Regulatory Roundup - Aug. 24-30

By:
Chris Gaetano
Published Date:
Aug 30, 2021
CBO

Working Paper
CBO’s Model and Projections of U.S. International Investment Holdings and Income Flows: Working Paper 2021-10
August 27, 2021
Projections from CBO’s international financial forecasting model show the U.S. net international investment position rising modestly over the 10-year forecast period. Net international income is expected to rise as a share of GDP through 2023 before declining through 2031.

Working Paper
CBO's Simulation Model of New Drug Development: Working Paper 2021-09
August 26, 2021
This paper presents CBO's simulation model for analyzing legislative proposals that may substantially affect new drug development.

Cost Estimate
H.R. 2946, Reinforcing Nicaragua’s Adherence to Conditions for Electoral Reform Act of 2021
August 24, 2021
As ordered reported by the Senate Committee on Veterans’ Affairs on July 28, 2021.

Cost Estimate
H.R. 4250, War Crimes Rewards Expansion Act
August 24, 2021
As ordered reported by the House Committee on Foreign Affairs on July 29, 2021.

Cost Estimate
H.R. 4469, AI in Counterterrorism Oversight Enhancement Act
August 24, 2021
As ordered reported by the House Committee on Oversight and Reform on July 20, 2021.

Cost Estimate
H.R. 4526, City and State Diplomacy Act
August 24, 2021
As ordered reported by the House Committee on Foreign Affairs on July 29, 2021.

Cost Estimate
S. 2439, DHS Industrial Control Systems Capabilities Enhancement Act of 2021
August 24, 2021
As ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on August 4, 2021.

Cost Estimate
S. 812, a bill to direct the Secretary of State to develop a strategy to regain observer status for Taiwan in the World Health Organization, and for other purposes
August 24, 2021
As passed by the Senate on August 6, 2021.

Cost Estimate
S. 894, Hire Veteran Health Heroes Act of 2021
August 24, 2021
As ordered reported by the Senate Committee on Veterans’ Affairs on July 28, 2021.

Cost Estimate
S.J. Res. 10, a joint resolution to repeal the authorizations for use of military force against Iraq, and for other purposes
August 24, 2021
As reported by the Senate Committee on Foreign Relations on August 4, 2021.

Cost Estimate
S. 1198, Solid Start Act of 2021
August 23, 2021
As ordered reported by the Senate Committee on Veterans’ Affairs on July 28, 2021.

FAF

Financial Accounting Foundation Trustees Announce Appointment of New Chair of the Governmental Accounting Standards Advisory Council (GASAC)  [08/24/21]
Media Advisory

Financial Accounting Foundation Trustees Reappoint Chair, Name New Member to Private Company Council  [08/24/21]
Media Advisory

FASB

FASB Issues 2021 Investor Outreach Report  [08/25/21]
Media Advisory

GAO

Small Business Administration
Physical Disaster Loan Performance Before and After Changes in Statutory Collateral Requirements
GAO-21-581R
Published: Aug 27, 2021.
Publicly Released: Aug 27, 2021.
Why GAO Did This Study SBA assists most types of businesses regardless of size and others affected by natural and other declared disasters through its Disaster Loan Program.

401(k) Retirement Plans
Many Participants Do Not Understand Fee Information, but DOL Could Take Additional Steps to Help Them
GAO-21-357
Published: Jul 27, 2021.
Publicly Released: Aug 26, 2021.
What GAO Found Almost 40 percent of 401(k) plan participants do not fully understand and have difficulty using the fee information that the Department of Labor (DOL) requires plans to provide to participants in fee disclosures, according to GAO's analysis of its generalizable survey (see figure).

Public Safety Officers' Benefits Program
Bureau of Justice Assistance In Compliance With Offset and Reporting Requirements for 9/11-Related Claims
GAO-21-553R
Published: Aug 24, 2021.
Publicly Released: Aug 24, 2021.
What GAO Found Public safety officers—law enforcement officers, firefighters, and emergency medical technicians, among others—who die or become totally and permanently disabled after a line-of-duty injury are eligible for benefits from the PSOB, which provides a one-time, lump-sum payment to public...

Facial Recognition Technology
Current and Planned Uses by Federal Agencies
GAO-21-526
Published: Aug 24, 2021.
Publicly Released: Aug 24, 2021.
What GAO Found In response to GAO's survey about facial recognition technology (FRT) activities in fiscal year 2020, 18 of the 24 surveyed agencies reported using an FRT system, for one or more purposes, including: Digital access or cybersecurity.

IASB


IRS

Interest rates remain the same for the fourth quarter 2021
IR-2021-173, August 25, 2021 — The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning October 1, 2021. 

