Sunday, November 21, 2021

SEC Proposes Sweeping Securities Lending Disclosure Rules

Bringing Securities Lending Out of the Dark.

Author: David Schwartz J.D. CPA

On November 18, 2021, the Securities and Exchange Commission proposed broad disclosure rules intended to "provide transparency in the securities lending market." As directed by the Dodd-Frank Act, the Commission proposed these rules to (1) supplement publicly available information, (2) close data gaps in the securities lending market, (3) minimize information asymmetries between market participants, and (5) provide market participants with access to pricing and other material information.

Further, the data elements proposed to be collected are intended to provide regulators with the information necessary to perform effective market surveillance. "This proposal would bring securities lending out of the dark," according to SEC Chair Gary Gensler. 

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Friday, June 1, 2012

U.S. to Regulate Foreign Swap Counterparties?

Author: David Schwartz J.D. CPA
The Chairman of the CFTC, Gary Gensler, testified before the Senate Committee on Banking, Housing and Urban Affairs on May 22 on the progress of his agency's regulatory reform of swaps.  Gensler's testimony included details on the CFTC's plans for implementing these reforms cross-border, including an upcoming concept release on the cross-border application of swaps market reforms. This release will consist of interpretive guidance on how the CFTC's swaps regulations apply to cross-border swap activities. It also will include an overview as to when overseas swaps market participants, including swap dealers, can comply with Dodd-Frank reforms through reliance on comparable and comprehensive foreign regulatory regimes (sometimes referred to as “substituted compliance”).
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