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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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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Saturday, January 22, 2022

Lenders and Borrowers Sound off on the SEC's Disclosure Proposal

Giving the SEC an Earful and Sounding the Alarm

Author: David Schwartz J.D. CPA

The Securities and Exchange Commission's (SEC) securities lending disclosure proposal has drawn sharp rebuke from both securities lenders and borrowers. Lending principals criticized the proposal on everything from cost, lack of clarity, and overbroad scope to the rule's general inequity. They also pointed out a host of potential unintended consequences that could work against the very transparency the rule proposal was intended to foster. 

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Number of views (2656)

Wednesday, January 5, 2022

FIRST DO NO HARM

A Hippocratic Oath for Securities Lenders

Author: Ed Blount

If the Securities and Exchange Commission approves the many industry requests for delay of its proposed 10c-1 reporting rule for securities loans, leaders in the Global Association of Securities Lending Associations (GASLA) should move quickly to create a more efficient and lower cost disclosure regime.

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Wednesday, December 15, 2021

Beneficial Owners: "Most at risk, yet least served" by Disclosures

Comments to SEC on Proposed 10c-1 Reporting by Securities Lenders

Author: Ed Blount

CSFME comments on proposed Rule 10c-1, as submitted 15 December 2021 to the Securities and Exchange Commission:

"With regard to the above-cited 10c-1 disclosure system, my colleagues and I consider inclusion in the rule proposal of an optional section on alternatives to be a genuine invitation to propose reasonable changes. We assume that the Commission must already realize that the mandated disclosure system, as currently proposed, will likely not achieve its goals.

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Number of views (3043)
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