Securities Regulation Daily Wrap Up, SEC NEWS AND SPEECHES—SEC publishes two reports on diversity, equity, inclusion and accessibility, (Mar 21, 2024)

By R. Jason Howard, J.D.

Reports indicate that regulated entities and the SEC continue to make progress.

The SEC’s Office of Minority and Women Inclusion (OMWI) has published two reports: the 2022 Diversity Assessment Report for Entities Regulated by the SEC, and OMWI’s Fiscal Year (FY) 2023 Annual Report to Congress, as part of the SEC’s efforts to continue promoting diversity, equity, inclusion and accessibility (DEIA) with regulated entities and its own efforts to foster an inclusive and equitable workplace.

The 2022 Diversity Assessment Report analyzed the information provided by regulated entities in connection with OMWI’s invitation to submit voluntary self-assessments about the entities DEIA policies and practices. Although the report indicates that many entities declined to submit self-assessments, the SEC did receive 58 submissions covering nearly 7 percent of regulated entities.

Among others, the report highlights that a majority of the responses show commitment to diversity and inclusion but, while a majority of firms publicize workforce diversity progress, fewer publicize supplier diversity progress.

The OMWI’s FY 2023 Annual Report to Congress provides more information on how the SEC’s efforts are furthering its mission “through interactions with the financial services industry, including connecting with underrepresented groups through outreach events and participation in the SEC’s Advisory Committees and Task Forces.” Among others, the Annual Report highlights that of the over 13,500 applications for mission-critical occupations where applicants self-identified, 56.6 percent of those were minorities and 39.2 percent were women.

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