Monday, July 31, 2023
In early 2022, the Securities and Exchange Commission (SEC) proposed several significant changes to Regulations 13D and 13G, which require certain persons to disclose their beneficial ownership of equity securities. These changes seek to improve the transparency and timeliness of beneficial ownership reporting and to make it easier for investors to access and understand this information. The Commission has not yet finalized the proposal, but the SEC's stated date for final action, April 2023, has passed, and the industry is watching the SEC's agenda closely, with final action overdue.
Categories: All, Change Overview and Rationale, Disclosure Regimes, Cross-Post
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Wednesday, January 11, 2023
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.
Categories: All, Change Overview and Rationale, Disclosure Regimes, Formal Regulatory Remedies, Cross-Post
Tags: securities lending, short selling, SEC, Gensler, Asset Management, ESG, T+1
Monday, November 28, 2022
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.
Categories: All, Change Overview and Rationale, Formal Regulatory Remedies, Cross-Post
Tags: securities lending, Mutual Funds, Proxy Voting
Thursday, November 17, 2022
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.
Categories: All, Change Overview and Rationale, Cross-Post
Tags: securities lending, clearing, ISLA, Blockchain
Saturday, October 8, 2022
A collection of the globe's most significant securities trade associations[1] joined forces to file a comprehensive response to the Basel Committee on Banking Supervision's (BCBS) second public consultation on the prudential treatment of banks' crypto-asset exposures. The September 30, 2022, letter voiced support for the design of the crypto-asset exposure framework proposed by in its June 10, 2021, initial and follow-up June 30, 2022, consultations. However, the associations identified some elements of the proposal that they say "would meaningfully reduce banks' ability to—and in some cases effectively preclude banks from—utilising the benefits of distributed ledger technology ("DLT") to perform certain traditional banking, financial intermediation and other financial functions more efficiently."
Categories: All, Formal Regulatory Remedies, Cross-Post
Tags: securities lending, BIS, Basel Committee, Capital Requirements, Counterparty, ISDA, Financial Innovation, Blockchain, DLT, T+1