SEC Begins Gathering Diversity and Inclusion Data from Financial Services Firms

The optional Diversity Assessment Report provides firms the opportunity to strengthen their diversity and inclusion programs

On June 1st, the U.S. Securities and Exchange Commission’s (SEC) Office of Minority and Women Inclusion (OMWI) began its bi-annual process of collecting diversity and inclusion data from financial services entities regulated by the SEC. The Diversity Assessment Reports (DAR) gathered by the OMWI will be aggregated, and could be used in various research and reports, including annual reports to Congress.

Firms are not required to complete a DAR and completing one will have no impact on examinations or other aspects of the SEC’s regulatory work. Firms may also submit diversity and inclusion data to the SEC in other formats than the DAR.
 
While the collected data on diversity and inclusion will help the OMWI complete its work, it offers firms the opportunity to conduct a self-assessment around its diversity and inclusion policies and the chance to identify areas for improvement. These self-assessments also allow the OMWI to find shared challenges and opportunities for the financial services industry and identify leading industry practices that could be shared in its future guidance.

How we help

Our ESG Advisory Practice can provide input on your firm’s diversity and inclusion policies, as well as guidance on how to ensure your policies are best in class.

To discuss your firm’s diversity and inclusion policies or to hear our team’s perspective on this and other ESG issues, please contact our ESG Advisory Practice.

For questions about this alert, or to find out how ACA can help you meet your regulatory ESG obligations, please reach out to your trusted ESG advisor or click here.