WASHINGTON—The new enforcement chief for the Securities and Exchange Commission resigned after just a few days on the job, citing personal reasons, the agency said Wednesday.
Alex Oh, a former partner at Paul, Weiss, Rifkind, Wharton & Garrison LLP, will be replaced on an acting basis by Melissa Hodgman, the SEC said.
Ms. Oh was the first major hire announced by new Chairman Gary Gensler, who was sworn into his role on April 17. The enforcement director is the SEC’s most high-profile staff job, managing a division of 1,300 people and fashioning a strategy for regulating Wall Street.
Ms. Oh decided to resign after a U.S. District Judge Royce Lamberth, in an order issued Monday, questioned her conduct during a deposition in a case filed against Exxon Mobil Corp. Ms. Oh’s law firm, Paul Weiss, represents Exxon.
Mr. Gensler didn’t comment on the reason for Ms. Oh’s resignation in a statement issued Wednesday. “I thank Alex for her willingness to serve the country at this important time,” Mr. Gensler said.

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Alex Oh, the first woman of color appointed to lead the U.S. Securities and Exchange Commission’s enforcement division last week, resigned from the role on Wednesday, citing “personal reasons,” the agency said in a statement.”A development arose this week in one of the cases on which I worked while still in private law practice,” Oh wrote to SEC Chairman Gary Gensler on Wednesday. “I cannot address this development without it becoming an unwelcome distraction to the important work of the Division.”The agency named Melissa Hodgman as acting director of the division, a role she previously held between January and April.Our Standards: The Thomson Reuters Trust Principles.

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BOSTON, April 28, 2021 /PRNewswire/ — Berkshire Hills Bancorp, Inc. (NYSE: BHLB) today announced that its Board of Directors has approved a stock repurchase program pursuant to which the Company may repurchase up to 2,500,000 shares of its common stock through April 30, 2022.  This represents approximately 5% of its outstanding shares as of March 31, 2021.  
The authorization does not constitute a commitment to repurchase shares.  The Company may conduct the repurchases through open market purchases, block trades, unsolicited negotiated transactions, pursuant to a trading plan that may be adopted in accordance with Securities and Exchange Commission (“SEC”) Rule 10b5-1, or in any other manner that complies with the provisions of the Securities Exchange Act of 1934, as amended. 
ABOUT BERKSHIRE HILLS BANCORP
Berkshire Hills Bancorp is the parent of Berkshire Bank, which is committed to purpose-driven, community-dedicated banking and to be the leading socially responsible omni-channel bank in the communities it serves.  Headquartered in Boston, Berkshire operates 121 banking offices primarily in New England and New York. 
CONTACTS
Investor Relations Contacts
Kevin Conn, SVP, Investor Relations & Corporate Development
Email: [email protected]  
Tel: (617) 641-9206
David Gonci, Capital Markets Director
Email: [email protected]
Tel: (413) 281-1973
SOURCE Berkshire Hills Bancorp, Inc.