IRS accepting applicants for the Compliance Assurance Process for 2022
IR-2021-172, August 23, 2021  — The Internal Revenue Service announced today the opening of the application period for the 2022 Compliance Assurance Process (CAP) program. The application period runs September 1 to November 1, 2021. The IRS will inform applicants if they're accepted into the program in February 2022

SEC

SEC Issues Whistleblower Awards Totaling $2.6 Million

2021-168, Aug. 27, 2021 — The Securities and Exchange Commission today announced awards of approximately $2.6 million to five whistleblowers who provided information and assistance in three separate enforcement proceedings.

SEC Requests Information and Comment on Broker-Dealer and Investment Adviser Digital Engagement Practices, Related Tools and Methods, and Regulatory Considerations and Potential Approaches; Information and Comments on Investment Adviser Use of Technology

2021-167, Aug. 27, 2021 — The Securities and Exchange Commission today announced that it is requesting information and public comment on matters related to the use of digital engagement practices by broker-dealers and investment advisers. These tools include behavioral prompts, differential marketing, game-like features (commonly referred to as gamification), and other design elements or features designed to engage with retail investors on digital platforms (e.g., websites, portals, and applications), as well as the analytical and technological tools and methods (collectively called digital engagement practices (DEPs)).

SEC Charges Underwriter and Its Former CEO With Misconduct In Muni Bond Tender Offer

2021-166, Aug. 26, 2021 — The Securities and Exchange Commission today instituted settled charges against Crews & Associates Inc., an Arkansas-based broker-dealer, and its former CEO, Rush F. Harding III, for unfair dealing in connection with a municipal bond tender offer.

Chair Gensler Announces Addition of Barbara Roper to Senior Staff
2021-165, Aug. 25, 2021 — The Securities and Exchange Commission today announced the appointment of Barbara Roper as Senior Advisor to the Chair. Ms. Roper's focus will be on issues relating to retail investor protection, including matters relating to policy, broker-dealer oversight, investment adviser oversight, and examinations. She is currently the Director of Investor Protection for the Consumer Federation of America (CFA).

SEC Charges Former CEO of Technology Company With $80 Million Fraud

2021-164, Aug. 25, 2021 — The Securities and Exchange Commission today charged Manish Lachwani, the former CEO of HeadSpin Inc., a Silicon Valley-based private technology company, with defrauding investors out of $80 million by falsely claiming that the company had achieved strong and consistent growth in acquiring customers and generating revenue.

SEC Obtains Emergency Relief, Charges Investment Adviser and Its Principal with Operating $110 Million Ponzi Scheme

2021-163, Aug. 25, 2021 —On Aug. 20, 2021, the Securities and Exchange Commission filed an emergency action to stop a fraudulent Ponzi scheme allegedly perpetrated by Marietta, Georgia resident John Woods and two entities he controls: registered investment adviser Livingston Group Asset Management Company, d/b/a Southport Capital (Southport), and investment fund Horizon Private Equity, III LLC (Horizon). On Aug. 24, 2021, the United States District Court for the Northern District of Georgia granted a temporary restraining order and asset freeze with respect to defendants Woods and Horizon and ordered expedited discovery with respect to Southport, among other relief.

SEC Charges Healthcare Services Company and CFO for Failing to Accurately Report Loss Contingencies as part of Continuing EPS Initiative

2021-162, Aug. 24, 2021 — The Securities and Exchange Commission today announced that Pennsylvania-based Healthcare Services Group, Inc. has agreed to pay $6 million to settle charges that the company engaged in accounting and disclosure violations that enabled the company to report inflated quarterly earnings per share (EPS) that met research analysts' consensus estimates for multiple quarters. This is the third action to result from the Division of Enforcement's ongoing EPS Initiative, which uses risk-based data analytics to uncover potential accounting and disclosure violations caused by, among other things, earnings management practices.

SEC Enforcement Chief Counsel Joe Brenner Retires
2021-161, Aug. 23, 2021 — The Securities and Exchange Commission announced that Joseph K. Brenner has retired as the Chief Counsel of the Division of Enforcement, a role he held since January 2011. As Chief Counsel, Mr. Brenner served as the head of the Division of Enforcement's Office of Chief Counsel, where he oversaw the process of providing legal and policy advice on potential enforcement actions and other critical issues to the Division’s leadership and 1400-person staff.

Fee Rate Advisory #1 for Fiscal Year 2022
2021-160, Aug. 23, 2021 — The Securities and Exchange Commission today announced that in fiscal year 2022 the fees that public companies and other issuers pay to register their securities with the Commission will be set at $92.70 per million dollars.

TIGTA

‚ÄčAugust 26, 2021
Fiscal Year 2021 Statutory Audit of Compliance With Legal Guidelines Restricting the Use of Records of Tax Enforcement Results

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