SEC Now Says It Is Looking To Make Financial Data More Accessible
The SEC now says it is looking to make financial data more accessible to the public under the Financial Transparency Act of 2022.
The Securities and Exchange Commission (SEC) on Friday proposed new data standards for submissions to eight particular financial regulatory agencies.
These eight financial regulatory agencies include:
- Board of Governors of the Federal Reserve System
- Commodity Futures Trading Commission
- Consumer Financial Protection Bureau
- Department of the Treasury
- Federal Deposit Insurance Corporation
- Federal Housing Finance Agency
- National Credit Union Administration
- Office of the Comptroller of the Currency
“This proposal will make financial data more accessible, uniform, and useful to the public,” said SEC Chair Gary Gensler.
“Consistent data standards will make it easier for financial institutions to file reports across multiple agencies.
They also will help regulators be more effective and efficient in carrying out our oversight functions.”
The agencies are in various stages of approving the proposed joint standards, with some agencies scheduled to vote in the coming weeks.
The public comment period for the proposed joint standards will remain open for 60 days following publication in the Federal Register, according to the SEC’s press release.
Recently, the SEC charged a CEO for a whopping $170 million fraud scheme that tricked its investors about the company’s actual growth.
In its statement, the SEC charged Abraham Shafi, the founder and former CEO of the private social media startup “IRL” (Get Together Inc.), with defrauding investors.
According to the SEC’s complaint, Shafi, who resides in Pepeekeo, Hawaii, raised approximately $170 million from investors by misrepresenting IRL as a rapidly growing social media platform that organically attracted the majority of its claimed 12 million users.
In reality, the SEC alleges that IRL spent millions of dollars on advertisements that offered incentives to download the app, and Shafi concealed these marketing expenses from investors.
The SEC further alleges that Shafi failed to disclose to investors that he and his fiancée, Barbara Woortmann, used IRL’s business credit cards to pay for hundreds of thousands of dollars in personal expenses, including clothing, home furnishings, and travel.
By making false and misleading statements about the company’s growth and concealing the extensive personal use of company funds, the SEC claims that Shafi defrauded investors who provided the $170 million in funding to IRL.
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Also Read: Foreign Markets Are Now Imposing Bans For Illegal Trading
Stock Market News Today
Massive trading platforms are now reportedly facing outages as Wall Street and the crypto market experience a meltdown.
Several major online trading platforms were down Monday as Wall Street suffered a massive meltdown, according to outage tracking website Downdetector.com.
Charles Schwab, Fidelity, Vanguard and TD Ameritrade were among those heavily impacted, the site showed.
Tens of thousands of people reported an outage from Charles Schwab throughout most of the trading day on Monday.
Reuters reports that Charles Schwab and Fidelity Investments have now resolved their technical issues with their apps, on a day users rushed to trade as markets slumped on rising fears of a U.S. recession.
Many customers across several of these trading platforms struggled to log in to their accounts.
Wall Street’s main indexes as well as the crypto market have plunged as weak economic data, lower than expected quarterly earnings from tech giants and geopolitical tensions dampened hopes of a soft landing.
Goldman Sachs has viewed the markets volatility as a healthy correction rather than a crash.
Bitcoin price fell below $50K on Monday for a moment, scaling back more than 16% from its price of $65K in the past week.
The broad markets, including the S&P 500 and Nasdaq have also experience 5%-6% dips.
Goldman Sachs has issued a reassuring statement regarding the recent market volatility, emphasizing that the present dip is a healthy correction rather than a crash.
The cryptocurrency market has been volatile recently, with Bitcoin and other major cryptocurrencies experiencing high fluctuations.
“Several factors have contributed to the volatility, but these factors also provide opportunities for smart traders.
For instance, although the geopolitical unrest has had an impact on the price of Bitcoin, this volatility can be exploited for short-term gains through swing trading,” reports Cryptonews.net.
The markets seem to be in a state of chaos at the moment.
How long traders remain in this shroud of uncertainty is something only time will tell.
Are you currently exposed to the markets?
What are your thoughts on its current state?
Leave your thoughts below.
Also Read: Here Are What Experts Are Now Saying About Bitcoin’s Plunge
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