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NEW YORK–(BUSINESS WIRE)–Apr 28, 2021–
Frontier Acquisition Corp. (Nasdaq: FRONU) (the “Company”) announced today that, commencing May 3, 2021, holders of the units sold in the Company’s initial public offering of 23,000,000 units, completed on March 15, 2021, may elect to separately trade the Class A ordinary shares and warrants included in the units. Those units not separated will continue to trade on the Nasdaq Capital Market (“Nasdaq”) under the symbol “FRONU,” and the Class A ordinary shares and warrants that are separated will trade on the Nasdaq under the symbols “FRON” and “FRONW,” respectively. Holders of units will need to have their brokers contact Continental Stock Transfer & Trust Company, the Company’s transfer agent, in order to separate the units into Class A ordinary shares and warrants.
The units were initially offered by the Company in an underwritten offering. Credit Suisse Securities (USA) LLC and Berenberg Capital Markets LLC served as the underwriters for the offering. A registration statement relating to the units and the underlying securities was declared effective by the Securities and Exchange Commission (the “SEC”) on March 10, 2021.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities of the Company, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering was made only by means of a prospectus. Copies of the prospectus may be obtained from Credit Suisse Securities (USA) LLC, c/o Credit Suisse Securities (USA) LLC, Attn: Prospectus Department, 6933 Louis Stephens Drive, Morrisville, North Carolina 27560, Telephone: 1-800-221-1037, Email: [email protected].
About Frontier Acquisition Corp.
Frontier Acquisition Corp., sponsored by an affiliate of Falcon Edge Capital and Apeiron Investment Group, is led by Chief Executive Officer Christian Angermayer, Co-Presidents Rick Gerson and Ryan Khoury and Co-Chairmen of the board David A. Sinclair and Peter Attia and director Jonathan Christodoro. The Company intends to leverage its leadership team’s experiences to create significant long-term value for the Company’s shareholders. The team’s experiences include: Christian Angermayer as founder of Apeiron Investment Group, Peter Attia as a practicing physician focusing on the applied science of longevity and co-founder and chief medical officer of the fasting app Zero, and David A. Sinclair as Professor of Genetics at Harvard Medical School and co-founder of several biotechnology companies. While the Company intends to pursue opportunities at the intersection of the healthcare and technology industries, the Company will not be limited to a particular industry or geographic region in its identification and acquisition of a target company.
Forward-Looking Statements
This press release may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate,” “believe,” “estimate,” “expect,” “intend” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filings with the SEC. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus relating to the Company’s initial public offering filed with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
View source version on businesswire.com:https://www.businesswire.com/news/home/20210428006067/en/
CONTACT: For Investors:
David Hilbert, Head of Business Development
Tel: (212) 803-9080

Email:[email protected]
For Media:
Jonathan Gasthalter/Nathaniel Garnick
Gasthalter & Co.
(212) 257-4170
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: BANKING PROFESSIONAL SERVICES FINANCE
SOURCE: Frontier Acquisition Corp.
Copyright Business Wire 2021.
PUB: 04/28/2021 04:05 PM/DISC: 04/28/2021 04:05 PM
http://www.businesswire.

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Shareholder meeting expected to be held on May 6, 2021
The BCAC Board of Directors urges shareholders of record as of March 31, 2021, to vote FOR each of the resolutions
TORONTO and SANTA ROSA, Calif., April 28, 2021 (GLOBE NEWSWIRE) — Bespoke Capital Acquisition Corp. (NASDAQ: BSPE) (TSX: BC.U) (TSX: BC.WT.U) announced today that it has filed with the U.S. Securities and Exchange Commission (“SEC”) an amendment to its registration statement on Form S-4, which includes a preliminary consent solicitation statement/prospectus, in connection with its proposed business combination with Vintage Wine Estates (“VWE”), one of the fastest growing U.S. wine producers with an industry leading direct-to-customer platform.
The amended Registration Statement contains additional information regarding the proposed BCAC-VWE business combination, including:

The recently announced $100 million private placement of common stock at $10.00 per share to funds managed by Wasatch Global Investors, including updated pro forma financial statements under the caption “Unaudited Pro Forma Condensed Combined Financial Information.”
Additional information regarding amounts to be received by equity holders of VWE, as well as BCAC’s sponsor and affiliates, under the caption “Questions and Answers.”
Information about BCAC shareholder’s redemption rights, under the caption “Questions and Answers.”
Prior to 4:00 p.m. (EDT) on May 3, 2021, holders of Class A Restricted Voting Shares of BCAC have a right to deposit their shares for redemption in connection with the vote to approve an extension of the permitted timeline to complete the qualifying acquisition. BCAC has agreed that it will allow any shareholder who previously submitted a redemption request to revoke their redemption until the redemption deadline.
Holders of Class A Restricted Voting Shares will also have a second redemption right that will extend for at least 20 business days after the final prospectus is filed with Canadian regulators and BCAC’s registration statement is declared effective by the SEC. Accordingly, shareholders will have a second opportunity to redeem their Class A Restricted Voting Shares prior to the completion of the transaction if they choose not to redeem at this time.

