On April 19, the Securities and Exchange Commission announced the appointments of SEC Chair Gary Gensler’s senior staff, who will be responsible for advising Gensler on matters before the SEC. Prashant Yerramalli, appointed as SEC’s Chief of Staff, will continue to serve the role, which he has held since January under Acting Chair Allison Herren
SEC Chair
SEC Again Approves NYSE’s Direct Listing Rules
On December 22, 2020, the Securities and Exchange Commission approved the New York Stock Exchange’s proposed new direct listing rules to allow companies engaging in a direct listing to raise capital directly through a primary sale of shares, in addition to, or instead of, only facilitating sales of shares by existing shareholders, as previously permitted.
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Elad Roisman Named Acting Chairman of SEC
On December 28, 2020, the Securities and Exchange Commission released a statement indicating that President Trump had chosen current Commissioner Elad L. Roisman as Acting Chairman of the SEC. Acting Commissioner Roisman was first sworn in as a Commissioner of the SEC on September 11, 2018.
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SEC Announces Stand-Alone Office Focused on Innovation and Financial Technology
On December 3, the Securities and Exchange Commission announced that its Strategic Hub for Innovation and Financial Technology (FinHub), will migrate from its current position within the Division of Corporate Finance and be designated as a stand-alone office. FinHub will continue to be led by Valerie A. Szczepanik, who will become its first director and will report directly to the SEC Chairman. FinHub leads the SEC’s work in encouraging responsible innovation in the financial sector, including through the use of new technologies and business models. FinHub engages directly with market participants to further these efforts.
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SEC Chair Addresses Advisory Committee on Small and Emerging Companies
On February 25, Securities and Exchange Commission Chair Mary Jo White addressed members of the SEC’s Advisory Committee on Small and Emerging Companies (Committee) at the opening of the Committee’s most recent meeting.
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