Departures are in full swing at the SEC since SEC Chair Mary Jo White announced this past November that she will be stepping down from the top post, sparking an exodus of high-level personnel (http://bit.ly/2ggL1lI). In her wake, Michael Piwowar has been serving as the SEC acting chairman. Not long after White’s announcement, Andrew J…. Read More >>
Deutsche Bank, Credit Suisse Deals May Mark the End of an Era
Deutsche Bank and Credit Suisse Group struck end-of-year, billion-dollar deals with the Obama administration over cases involving toxic securities and fraud allegations, perhaps signaling the end of the era of Big Settlements. As has been widely reported, Deutsche Bank agreed to a $7.2 billion settlement with U.S. authorities while Credit Suisse is going to pay… Read More >>
Top Officials in Key Divisions Leave SEC
In the wake of the news that SEC Chair Mary Jo White will be stepping down, other key officials of the regulator have announced their exits as the Obama administration draws to a close and President-Elect Donald J. Trump comes to power. Departures have been announced for the SEC’s division of trading and markets, the… Read More >>
SEC Chair Mary Jo White to Step Down
SEC Chair Mary Jo White will be stepping down as the Obama administration draws to a close, leaving behind a legacy of a reinvigorated agency amid criticism from the left. The departure will also allow President-Elect Donald J. Trump to reorient the SEC. SEC officials say that during White’s tenure, the regulator “brought more than… Read More >>
SEC Approves FINRA’s Plan to TRACE U.S. Treasuries
The SEC has approved the Financial Industry Regulatory Authority’s proposal to require FINRA members to report transactions in U.S. Treasury securities, with the sole exception of savings bonds, to TRACE, FINRA’s trade reporting and compliance engine. July 10, 2017 is the implementation date for the bond-trade reporting requirement, says FINRA, the nonprofit industry organization that… Read More >>
Elizabeth Warren Asks Obama to Fire SEC Chair
A lightning rod for the financial services industry, U.S. Senator Elizabeth Warren (D-Mass.), an outspoken critic of Wall Street, is taking on Mary Jo White again, and has asked the Obama White House to fire the head of the SEC because of Warren’s concerns about public companies disclosing political contributions. In her recent letter to… Read More >>
SEC Blesses T+2 with Rule Change
The push for a shorter settlement cycle got a quiet boost from the SEC late last month when the regulator formally proposed a rule amendment urging the settlement cycle for most securities transactions change from three business days after the trade date (T+3) to two business days after the trade date (T+2). A key group… Read More >>
SEC to Require More Data from Investment Advisers
SEC Amends the Investment Advisers Act The SEC is asking for more data from investment advisers via revamped reporting and disclosure requirements implemented through amendments to the Investment Advisers Act, and the investment adviser registration and reporting form, officials say. The amendments are intended to improve the quality of information that investment advisers provide to… Read More >>
New Rules Clarify Security-Based Swaps Reporting
The SEC reports that it has adopted “new rules and guidance … designed to increase transparency in the security-based swap market.” The additional rules, proposed by the SEC’s division of trading and markets as amendments to existing SEC rules intended to implement mandates under Dodd-Frank’s Title VII, are “related to rules regarding the regulatory reporting… Read More >>
SEC Approves IEX, Speed Bumps and All
After a four-year journey, the IEX Group has secured the SEC’s approval to launch a new securities transaction exchange that will allow speed bumps against high-frequency trading (HFT) that in theory will allow for a more level playing field, particularly for buy-side firms that have been burned by HFT firms. Late last week, the SEC… Read More >>