BCAC urges its shareholders to carefully review the Registration Statement filed with the SEC in connection with their consideration of the proposed transactions. The Registration Statement is available free of charge at www.sec.gov and www.sedar.com, as well as at www.bespokespac.com/investor-relations and www.vintagewineestates.com/investors.
BCAC Shareholder Meeting on May 6, 2021
Three important resolutions have been put forward for BCAC shareholders to approve at the upcoming May 6th shareholder meeting:
      1)   Approval of extension of the permitted investment timeline to July 30, 2021.      2)   Approval of the transaction with VWE.      3)   Approval of the redomestication of BCAC from British Columbia to Nevada.
Voting on these measures will not adversely affect other BCAC shareholder rights, including rights to cause BCAC to redeem their shares later, or affect the BCAC warrants. However, the failure to approve these measures could adversely affect the proposed VWE combination and may result in BCAC being wound-up and the BCAC warrants expiring without value.
The BCAC Board of Directors urges shareholders of record as of March 31, 2021, to vote FOR each of the resolutions.
If BCAC’s registration statement is not declared effective by the SEC prior to May 6, 2021, BCAC expects to seek to approve the extension resolution at the meeting, but may adjourn or postpone the votes on approval of the transaction and redomestication to comply with SEC requirements.
Forward-Looking Statements
Some of the statements contained in this document are forward-looking statements within the meaning of U.S. securities laws and forward-looking information within the meaning of applicable Canadian securities laws (collectively, “forward-looking statements”). Forward-looking statements are all statements other than those of historical fact, and generally may be identified by the use of words such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “future,” “intend,” “may,” “model,” “outlook,” “plan,” “pro forma,” “project,” “seek,” “should,” “will,” “would” or other similar expressions that indicate future events or trends. These forward-looking statements include, but are not limited to, statements regarding closing of the investment and the transaction and the shareholder meeting and its business. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of BCAC’s management and are not guarantees of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, assurance or definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ materially from those contained in or implied by such forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the control of BCAC. Factors that could cause actual results to differ materially from the results expressed or implied by such forward-looking statements include, among others: the effect of economic conditions on the industries and markets in which VWE operates, including financial market conditions, fluctuations in prices, interest rates and market demand; the ability of the parties to successfully or timely consummate the transactions, including the risk that any required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the transactions or that the approval of the shareholders of BCAC or VWE is not obtained; failure to realize the anticipated benefits of the transactions; risks relating to the uncertainty of the projected financial information; the effects of competition on VWE’s future business; risks related to the organic and inorganic growth of VWE’s business and the timing of expected business milestones; the amount of redemptions, if any, made by BCAC’s shareholders in connection with the transactions; the requirement for Wasatch to fund the subscription price on closing; the potential adverse effects of the ongoing COVID-19 pandemic on VWE’s business and the U.S. economy; declines or unanticipated changes in consumer demand for VWE’s products; the impact of environmental catastrophe, natural disasters, disease, pests, weather conditions and inadequate water supply on VWE’s business; VWE’s significant reliance on its distribution channels; potential reputational harm to VWE’s brands from internal and external sources; possible decreases in VWE’s wine quality ratings; possible departures from VWE’s or the combined company’s senior management team; integration risks associated with acquisitions; changes in applicable laws and regulations and the significant expense to VWE of operating in a highly regulated industry; VWE’s and the combined company’s ability to make payments on its indebtedness; and those factors discussed in documents of BCAC filed, or to be filed, with the U.S. Securities and Exchange Commission (“SEC”) or Canadian securities regulatory authorities. There may be additional risks that BCAC does not know or that BCAC currently believes are immaterial that could also cause actual results to differ from those expressed in or implied by these forward-looking statements. In addition, forward-looking statements reflect BCAC’s expectations, plans or forecasts of future events and views as of the date of this press release. BCAC undertakes no obligation to update or revise any forward-looking statements contained herein, except as may be required by law. Accordingly, undue reliance should not be placed upon these forward-looking statements.
Important Information and Where to Find It
In connection with the transactions, BCAC has filed (1) with the SEC a preliminary consent solicitation statement/prospectus and amendments thereto (the “Consent Solicitation Statement/Prospectus”), which includes a preliminary consent solicitation statement of VWE and a preliminary prospectus of BCAC to be distributed to BCAC shareholders and VWE shareholders; (2) with Canadian securities regulatory authorities a preliminary non-offering prospectus (the “Canadian Prospectus”) under Canadian securities laws to be distributed to BCAC shareholders; and (3) with Canadian securities regulatory authorities a management proxy circular (the “Proxy Circular”) under Canadian securities laws distributed to BCAC shareholders. INVESTORS AND OTHER SECURITY HOLDERS ARE URGED TO READ THE CONSENT SOLICITATION STATEMENT/PROSPECTUS, THE CANADIAN PROSPECTUS AND THE PROXY CIRCULAR, ANY AMENDMENTS THERETO AND ANY OTHER DOCUMENTS FILED BY BCAC WITH THE SEC OR CANADIAN SECURITIES REGULATORY AUTHORITIES CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT BCAC, VWE AND THE TRANSACTIONS. When available, investors and security holders may obtain free copies of these documents and other documents, with respect to those filed with the SEC, at www.sec.gov, and with respect to those filed with the Canadian securities regulatory authorities, at www.sedar.com, or by directing a request to BCAC at 595 Burrard Street, Suite 2600, Three Bentall Centre, Vancouver, BC V7X1L3.
INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SEC, CANADIAN SECURITIES REGULATORY AUTHORITIES OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING THEREOF OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
Participants in the Solicitation
BCAC and VWE and their respective directors and certain of their respective executive officers and other members of management and employees may be considered participants in the solicitation of proxies or consents with respect to the transactions. Information about the directors and executive officers of BCAC and VWE and a description of their direct and indirect interests, by security holdings or otherwise, are set forth in the Consent Solicitation Statement/Prospectus, the Canadian Prospectus and the Proxy Circular. Additional information may be set forth in other relevant materials to be filed with the SEC and Canadian securities regulatory authorities regarding the transactions. Security holders, potential investors and other interested persons should read these materials carefully and in their entirety when they become available before making any voting or investment decisions. You may obtain free copies of these documents as indicated above.
No Offer or Solicitation
This document shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any offer or sale of securities in any jurisdiction where such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities will be made except by means of a prospectus meeting the requirements of the Securities Act of 1933 or an exemption therefrom.
Contacts:
Investors
Mark HarmsBespoke Capital Partners [email protected] +44-207-016-8050
or
[email protected] 
Media
Alecia PulmanBespokePR@icrinc.

