News Centre

Managing The Promise And Risk Of Financial Innovation, Federal Reserve Vice Chair For Supervision Michael S. Barr, At D.C. Fintech Week, Washington, D.C.

Date 12/10/2022

Thank you, Chris, and thank you for the invitation to speak to you today about the opportunities and risks of innovation. For the purposes of our discussion today, I will be focusing on financial innovation supported by new technologies, or fintech.1 In the fall of 2017, we managed to get Chris to accept an invitation to speak at a fintech conference in Ann Arbor, so it's about time that I returned the favor. Since then, we have continued to see major changes in technologies and the financial services and products they support. In looking over the materials for that conference, however, I'm struck by how the key themes have remained constant over, not only the last five years, but arguably for centuries. Financial innovation has always brought promise and risk, and the urgent need to get regulation right. In 1610, when Dutch merchants and bankers were otherwise busy creating global finance, a series of destabilizing bank runs also moved them to establish a ban on short-selling. Many of the issues we grapple with today are not as new as we think.

Remarks By US Secretary Of The Treasury Janet L. Yellen Ot The Second Ministerial Roundtable Discussion For Support To Ukraine

Date 12/10/2022

I thank President Zelensky and Prime Minister Shmyhal for addressing this group.  The American people stand resolutely with Ukraine in the face of Russia's brutal and illegal war, especially after Monday’s barbaric strikes on non-military targets throughout Ukraine.

Canadian Securities Regulators Consider Impact Of International Developments On Proposed Climate-Related Disclosure Rule

Date 12/10/2022

The Canadian Securities Administrators (CSA) is actively considering international developments and how they may impact or further inform the proposed climate-related disclosure rule published in October 2021.

Statement On Electronic Recordkeeping Requirements For Broker-Dealers, Security-Based Swap Dealers, And Major Security-Based Swap Participants, SEC Commissioner Mark T. Uyeda, Oct. 12, 2022

Date 12/10/2022

Thank you, Chair Gensler. I appreciate the staff’s presentation on the recommendation to finalize amendments to the Commission’s recordkeeping rules applicable to broker-dealers, security-based swap dealers, and major security-based swap participants.

Readout: US Secretary Of The Treasury Janet L. Yellen At The Coalition Of Finance Ministers For Climate Action 8th Ministerial

Date 12/10/2022

Earlier today, Secretary of the Treasury Janet L. Yellen attended the 8th Ministerial meeting of the Coalition of Finance Ministers for Climate Action. Secretary Yellen discussed how the Inflation Reduction Act will accelerate clean energy development in the United States as well as bolster our energy security and economic resilience. Secretary Yellen also underscored the importance of redoubling climate ambition to avoid energy price shocks and highlighted international coordination on this issue. Secretary Yellen encouraged the Coalition to continue to seek out opportunities to demonstrate the importance of finance, and finance ministries, in addressing the climate crisis.

Burying The Technologically Primitive WORM: Open Meeting On Broker-Dealer Electronic Recordkeeping Requirements, SEC Commissioner Hester M. Peirce,Oct. 12, 2022

Date 12/10/2022

The Commission finally is considering the adoption of a rule that will allow broker-dealers to retire the antiquated systems using CD-ROMs or other similar write-once-read-many (or, appropriately primitive, WORM) technology that our current rules require.

SEC Adopts Rule Amendments To Modernize How Broker-Dealers Preserve Electronic Records And Enhance The Electronic Recordkeeping Requirements For Security-Based Swap Entities

Date 12/10/2022

The Securities and Exchange Commission today voted to adopt amendments to the electronic recordkeeping, prompt production of records, and third-party recordkeeping service requirements applicable to broker-dealers, security-based swap dealers (SBSDs), and major security-based swap participants (MSBSPs). The amendments are designed to modernize recordkeeping requirements given technological changes over the last two decades and to make the rule adaptable to new technologies in electronic recordkeeping. The amendments will also facilitate examinations of broker-dealers, SBSDs, and MSBSPs.

Statement On Amended Recordkeeping Requirements, SEC Commissioner Jaime Lizárraga, Oct. 12, 2022

Date 12/10/2022

In 1997, Netscape was the dominant web browser and the hottest tech item was a Tamagotchi – a virtual pet on a keychain. Sony marketed a data storage product called the Minidisc that was quickly overtaken by CD-R technology.

EBA Clarifies The Status Of Several Disclosure Guidelines, And Ensures Continuous Transparency Of Credit Quality Of Exposures By All Types Of Credit Institutions

Date 12/10/2022

• The EBA is repealing three outdated disclosure guidelines and amending the scope of application of the Guidelines on disclosure of non-performing and forborne exposures.
• With this amendment, the EBA is ensuring a sufficient level of transparency on the credit quality of the exposures held by all institutions.

Statement On Final Rule Amendments To Electronic Recordkeeping Requirements, SEC Chair Gary Gensler, Oct. 12, 2022

Date 12/10/2022

Today, the Commission will consider whether to adopt final rule amendments to modernize the electronic recordkeeping requirements for intermediaries such as broker-dealers and security-based swap dealers. I am pleased to support these rule amendments because, if adopted, these updates would bring the Commission’s electronic recordkeeping requirements in line with technological innovation.