FiSolve Weekly News Digest (July 7, 2023)

Here is what we are reading in the news this week.

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The New York State Department of Financial Services published updated proposed amendments to its cybersecurity regulations applicable to “covered entities.”? The amendments would apply to firms in the financial services industry, operating under a license, permit, accreditation, or similar authorization under the relevant New York State law.? The proposal introduces expanded requirements around governance, cybersecurity notifications and safeguards (such as mandatory multi-factor authentication) and inventory of assets.?Read more at https://www.dfs.ny.gov/system/files/documents/2023/06/rev_rp_23a2_text_20230628.pdf.?

The Wall Street Journal is reporting companies are rolling out special paid time off for new grandparents, hoping the move will keep older workers from retiring or moving to another employer. ?The new form of leave—and other expanding benefits aimed at mid- and late-career employees, such as menopause time off—signal that more employers need older workers.?Read more at https://www.wsj.com/articles/grandparents-get-their-version-of-parental-leave-825fa88c.

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The Financial Stability Board (FSB) has proposed revising its principles from 2017 to end "liquidity mismatches." This would require open-ended funds to only offer investors redemption terms that reflect the ability of their assets to pay on time, particularly in stressed markets.? The proposal is designed to increase investment funds resilience to market shocks.? Read more at https://www.fsb.org/2023/07/addressing-structural-vulnerabilities-from-liquidity-mismatch-in-open-ended-funds-revisions-to-the-fsbs-2017-policy-recommendations-consultation-report/.

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Reuters is reporting the U.S. Securities and Exchange Commission will vote next week on proposed changes aimed at helping control systemic risk in the money market fund and private asset management sectors, which together comprise trillions in investor dollars (so called "Swing Pricing.")? Votes also are expected on whether to require greater disclosures from the private asset managers to better detect the buildup of financial risk, and also on proposals regarding the frequency with which broker-dealers and swap dealers calculate reserve deposit requirements.? Read more at https://www.reuters.com/article/usa-sec-investment/us-sec-to-vote-on-swing-pricing-private-investment-reporting-idUSL1N38S2EO.

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The International Regulatory Strategy Group and ICMA - International Capital Market Association released a Draft Voluntary Code of Conduct for ESG Ratings and Data Product Providers.? The ESG Data and Ratings Working group is seeking feedback on the Code from interested constituents. ?The consultation period runs through October 5, 2023.?Read more at https://www.irsg.co.uk/assets/Papers/DRWG-ESG-Code-of-Conduct-Draft-July-2023.pdf.

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