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BILOXI, Miss., April 28, 2021 /PRNewswire/ — The board of directors of Peoples Financial Corporation (the “Company”)(OTCQX Best Market: PFBX), parent of The Peoples Bank (the “Bank”), announced its approval to repurchase up to 200,000 additional shares of the Company’s outstanding common stock.  In accordance with the limitations set forth in Rule 10b-18 of the Securities and Exchange Commission and other applicable legal requirements, shares will be repurchased at the discretion of management either on the open market or through privately negotiated transactions, and repurchased shares will be retired. As of March 31, 2021, the Company reported common shares outstanding of 4,878,557.
The stock repurchase program goes back to May 2000 when the Company initially repurchased and retired 2.5% of the common shares then outstanding. Subsequent and current phases of the stock repurchase program are as follows:

Number of Shares
Repurchased and
Retired

Date Announced

12/8/2017

110,000

9/26/2018

70,000

11/8/2019

65,000

 *

245,000

371

 *

remaining shares available to be repurchased and retired under the 2019 repurchase program

4/28/2021

200,000

shares to be repurchased and retired under the 2021 repurchase program

200,371

Total shares available to be repurchased and retired

The timing of the planned repurchases will depend on market conditions and other requirements.  The Company currently anticipates the share repurchase program will extend over a twelve-month time frame or expire earlier if the shares are completely repurchased before the end of that period.  The share repurchase program does not obligate the Company to repurchase any dollar amount or number of shares, and the program may be extended, modified, suspended or discontinued at any time.
“We are pleased with our continued financial improvement along with our record first quarter earnings announced earlier this month and our increased dividend payment on April 8, 2021,” said Chevis C. Swetman, Chairman and CEO of the Company and the Bank. “We remain dedicated to enhancing shareholder value and returning earnings to our shareholders,” he added.
Founded in 1896, our Bank had $750 million in total assets as of March 31, 2021.  The Peoples Bank operates 18 branches along the Mississippi Gulf Coast in Hancock, Harrison, Jackson and Stone counties. In addition to offering a comprehensive range of retail and commercial banking services, the Bank also operates a trust and investment services department that has provided customers with financial, estate and retirement planning services since 1936.
Peoples Financial Corporation’s common stock is listed on the OTCQX Best Market under the symbol PFBX. Additional information is available on the Internet at the Company’s website, www.thepeoples.com, and at the website of the Securities and Exchange Commission, www.sec.gov.
This news release reflects industry conditions, Company performance and financial results and contains “forward-looking statements,’ which may include forecasts of our financial results and condition, expectations for our operations and businesses, and our assumptions for those forecasts and expectations.  Do not place undue reliance on forward-looking statements.  These forward-looking statements are subject to a number of risk factors and uncertainties which could cause the Company’s actual results and experience to differ materially from the anticipated results and expectation expressed in such forward-looking statements.
Factors that could cause our actual results to differ materially from our forward-looking statements are described under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Regulation and Supervision” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, and in other documents subsequently filed by the Company with the Securities and Exchange Commission, available at the SEC’s website and the Company’s website, each of which are referenced above. To the extent that statements in this news release relate to future plans, objectives, financial results or performance by the Company, these statements are deemed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are generally identified by use of words such as “may,” “believe,” “expect,” “anticipate,” “intend,” “will,” “should,” “plan,” “estimate,” “predict,” “continue” and “potential” or the negative of these terms or other comparable terminology.  
Forward-looking statements represent management’s beliefs, based upon information available at the time the statements are made, with regard to the matters addressed; they  are not guarantees of future performance. Forward-looking statements are subject to numerous assumptions, risks and uncertainties that change over time and could cause actual results or financial condition to differ materially from those expressed in or  implied by such statements. All information is as of the date of this news release. Except to the extent required by applicable law or regulation, the Company undertakes no obligation to revise or update publicly any forward-looking statement for any reason.
