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Remarks At The ICI Investment Management Conference, William Birdthistle, Director, SEC Division Of Investment Management, Washington D.C., March 28, 2022

Date 28/03/2022

Good morning. Thank you, Eric, for your kind introduction. I appreciate the ICI’s invitation and I hope – if you decide ever to renew it – that I’ll be able to join you all in person someday.
EDHECinfra: How Much Do Investors In Russian Airports Stand To Lose?

Date 28/03/2022

International sanctions have to date had little impact on the value of Russian airports, but their apparent resilience may not last. Large losses are to be expected if the crisis continues.
CFTC Awards Approximately $625,000 To Four Whistleblowers

Date 28/03/2022

The Commodity Futures Trading Commission today announced a whistleblower award of approximately $625,000 to four whistleblowers. This award recognizes the contributions of each of them, three of whom provided support to the CFTC jointly. One of the whistleblowers received a higher award percentage to recognize that he or she provided the highest level of ongoing assistance and cooperation to the Division of Enforcement.
ESMA: Actively Managed Funds Fail To Outperform Benchmarks During Market Stress

Date 28/03/2022

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, is publishing the outcome of a study analysing the performance of actively managed equity UCITS relative to their prospectus and market benchmark indices, between 19 February 2020 and the end of June 2020.
ISDA Responds To ESAP Proposal Consultation

Date 28/03/2022

On March 28, ISDA and the Global Foreign Exchange Division submitted a joint response to the European Commission’s (EC) Better Regulation consultation on its proposal for the establishment of a European Single Access Point (ESAP).

Statement On Proposal To Further Define “As A Part Of A Regular Business” In The Definition Of Dealer And Government Securities Dealer, SEC Commissioner Hester M. Peirce, March 28, 2022

Date 28/03/2022

The Exchange Act defines “dealer” broadly to encompass any person that is “engaged in the business of buying and selling securities . . . for [its] own account,” unless it is not doing so as “part of a regular business.”[1] Drawing the line between dealers and other active participants in our markets has long been challenging, and those challenges have only increased as our markets have evolved over the decades. Today’s proposal seeks to bring some clarity to how this definition applies in markets where some of the key providers of liquidity are not registered as dealers and may not be subject to any Commission registration framework. It would do this by establishing a qualitative test and, solely for the government securities market, a quantitative trading threshold to determine whether such firms should be required to register as dealers.
Readout: US Secretary Of The Treasury Janet L. Yellen’s Meeting With Prime Minister Of Singapore Lee Hsien Loong

Date 28/03/2022

Today, U.S. Secretary of the Treasury Janet L. Yellen met with Prime Minister of Singapore Lee Hsien Loong to discuss the U.S.-Singapore bilateral relationship, U.S. economic engagement in the Indo-Pacific, and the outlook for the global economy. Secretary Yellen welcomed cooperation with Singapore on areas of mutual interest, particularly in combating the existential threat of climate change. Secretary Yellen affirmed the United States’ support for Ukraine’s sovereignty and underscored the importance of the international community holding Russia accountable for its unprovoked and illegal invasion of Ukraine, including through the implementation of targeted financial sanctions.
SEC Proposes Rules To Include Certain Significant Market Participants As “Dealers” Or “Government Securities Dealers

Date 28/03/2022

The Securities and Exchange Commission today proposed two rules that would require market participants, such as proprietary (or principal) trading firms, who assume certain dealer functions, in particular those who as act as liquidity providers in the markets, to register with the SEC, become members of a self-regulatory organization (SRO), and comply with federal securities laws and regulatory obligations.
Statement By US Treasury Secretary Janet L. Yellen On The President’s Fiscal Year 2023 Budget And Treasury Strategic Plan For Fiscal Years 2022-2026 - The President’s Budget Requests $20.5 Billion In Discretionary Resources For The Department Of The Treasury’s Domestic And International Programs To Support A Fair And Equitable Tax System, Expand Access To Capital In Disadvantaged Communities, Advance The President’s Historic Climate Finance Pledge, And Safeguard The Financial System.

Date 28/03/2022

The Biden-Harris Administration today submitted to Congress the President’s Budget for FY 2023 and Treasury published its Strategic Plan for FY 2022-2026. The President’s Budget details his vision to expand on the historic progress our country has made over the last year and deliver the agenda he laid out in his State of the Union address—to build a better America, reduce the deficit, lower costs for families, and grow the economy from the bottom up and middle out.
Statement On The Further Definition Of A Dealer-Trader, SEC Chair Gary Gensler, March 28, 2022

Date 28/03/2022

Today, the Commission unanimously proposed two rules further defining a dealer to help identify principal trading firms (PTFs) and firms conducting similar activities that must register with the SEC. I was pleased to support this proposal because I believe it reflects Congress’s statutory intent that firms engaging in important liquidity-providing roles in the securities markets, including in the U.S. Treasury market, be registered with the Commission. Further, requiring all firms that regularly make markets, or otherwise perform important liquidity-providing roles, to register as dealers or government securities dealers also could help level the playing field among firms and enhance the resiliency of our markets.