![](http://investorshub.advfn.com/images/default_ih_profile2_4848.jpg?cb=0)
Tuesday, September 07, 2021 8:35:01 AM
Brian Cheung
Brian Cheung·Reporter
Tue, September 7, 2021, 7:00 AM
U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler will lean on corporate disclosures as the Biden administration sets its eyes on curbing anti-competitive behavior.
In a meeting of the newly-formed White House Competition Council set to take place later this week, Gensler will also emphasize the agency’s examination of the impact of revenue models like payment for order flows, a senior SEC official told Yahoo Finance.
The SEC is one of six independent agencies scheduled to meet with eight cabinet secretaries in the council’s first-ever meeting on Friday at 10 a.m. ET, according to sources familiar with the matter. The White House announced the formation of the council in July, aspiring to “address overconcentration, monopolization, and unfair competition.”
Gensler plans on telling the council that the SEC’s role in promoting competition will involve potential rulemaking on corporate disclosures and low-cost investor access to equity capital markets.
Since joining the SEC as chair in April, Gensler has advocated for increased transparency — specifically on climate risks and human capital. He has called for mandatory and standardized disclosures amid the rising popularity of environmental, social, and governance (ESG) funds.
“Investors are looking for consistent, comparable, and decision-useful disclosures so they can put their money in companies that fit their needs,” Gensler said in July.
Mandate of the SEC
On climate-specific risks, the agency has solicited public comment and gathered staff input. Proposed rules could come in the fall, the SEC official said. Gensler has also urged greater disclosure on “human capital,” which would require companies to detail its workforce turnover, workplace safety, and diversity, among other factors.
In Friday’s meeting, the SEC chair also plans on highlighting the agency's work on equity market structure. In the aftermath of the GameStop mania earlier this year, the SEC said it was looking at the concentration of retail order flow and the revenue models that $0 fee brokerages and market makers rely on. The SEC has not ruled out the possibility of a full ban on the model, known as payment for order flow.
Ensuring competition in the spirit of the new council is not directly within the mandate of the SEC; the Federal Trade Commission (FTC) serves as the main agency tasked with handling antitrust law. But the SEC official said leveling the playing fields in corporate disclosures, in addition to fostering capital markets competition that lower the cost of investing, are related to the SEC’s mission of “protecting investors, maintaining fair, orderly, and efficient markets, and facilitating capital formation.”
The competition council does not directly instruct the agencies to create any specific rules. But those inside the DC beltway have interpreted the council’s formation as important posturing from the Biden administration on consolidation, particularly in the tech and banking industries.
“While the Competition Order does include several specific initiatives that various agencies may adopt, much of the Competition Order is quite broad and, rather than enacting specific changes, directs or encourages federal agencies to consider potential rulemaking,” noted Davis Polk in a July 12 note.
The law firm added that it could take years for any rules to go through the rigorous rulemaking process before finally taking effect.