SOURCE Peoples Financial Corporation

Related Links
www.thepeoples.

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On April 9, 2021, the U.S. Securities and Exchange Commission (the SEC) released results from its recent examinations of particular investment advisers, registered investment companies, and private funds (the firms) that purport to offer environmental, social, and governance (ESG) products and services. The SEC observed a large discrepancy between the ESG-related disclosures of these firms and their adopted and implemented ESG practices. The SEC examinations found that firms undertake ESG practices for a variety of reasons, often believing investments with favorable ESG profiles may result in higher returns. However, the SEC found that once they do implement such ESG-related approaches, the firms lack the necessary internal controls and compliance programs to achieve consistency between their stated approaches and actual adherence to such approaches. Consequently, this inconsistency results in making unsubstantiated or otherwise potentially misleading claims about their ESG approaches to the firms’ clients. In its findings, the SEC provided valuable insight into avoiding the pitfalls of implementing misleading ESG-related practices by highlighting the ESG-related strategies of firms that maintained clear, precise, and consistent ESG policies, procedures, and practices.
I. Firms Respond to Growing Demand for ESG-Related Investing
The SEC found that in recent years, there has been an increase in investor demand for ESG-related investment products and financial services. Firms have responded by offering various ESG investment options, including registered investment companies and pooled investment vehicles (funds) that focus on incorporating ESG factors into their investment decisions. For example, the SEC found that some ESG funds select companies that have demonstrated a commitment to a particular ESG factor, such as minimizing their environmental impact, while other funds attempt to engage with companies with a goal of improving specific ESG-related practices. The SEC found that these firms have focused on various ESG themes, including sustainability, climate, and faith-based investing.
The SEC explained that one result of this rapid increase in investor demand for ESG-related investment products and financial services is increased diversity of ESG products and services. This diversity reduces standardization of ESG-related approaches and, consequently, enhances risks that clients and investors face when investing in such firms. In particular, the SEC found that firms may define the same ESG-related concepts differently, resulting in confusion for investors who may not understand the specific manner in which particular firms articulate ESG-related concepts and terms. The SEC explained that this confusion is exacerbated by inconsistencies between the firms’ disclosed ESG investing processes or investment goals and their actual portfolio management policies, procedures, and practices.
II. SEC Examination Focus on Firm ESG Practices
The SEC has focused its examinations on the firms’ ESG portfolio management, which includes firms’ usage of ESG-related terminology, due diligence processes as they relate to the firms’ disclosed ESG investing procedures, and proxy voting decision-making processes. Additionally, the SEC has reviewed the firms’ advertising and marketing of their ESG policies, procedures, and practices, including without limitation a review of the firms’ regulatory filings, websites, reports to sponsors of global ESG frameworks, and ESG-related communications to clients. Finally, SEC examinations have also entailed a review of the firms’ compliance programs, including implementation of written policies and procedures, compliance oversight, and a review of ESG investing practices and disclosures.
III. SEC Examinations Have Resulted in Finding Inadequate and Inconsistent Firm ESG-Related Policies, Procedures, and Practices
In its review of the firms’ ESG-related policies, procedures, and practices, the SEC found various violations of the Investment Advisers Act of 1940, as amended (the Advisers Act), including violations of Rule 206 of the act, which imposes a fiduciary duty on investment advisers to provide full and fair disclosure of all material facts relating to the advisory relationship and to provide advice that is in the best interest of the client. More specifically, Rule 206(4) of the Advisers Act prohibits firms from misleading investors, such as by making false or misleading statements to existing or prospective investors in pooled investment vehicles. *The SEC found instances of potentially misleading statements regarding ESG investing processes, many of which resulted because firms falsely claimed to implement formal ESG processes when in reality they did not have any such ESG policies or procedures in place. The SEC highlighted these weak, unclear, and misleading practices, as well as a dearth of compliance programs to guard against misleading investors, in its findings listed below:

