Week InReview | Global financial system task force weighs in on 2017 Davos agenda | SEC to finish consolidated audit trail plan in 2016 | SEC may seek more climate change, cyberattack disclosure | ICYMI + Binge Reading
(Jan 26) Mark Carney, Bank of England Governor and Chairman of the Financial Stability Board, is among the members of a new task force that will study the future of the global financial system. Carney and Klaus Schwab, executive chairman of the World Economic Forum, requested the creation of the task force. Other members are:
Michael Corbat, chief executive officer of Citigroup, Inc.
Laurence Fink, chief executive officer of BlackRock Inc.
Douglas Flint, chairman of HSBC Holdings Plc
Brian Moynihan, chief executive officer of Bank of America Corp.
Raghuram Rajan, governor of the Reserve Bank of India
Min Zhu, deputy managing director of the International Monetary Fund
Liu Mingkang, distinguished research fellow in global economics and finance at Chinese University of Hong Kong
(Jan 26)
Securities and Exchange Commission Chair Mary Jo White says the agency will complete work this year on a plan to tracking every stock quote, order and trade.
White commented during a question-and-answer session at the Northwestern Law School conference in Coronado, California
Approval of plan includes selection of vendor to operate system, White says
"We're very, very focused on getting that out the gates in 2016," she said in a brief interview after speech
The SEC approved design of Consolidated Audit Trail in 2012 as a response to the regulators' inability to quickly explain the market tumult of May 6, 2010.
(Jan 26) The Securities and Exchange Commission will weigh a new requirement for public companies to make more frequent disclosures related to cyberattacks and climate change, Chair Mary Jo White said at the Northwestern University Law School conference in Coronado, California.
Disclosure of cybersecurity and climate-change risk is part of a broader review of financial reporting rules, White said
Broader undertaking is "opportunity to look at the current state of disclosure in all areas, see what it is, and see if there is room to improve it."
The SEC issued guidance to public companies in 2010 and 2011 that explained how they should approach disclosure of direct costs and other risks related to cyberattacks and climate change. Separately, SEC Enforcement Director Andrew Ceresney told the same conference that his division is currently unlikely to fault companies over cybersecurity disclosures. "I'm not saying it's not possible, but it would need to be a very clear violation for there to be a case," he said.