Recent AMC News
- AMC Theatres® Records its Most Attended and Highest Grossing Weekend of 2024 – Domestically and Globally • Business Wire • 06/17/2024 01:28:00 PM
- AMC Theatres Offers Movie Lovers Eight Ways to Save at the Movies This Summer • Business Wire • 06/07/2024 10:45:00 AM
- Amcor's new European Innovation Center brings brands the latest in material science and packaging design • PR Newswire (US) • 05/30/2024 07:02:00 AM
- Mike Rowe Presents SOMETHING TO STAND FOR Coming to Theaters Nationwide - Beginning June 27 • PR Newswire (US) • 05/23/2024 01:00:00 PM
- Summer Movie Camp Returns to AMC Theatres® With Popular Family Titles at Just $3 Plus Tax Per Ticket • Business Wire • 05/23/2024 10:45:00 AM
- Chubb Stock Soars 9% with Berkshire Acquisition, AST SpaceMobile jumps 37% on AT&T deal, and More News • IH Market News • 05/16/2024 11:27:07 AM
- Nike Cuts Jobs at Converse, Ilya Sutskever Departs from OpenAI, WBD Increases Buyback Offer, and More News • IH Market News • 05/15/2024 11:49:06 AM
- Meme Stock GameStop Rallies After Roaring Kitty Post • IH Market News • 05/14/2024 12:31:22 PM
- Walmart Corporate Job Cuts and Office Centralization, GameStop and AMC Surge, and More News • IH Market News • 05/14/2024 11:26:02 AM
- Airbnb Stocks Drop 8% Amid Bleak Outlook; Bumble Surges 14% on Global Download Rise, and More in Earnings • IH Market News • 05/09/2024 11:56:30 AM
- AMC Entertainment Holdings, Inc. Reports First Quarter 2024 Results • Business Wire • 05/08/2024 08:22:00 PM
- U.S. Futures Slightly Dip Amid Corporate Earnings and Quiet Economic Calendar, Oil Prices Fall • IH Market News • 05/08/2024 12:29:17 PM
- Bottles of the Year Program from Amcor Showcases the Best New Designs in Responsible Packaging • Business Wire • 05/07/2024 03:00:00 PM
- Alphabet CEO’s Billion-Dollar Wealth, Microsoft’s $1.7B Indonesia Investment, and More News • IH Market News • 04/30/2024 11:58:40 AM
- AMC Entertainment Holdings, Inc. Previews First Quarter 2024 Preliminary Results and Announces First Quarter 2024 Earnings Webcast • Business Wire • 04/26/2024 08:15:00 PM
- United Shares Surge 5.3% in Q1 2024 Earnings Beat; Take-Two Cuts 5% of Workforce, and More News • IH Market News • 04/17/2024 10:57:39 AM
- Walgreens Slashes Annual Profit Forecast; MillerKnoll Nosedives 17% on Bleak 4Q Outlook, and Latest News • IH Market News • 03/28/2024 01:48:04 PM
- Amcor announces CEO transition and reaffirms fiscal 2024 outlook • PR Newswire (US) • 03/19/2024 08:15:00 PM
- Zoom Rooms at AMC Is Now Live at Several AMC Locations Across the Country as AMC Theatres® and Zoom Redefine Interactive Business Meetings and Hybrid Events • Business Wire • 03/14/2024 10:45:00 AM
- AMC Entertainment Holdings, Inc. Provides Settlement Notice • Business Wire • 03/12/2024 08:30:00 PM
- AMC Significantly Expands the Availability of its Popular Grocery Store Popcorn Through the Addition of Publix and Kroger Stores, and Amazon.com • Business Wire • 03/11/2024 05:09:00 PM
- AMC Entertainment Holdings, Inc. Board of Directors Elects Sonia Jain to Serve as a Director of the Company, Effective March 1, 2024 • Business Wire • 03/01/2024 11:45:00 AM
- Snowflake Stock Plummets 20.3% After CEO Transition; C3.ai, Okta, and Duolingo Surge Post-Strong Quarterly Reports, and More • IH Market News • 02/29/2024 11:09:45 AM
- AMC Entertainment Holdings, Inc. Reports Fourth Quarter and Full Year 2023 Results • Business Wire • 02/28/2024 09:15:00 PM
- AMC Entertainment Holdings, Inc. to Announce Fourth Quarter and Full Year 2023 Results and Host Earnings Webcast • Business Wire • 02/05/2024 09:15:00 PM
Last Shot Hydration Drink Announced as Official Sponsor of Red River Athletic Conference • EQLB • Jun 20, 2024 2:38 PM
ATWEC Announces Major Acquisition and Lays Out Strategic Growth Plans • ATWT • Jun 20, 2024 7:09 AM
North Bay Resources Announces Composite Assays of 0.53 and 0.44 Troy Ounces per Ton Gold in Trenches B + C at Fran Gold, British Columbia • NBRI • Jun 18, 2024 9:18 AM
VAYK Assembling New Management Team for $64 Billion Domestic Market • VAYK • Jun 18, 2024 9:00 AM
Fifty 1 Labs, Inc Announces Acquisition of Drago Knives, LLC • CAFI • Jun 18, 2024 8:45 AM
Hydromer Announces Attainment of ISO 13485 Certification • HYDI • Jun 17, 2024 9:22 AM