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The second half of 2021 saw increased regulatory activity as SEC Chairman Gary Gensler began implementing his work plan for the agency. A Wall Street Journal report on the SEC’s latest rule proposals observed that the SEC’s moves result from Gensler’s “ambitious agenda” and the agenda “reflects political divisions.” The Commission has issued proposed rules covering enhanced proxy voting disclosure by investment funds and disclosure of “Say-on-Pay” votes for institutional investment managers. The Forum has filed a comment letter in response to the Commission’s proposed rules amending Form N-PX and requiring funds to tie the description of each voting matter to the issuer’s form of proxy and to categorize every matter by type to assist investors in identifying votes of interest and compare voting records. The SEC also proposed amendments to its rules regarding disclosure about an issuer’s repurchases of its equity securities, often referred to as buybacks; proposed amendments to Rule 10b5-1 under the Securities Exchange Act of 1934 to enhance disclosure requirements and investor protections against insider trading; and proposed rules meant to address the March 2020 volatility around money market funds. The SEC also voted to propose rules to prevent fraud, manipulation and deception in connection with security-based swaps, to prevent undue influence over the CCO of security-based swap dealers and major security-based swap participants, and to require any person with a large security-based swap position to publicly report certain information related to the position.  Additionally, Chair Gensler testified in front of the House Financial Services Committee during an oversight hearing of the Commission. His written testimony and most of the hearing focused on cryptocurrency regulation, the resiliency of money market funds and open-end bond mutual funds during periods of market turbulence, cybersecurity, and ESG disclosure. Chair Gensler also delivered comments on cryptocurrency regulation and stablecoin offerings at the Aspen Security Forum noting that further work is vital and Congressional action may be necessary.