Monday, April 18, 2022

SEC Gets an “Earful” on Securities Lending and Short-selling Disclosure Proposals

And Another Thing - Longer Comment Periods, Please

Author: David Schwartz J.D. CPA

The Securities and Exchange Commission's controversial securities lending disclosure proposal (Proposal) sought public input on 97 questions and received a substantial body of feedback during the initial 30-day comment period. Drawing sharp rebukes, most responses from trade associations for lenders and borrowers focused on the ambiguous scope of rule 10c-1, the feasibility of the proposed 15-minute reporting regime, lopsided cost and technology burdens, and the risks of reverse...

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Categories: All, Formal Regulatory Remedies, Procedural Changes, Cross-Post

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Monday, December 6, 2021

Selling Transparency: A Bean Counter's Blog

NEW DATA MODEL FOR SECURITIES FINANCE

Author: Ed Blount

A new disclosure data model has just been proposed by the SEC for U.S. securities lenders. Adoption of the model, called 10c-1 after the revised regulation, would be “one of the most drastic adjustments in the history of the securities lending industry,” writes Sidley Austin, a leading Wall Street law firm and advisor to broker-dealers. Previously, we have explained the proposal and intended benefits. Now we begin to analyze the proposed 10c-1 disclosure system’s value...

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Categories: All, Commentary, Formal Regulatory Remedies, Procedural Changes, Cross-Post

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Monday, November 9, 2020

EU Tax Officials to Audit Securities Finance

Search for WHT Abusers Will Upend Regulatory Infrastructure

Author: Ed Blount

The European Securities and Markets Authority (ESMA) has recommended that the market regulators in EU Member States combine trade data generated from the Securities Finance Transaction Regulation (SFTR) with local surveillance data so as to empower tax authorities to catch and indict tax abusers. To the abusers, that is like saying that the Sheriff and Posse are closing in on their SFTR trails.

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Wednesday, July 3, 2019

ESMA Takes a Look at Tax Withholding Schemes

Proposes Some Best Practices and Promises a Follow-up Study

Author: David Schwartz J.D. CPA

The European Securities and Markets Authority (ESMA) has published the findings of its preliminary study of multiple withholding tax (WHT) reclaim schemes. ESMA conducted this preliminary study at the request European Parliament (EP) and has launched a formal inquiry to gather further evidence from national competent authorities (NCAs) on the supervisory practices and experience regarding those schemes.

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Categories: All, Formal Regulatory Remedies, Procedural Changes

Tags: securities lending, innovation, ESMA, Economic Substance

Thursday, December 10, 2015

House Committee Faults FSOC for “Lack of Transparency” in SIFI Designations

Author: David Schwartz J.D. CPA

In a nearly four-hour hearing held on December 8, 2015, members of the House Financial Services Committee grilled the heads of the Financial Stability Oversight Council (FSOC), accusing the FSOC of a poor transparency and lack of responsiveness to legislators’ requests for information.

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Categories: All, Formal Regulatory Remedies, Procedural Changes

Tags: FSOC, SIFI

Commentary

SEC Gets an “Earful” on Securities Lending and Short-selling Disclosure Proposals

And Another Thing - Longer Comment Periods, Please

Selling Transparency: A Bean Counter's Blog

NEW DATA MODEL FOR SECURITIES FINANCE

EU Tax Officials to Audit Securities Finance

Search for WHT Abusers Will Upend Regulatory Infrastructure

ESMA Takes a Look at Tax Withholding Schemes

Proposes Some Best Practices and Promises a Follow-up Study

House Committee Faults FSOC for “Lack of Transparency” in SIFI Designations

Journal Commentaries

Keep Regulation Functional (October 2008)

The Bear Market Posse, or Counterparty Risk Management during the Recent Turmoil (Sept. 2008)

Searching for New Paradigms at BIS (July 2008)

Will Basel II Affect The Competitive Landscape? (September 2003)