Portfolio management practices inconsistent with disclosures about ESG approaches (e.g., lack of adherence to global ESG frameworks where firms claimed such adherence).
Weak controls to maintain, monitor, and update clients’ ESG-related investing guidelines, mandates, and restrictions (e.g., inadequate systems to consistently track and update clients’ negative screens, leading to the risk that prohibited securities could be included in client portfolios).
Inconsistencies between public ESG-related proxy voting claims and internal proxy voting policies and practices (e.g., ESG firms publicly stating that their ESG-related proxy proposals would be independently evaluated internally on a case-by-case basis to maximize value, while internal guidelines generally did not provide for such case-by-case analysis).
Unsubstantiated or otherwise potentially misleading claims regarding ESG investing in a variety of contexts (e.g., unsubstantiated claims by the firms regarding their substantial contributions to the development of specific ESG products, when in reality they had limited roles).
Weak controls to ensure consistency between ESG-related disclosures and marketing of a firm’s practices, and failures to make timely updates to marketing materials.
Compliance programs that did not adequately address relevant ESG issues (e.g., compliance programs that did not address adherence to global ESG frameworks to which the firms claimed to be adhering).
Weak compliance programs as a result of compliance personnel having limited knowledge of relevant ESG-investment analyses or minimal oversight over ESG-related disclosures and marketing decisions.

IV. SEC Examinations Resulted in Examples of Successful Firm Approaches to ESG Investing
The SEC found that some firms are successfully implementing ESG practices that could prove to be instrumental in addressing the compliance issues identified above. Below is a list of some of these successful ESG policies, procedures, and practices:

Simple disclosures regarding the firms’ approaches to ESG investing, including clear disclosures in client-facing materials.
Ability to comply with requirements of certain global ESG frameworks while simultaneously making investments that could possibly be inconsistent with ESG investing.
Evaluations of investments with global ESG frameworks.
Clear policies and procedures that explicitly address ESG investing and cover key aspects of the firms’ relevant practices.
Compliance personnel who are knowledgeable about the firms’ specific ESG-related practices (e.g., an internal team to help firms avoid making misleading claims in their ESG-related marketing and to test the adequacy of existing ESG-related policies and procedures).

V. Takeaways
When implementing ESG-related investment policies, procedures, and practices, firms must be consistent, clear, and transparent regarding their ESG-related investment goals. They must strive to follow through in achieving these goals to raise investor confidence that their investments are being successfully managed by the firms. To avoid any discrepancy between their ESG-related disclosures and their implemented ESG practices, firms should consider adopting ESG-related strategies that are compliant with requirements of ESG global frameworks and employ internal monitoring systems, such as knowledgeable personnel who can monitor such compliance. For example, firms can consider the United Nations-supported Principles for Responsible Investment and the Sustainability Accounting Standards Board as bases for adopting successful ESG policies. Firms should also consider creating an ESG committee composed of personnel across departments at the firm to oversee the adoption of and compliance with the firm’s ESG policies.
As the SEC made clear, ESG-related practices are becoming increasingly common with the rapid rise in investor demand for ESG-related investment products and financial services. Consequently, as the SEC recommended, firms that offer ESG investment options must ensure proper implementation of their ESG portfolio management, ESG-related communications to clients, and ESG compliance programs. When firms do implement such strategies, they should define their own metrics in their monitoring systems. For example, they should develop a framework to measure from both a general operating system perspective and an investment activity perspective whether a specific ESG policy was complied with. This framework should include clear and appropriately detailed instructions to employees for compliance with the firm’s ESG policies.

