Sec. 2. Codification of the SEC Strategic Hub for Innovation and Financial Technology
552 words·~3 min read·
/bill/118/hr/9633/ih/section-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 4 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78d ) is amended by adding at the end the following: There is established within the Commission the Strategic Hub for Innovation and Financial Technology (referred to in this section as the FinHub ). The purposes of FinHub are as follows: To assist in shaping the approach of the Commission to technological advancements. To examine financial technology innovations among market participants. To coordinate the response of the Commission to emerging technologies in financial, regulatory, and supervisory systems.
FinHub shall have a Director who shall be appointed by the Commission, from among individuals having experience in both emerging technologies and Federal securities laws and serve at the pleasure of the Commission. The Director shall report directly to the Commission and perform such functions and duties as the Commission may prescribe. FinHub shall— foster responsible technological innovation and fair competition within the Commission, including around financial technology, regulatory technology, and supervisory technology; provide internal education and training to the Commission regarding financial technology; advise the Commission regarding financial technology that would serve the Commission’s functions; analyze technological advancements and the impact of regulatory requirements on financial technology companies; advise the Commission with respect to rulemakings or other agency or staff action regarding financial technology; provide businesses working in emerging financial technology fields with information on the Commission, its rules and regulations; and encourage firms working in emerging technology fields to engage with the Commission and obtain feedback from the Commission on potential regulatory issues.
The Commission shall ensure that FinHub has full access to the documents and information of the Commission and any self-regulatory organization, as necessary to carry out the functions of FinHub. Not later than October 31 of each year after 2024, FinHub shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report on the activities of FinHub during the immediately preceding fiscal year.
Each report required under subparagraph
(A)shall include— the total number of persons that met with FinHub; the total number of market participants FinHub met with, including the classification of those participants; a summary of general issues discussed during meetings with persons; information on steps FinHub has taken to improve Commission services, including responsiveness to the concerns of persons; recommendations— with respect to the regulations of the Commission and the guidance and orders of the Commission; and for such legislative actions as FinHub determines appropriate; and any other information, as determined appropriate by the Director of FinHub. A report under subparagraph
(A)may not contain confidential information. The Commission shall establish a detailed system of records (as defined under section 552a of title 5, United States Code) to assist FinHub in communicating with interested parties. Entities covered by the system required under subparagraph
(A)include entities or persons submitting requests or inquiries and other information to Commission through FinHub. FinHub shall store— electronic records— in the system required under subparagraph (A); or on the secure network or other electronic medium, such as encrypted hard drives or back-up media, of the Commission; and paper records in secure facilities. This subsection shall take effect on the date that is 180 days after the date of the enactment of this subsection. .
Connectionstraces to 1
Traces to 1 document
Citation graph
cites case law
Sec. 2
Codification of the SEC Strategic Hub for Innovation and Financial Technology
Cites 1Cited by 0 across 0 sources