loses a Republican majority at least temporarily.

Securities and Exchange Commission members voted 3-2 along ideological lines to adopt the rule that will reduce liquidity reporting requirements for mutual funds and to seek public comment on the whistleblower program amendments.

SEC Chairman Jay Clayton, a right-leaning independent, now may have to wait months before the commission has another chance to consider matters opposed by his two left-leaning colleagues, Commissioners...

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