*See Commission Interpretation Regarding Standard of Conduct for Investment Advisers, Release No. IA-5248 (June 5, 2019).

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Comments received on the proposed rule change are available on the Commission’s website at: https://www.sec.gov/comments/sr-nyse-2020-.

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I anticipate that he will apply the same work ethic and outlook to his new role as Chairman of the SEC, informed, of course, by the experience that we …

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The Securities and Exchange Commission’s Division of Examinations (DOE) (formerly, Office of Compliance Inspections and Examinations) recently announced its examination priorities for 2021. Examination priorities are released annually. The 2021 priorities highlight the following nine non-exhaustive areas on which DOE intends to focus during the year.

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The Securities and Exchange Commission on Wednesday delayed its decision on approving the VanEck Bitcoin ETF until June as the regulator’s new chief begins to review high-profile asset applications.
The SEC typically takes 45 days from when an application is filed to render a decision on whether such a security should be allowed to trade. The 45-day window for the VanEck Bitcoin ETF ends on May 3, but the SEC is extending the deadline.

“The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the comments received,” J. Matthew DeLesDernier, assistant secretary at the SEC, said in a filing.
While bitcoin ETFs exist in the U.S., they do not directly own bitcoin. They own portfolios of stocks deemed to have exposure to blockchain technology. Some bitcoin watchers believe 2021 could finally be the year a bitcoin ETF is approved thanks to the Senate’s confirmation of Gary Gensler to lead Wall Street’s top regulator.
Gensler, approved by the Senate earlier this month to lead the SEC, is considered an expert on cryptocurrency and has taught courses on digital currencies and blockchain at the Massachusetts Institute of Technology.
Questioned in March how the SEC should regulate bitcoin and other digital assets, Gensler told lawmakers that the responsibility could fall across the government depending on how assets such as bitcoin are classified.
In the past, the SEC said it was worried about extreme price volatility and fraud in cryptocurrencies. It also noted that 75% of bitcoin trading occurs overseas on unregulated foreign exchanges that could be manipulated.

The price of bitcoin and other digital assets have soared in 2021 as a growing number of investment managers and banks grow comfortable considering it as both a potential investment opportunity and a medium of exchange.
Though the world’s largest digital asset has struggled in recent weeks, its current price around $54,400 is far above where it traded one year ago under $10,000, according to Coin Metrics.
Following VanEck, Fidelity in March disclosed in a government filing that it’s working to launch its own bitcoin ETF.
— With reporting from CNBC’s Bob Pisani.

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The US financial services sector should reassess its “prescriptive” approach to addressing environmental and societal issues, according to one of the Securities and Exchange Commission’s (SEC) top staff.
SEC commissioner Hester Peirce spoke out in comments published on the regulator’s website and the magazine of Eurofi, a European financial services think tank.
“In the United States, the idea of enlisting the securities laws to achieve ESG objectives is gaining traction among activists and policy elites with a particular emphasis on requiring disclosure of specific ESG metrics,” she said.
In particular, she highlighted campaigners who have pushed for the US to follow the lead of the European Union in employing a detailed regulatory framework for ESG investing.
However, Peirce argued that common disclosure methods could “homogenize capital allocation decisions”.
“A single set of metrics will constrain decision making and impede creative thinking,” she said. “Unlike financial accounting, which lends itself to a common set of comparable metrics, ESG factors, which continue to evolve, are complex and not readily comparable across issuers and industries.
“The result of global reliance on a centrally determined set of metrics could undermine the very people-centered objectives of the ESG movement by displacing the insights of the people making and consuming products and services.”
Peirce also contended that the “European concept of ‘double materiality’ has no analogue in our regulatory scheme”, a reference to Europe’s move to align financial and ESG-specific reporting.
The EU began rolling out its Sustainable Finance Disclosure Regulation in March, bringing in new specifications for funds purporting to be “green” or “ESG” products. The bloc’s politicians are also developing a sustainable finance “taxonomy” to specify what investments or activities are deemed environmentally friendly.
“Hampering the ability of the markets to collect, process, disseminate, and respond to price signals by boxing them in with preset, government-articulated metrics will stifle the people’s innovation that otherwise would address the many challenges of our age,” Peirce said.
“Moreover, converging standards would be antithetical to our existing disclosure framework, which is rooted in investor-oriented financial materiality and principles-based requirements to accommodate the wide variety of issuers.

