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The new SEC Chair is focused on change and action. In this week’s episode, host Heather Horn is joined by Kyle Moffatt, a partner in our National Office, and Michael O’Brien, a managing director in our Government, Regulatory Affairs & Public Policy group, to discuss what we think will drive the SEC’s agenda under the direction of new SEC Chair, Gary Gensler.

Topics include:

0:45 - President Biden’s address to congress. Michael sets the stage by giving us a rundown of what is going on in Washington and how President Biden’s address to Congress may influence the SEC’s agenda.
4:25 - Interagency cooperation. Michael and Heather discuss how the SEC’s cooperation with other agencies impacts rulemaking and how hedge fund oversight, cryptocurrency, and climate are interagency priorities right now.
8:07 - Regulatory Flexibility Agenda and rulemaking. Kyle and Michael talk about how and why the comment letter and rulemaking processes can be lengthy for certain issues, such as ESG and climate, with congressional oversight.
13:46 - The new SEC. Kyle and Michael discuss what the new SEC staff appointments are focused on and how the new chairman is driving change in the direction of the Commission.
22:56 - Bipartisan support. Kyle discusses where common ground has been found between the two parties in the past and how it has impacted other agencies.
25:08 - Focus on cryptocurrency and SPACs. Michael walks us through some of the immediate concerns relating to cryptocurrency and special-purpose acquisition companies. Kyle tells us where he sees the SEC going in these areas.
31:59 - Principles-based approach. Our guests tell us what changes we can expect to see to principles-based rulemaking.
36:05 - Key takeaways. Kyle and Michael encourage our listeners to keep an eye on Chair Gensler’s actions in the coming weeks as this could be the most active SEC we have seen in decades.

Want to learn more? Read our In the loops:

Don’t wait until the SEC staff asks you about climate change

New human capital disclosure rules: Getting your company ready

Making sense of ESG

Listen to our prior podcast episode:

The SEC’s request for comment on climate disclosure, explained

Kyle Moffatt is a partner in PwC's National Office where he consults with engagement teams and audit clients on SEC reporting matters. He joined PwC in April 2020 after spending almost 20 years with the SEC, most recently as Chief Accountant and Disclosure Program Director in the Division of Corporation Finance.

Michael O'Brien is a Managing Director in the Office of Government, Regulatory Affairs & Public Policy. In his current role, Michael represents the firm and its interests before Congress, the Executive Branch, and Federal regulatory agencies. He has represented the firm on matters related to the implementation of Sarbanes-Oxley and Dodd-Frank, state and federal taxation, and litigation reform.

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What will Gensler do? Priorities and focus areas for the SEC