News Centre

SEC Proposes To Enhance Proxy Voting Disclosure By Investment Funds And Require Disclosure Of “Say-On-Pay” Votes For Institutional Investment Managers

Date 29/09/2021

The Securities and Exchange Commission today proposed amendments to Form N-PX to enhance the information mutual funds, exchange-traded funds, and certain other funds report about their proxy votes. The proposed rulemaking would require funds to tie the description of each voting matter to the issuer’s form of proxy and to categorize each matter by type to help investors identify votes of interest and compare voting records. The proposal also would prescribe how funds organize their reports and require them to use a structured data language to make the filings easier to analyze. Funds would also be required to disclose how their securities lending activity impacted their voting.

ESMA Publishes MiFID II Review Report On Algorithmic Trading

Date 29/09/2021

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has today published the MiFID II/MiFIR review report on algorithmic trading. The Final Report concludes that no fundamental issues have emerged with respect to the MiFID II algorithmic trading regime which has overall delivered on its objectives. ESMA nevertheless makes in the report some recommendations which aim at both simplifying the regime and making it more efficient.

MIAX Options Exchange - October 1, 2021 Non-Transaction Fee Changes

Date 29/09/2021

Effective October 1, 2021, MIAX Options will reinstate fees for its Complex Top of Market (“cToM”) data feed and begin to charge a fee of $1,250 per month for internal distribution and $1,750 per month for external distribution (pending re-filing with the SEC).  

Statement On Proposal To Enhance Reporting Of Proxy Votes By Registered Management Investment Companies And Reporting Of Executive Compensation Votes By Institutional Investment Managers, SEC Chair Gary Gensler, Sept. 29, 2021

Date 29/09/2021

Opening Statement and Thank Yous

Good morning. This is an open meeting of the U.S. Securities and Exchange Commission on September 29, 2021. I want to welcome members of the public who are listening in.

This is my first open meeting as Chair of this remarkable agency. While there will be times when we vote on rulemakings via seriatim, I like open Commission meetings. I think open meetings can bring greater transparency to our work, and the public benefits when we can open up our deliberations to them. I hope it will be the first of many during my tenure.

BIS: Big Tech Regulation: What Is Going On?

Date 29/09/2021

Several regulatory initiatives have emerged in China, the European Union and the United States to address new challenges presented by big techs. While each of these jurisdictions has focused on different policy areas, the greatest number of initiatives have been conducted in the area of competition. The initiatives generally seek to achieve a balance between addressing the different risks posed by big techs and preserving the benefits they bring in terms of market efficiency and financial inclusion. While recent initiatives constitute important steps in addressing risks posed by big techs, additional regulatory responses might be needed. These will include the development of entity-based rules to address the unique combination of risks posed by big techs.

Statement On Proposed Changes To Asset Managers’ Proxy Voting Disclosures, SEC Commissioner Elad L. Roisman, Sept. 29, 2021

Date 29/09/2021

Thank you, Chair Gensler, and thank you to the staff in the Division of Investment Management (the “Division”) for your hard work on the recommendation we are considering today, to propose amendments to disclosures that asset managers make with regard to their proxy voting.[1]  As no recommendation gets to the Commission without scrutiny from our Division of Economic and Risk Analysis and Office of General Counsel, I would like to thank the staff in these groups for their work as well.  Finally, thank you to everyone who engaged with my team and me on the matters we are considering today.

Shining A Light On Corporate Democracy: Statement On Updates To Form N-PX, SEC Commissioner Allison Herren Lee, Sept. 29, 2021

Date 29/09/2021

Corporations are owned by shareholders and shareholders have a voice in how their companies are run. That voice comes through the voting rights attached to their shares. Who handles that voting? Largely, investment companies (“funds”) and institutional investment managers (“managers”) because most Americans who invest do so through funds and other intermediaries. As a result, funds and managers wield significant influence at the corporate ballot box. Opinions vary widely about whether to vote for or against specific proxy proposals. That’s as it should be; that’s how corporate democracy works. In fact, it’s that divergence of views that makes transparency around how votes are cast all the more important. That is what today’s proposal is about.

Novus Announces New Illiquid Portfolio Capabilities For Asset Allocators And Managers - Enhancements Of The Novus Platform For Portfolio Intelligence Allow For Full User Control Of Portfolio Data

Date 29/09/2021

Novus Partners, a portfolio intelligence company servicing both asset allocators and managers, today announced significant updates to its platform as it relates to the ingestion and analysis of ‘deep’ portfolio data.

Moscow Exchange: Risk Parameters Change On Securities Market

Date 29/09/2021

CCP NCC is changing risk parameters on Securities market starting from September 30, 2021:

Basel III Monitoring Results Based On End-December 2020 Data

Date 29/09/2021

• During the Covid-19 crisis, banks made further progress towards meeting fully phased-in final Basel III capital requirements.
• On average banks improved their capital and liquidity ratios compared with end-2019.
• Basel III monitoring dashboard now also provides an interactive visualisation of the results on credit risk.