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PHILADELPHIA, April 28, 2021 /PRNewswire/ — Aberdeen Income Credit Strategies Fund (NYSE: ACP) (the “Fund”), today announced that it plans to offer shares of its Series A Perpetual Preferred Shares (the “Preferred Shares”) in an underwritten public offering. The completion of the proposed offering depends upon several factors, including customary closing, market and other conditions. The Fund has applied to list the Preferred Shares on the New York Stock Exchange (“NYSE”) under the ticker symbol “ACP.P”. If the application is approved, trading on the NYSE in the Preferred Shares is expected to begin within 30 days following the issuance date of the Preferred Shares.

The Fund’s investment objective is to seek a high level of current income, with a secondary objective of capital appreciation. The Fund intends to use the net proceeds from the offering to invest in accordance with its investment objective and policies, for general working capital purposes and/or to pay down outstanding borrowings under its credit facility.

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UBS Securities LLC is acting as the sole book-running manager for the offering.
The information in the preliminary prospectus supplement, the accompanying prospectus and this press release is not complete and may be changed. A registration statement relating to these securities has been filed with and declared effective by the Securities and Exchange Commission. This press release is not an offer to sell these securities and is not soliciting offers to buy these securities in any jurisdiction where the offer or sale is not permitted.
Investors should consider the Fund’s investment objectives, risks, and expenses carefully before investing. The preliminary prospectus supplement and accompanying prospectus contains this and other information about the Fund and should be read carefully before investing. Copies of the prospectus supplement (when complete) and accompanying prospectus may be obtained for no charge by calling UBS Securities LLC toll-free at 1-888-827-7275. Copies of these documents, when finalized, and other documents the Fund has filed with the Securities and Exchange Commission (“SEC”) may also be obtained by visiting EDGAR on the SEC’s website at www.sec.gov.
In the United States, Aberdeen Standard Investments is the marketing name for the following affiliated, registered investment advisers:  Aberdeen Standard Investments Inc., Aberdeen Asset Managers Ltd., Aberdeen Standard Investments Australia Ltd., Aberdeen Standard Investments (Asia) Ltd., Aberdeen Capital Management, LLC, Aberdeen Standard Investments ETFs Advisors LLC and Aberdeen Standard Alternative Funds Limited.
Closed-end funds are traded on the secondary market through one of the stock exchanges. The Fund’s investment return and principal value will fluctuate so that an investor’s shares may be worth more or less than the original cost. Shares of closed-end funds may trade above (a premium) or below (a discount) the net asset value (NAV) of the fund’s portfolio. There is no assurance that the Fund will achieve its investment objective.
This press release contains certain statements that may include “forward-looking statements.” Forward-looking statements can be identified by the words “may,” “will,” “intend,” “expect,” “estimate,” “continue,” “plan,” “anticipate,” and similar terms and the negatives of such terms. By their nature, all forward-looking statements involve risks and uncertainties, and actual results could differ materially from those contemplated by the forward-looking statements. Many factors that could materially affect the Fund’s actual results are the performance of the portfolio of securities held by the Fund, the conditions in the U.S. and international financial and other markets, the price at which Preferred Shares trade in the public markets and other factors discussed in the Fund’s preliminary prospectus supplement and accompanying prospectus and to be discussed in the Fund’s periodic filings with the SEC.

Although the Fund believes that the expectations expressed in such forward-looking statements are reasonable, actual results could differ materially from those expressed or implied in such forward-looking statements. The Fund’s future financial condition and results of operations, as well as any forward-looking statements, are subject to change and are subject to inherent risks and uncertainties. You are cautioned not to place undue reliance on these forward-looking statements, which are made as of the date of this press release. Except for the Fund’s ongoing obligations under the federal securities laws, the Fund does not intend, and the Fund undertakes no obligation, to update any forward-looking statement.
NOT FDIC INSURED    NO BANK GUARANTEE     MAY LOSE VALUE  
If you wish to receive this information electronically, please contact [email protected]
aberdeenacp.com

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