Wednesday, January 11, 2023

The SEC Unveils its Agenda for 2023

A Busy Mix of New Business and Old

Author: David Schwartz J.D. CPA

In its recently updated regulatory flexibility agenda, the Securities and Exchange Commission has set its priorities for 2023. A mix of old and new business, the Commission's 2023 plans include finalizing 29 existing proposals and placing 23 new proposals up for consideration. 

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Monday, November 28, 2022

SEC Beefs Up Proxy Voting Disclosure

Does meaningful proxy voting transparency reveal too much?

Author: David Schwartz J.D. CPA

On November 2, 2022 the Securities and Exchange Commission finalized the first of its market data rule proposals. The amendments to form N-PX bring greater detail, consistency, and usability to the proxy voting information reported by mutual funds. These changes came in response to investors, who have said for nearly twenty years that they would benefit from more readily usable information and more details. But, new disclosures about proxy voting versus securities lending may have funds and their lending agents reexamining their policies and priorities. 

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Thursday, November 17, 2022

Common Domain Model Paves the Way to the Future

"The common domain model is a natural starting place for DLT-based smart contracts"

Author: David Schwartz J.D. CPA

The Common Domain Model (CDM), ISDA's ambitious securities lending standardization project, is a step closer to reality. And industry leaders already see opportunities for application. In a report jointly produced with Linklaters, ISDA outlined the project's progress since its launch in 2021 [1] and described how the CDM lays the foundation for distributed ledger (DLT)-based smart contracts to remake the securities lending landscape. 

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Thursday, October 6, 2022

Is T+1 Something We Can All Agree On?

The Industry Reacts to a Compressed Settlement Plan

Author: David Schwartz J.D. CPA

In moving to shorten the U.S. securities settlement cycle by one day to T+1, the Securities and Exchange Commission appears to have hit on something upon which virtually everyone can agree. Judging by the comments to the SEC's T+1 proposal, everyone from State Street to the Cornell Securities Law Clinic agrees that moving to T+1 is both desirable and beneficial to risk management in the long run. That said, despite this rare moment of accord between the regulator and the regulated, according to some commenters, some parts of the proposed implementation need attention, fine-tuning, or reconsideration. 

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Friday, September 30, 2022

Serious Doubts About the SEC's Short Sale Proposals

Disclosures Could be a Real Challenge for Managers and Brokers

Author: David Schwartz J.D. CPA

In February of 2022, the Securities and Exchange Commission proposed new disclosures to provide more transparency into institutional investors' short-selling activity. According to Chairman Gensler, collecting more granular data from large short sellers "would help us to better oversee the markets and understand the role short selling may play in market events." Despite these lofty goals, industry commenters are raising serious questions about whether some elements of the proposed new disclosure regime are structurally and technologically feasible.

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