One Year in, SEC's Gensler Has Delivered a Rulemaking Storm
Securities Enforcement Defense attorney Scott Mascianica spoke with Law360 about U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler's first year on the job. So far, Gensler has set an ambitious rulemaking agenda, with proposals ranging from sweeping climate-related disclosures to extensive cybersecurity reporting requirements. Mr. Mascianica, who previously served as the Assistant Regional Director in the SEC's Division of Enforcement, called the rulemaking pace under Gensler "historic." He also commented on some of the proposed cybersecurity-related rules, explaining they would create a "one-two punch" by both expanding what companies need to disclose as well as imposing ongoing reporting obligations.
"I think you'd be hard-pressed to find any four-month period [from December to the present] where the commission has been this active on the rulemaking front across such a broad swath of the market," he remarked. "The rules aren't just significant in their scope, they're seismic in their impact."