News Centre

SEC Proposes Amendments To Rule 144 And Form 144, Designed To Reduce Risk Of Unregistered Distributions

Date 22/12/2020

The Securities and Exchange Commission today voted to propose an amendment to Rule 144 under the Securities Act of 1933 to revise the holding period determination for securities acquired upon the conversion or exchange of certain "market-adjustable securities." The proposed amendment is intended to reduce the risk of unregistered distributions in connection with sales of those securities. The Commission also voted to propose amendments to update and simplify the Form 144 filing requirements.

Federal Reserve Board Invites Public Comment On Proposed Amendments To Regulation D And Issues Final Rule Amending Regulation D With Regard To Reserve Requirement Ratios On Transaction Accounts

Date 22/12/2020

The Federal Reserve Board on Tuesday issued a notice of proposed rulemaking that requests public comment on proposed amendments to Regulation D (Reserve Requirements of Depository Institutions). Under the proposal, references to an "interest on required reserves" ("IORR") rate and to an "interest on excess reserves" ("IOER") rate would be replaced with a single "interest on reserve balances" ("IORB") rate. The proposed amendments would make other conforming changes, such as simplifying the formula used to calculate the amount of interest paid on balances maintained by or on behalf of eligible institutions in master accounts at Federal Reserve Banks. Comments on the proposed rulemaking will be accepted for 60 days after publication in the Federal Register, which is expected shortly.

Statement On NYSE Primary Direct Listing Proposal, SEC Commissioner Elad L. Roisman, Dec. 22, 2020

Date 22/12/2020

While many aspects of our equity markets have long benefited from innovation, innovation has managed to elude, to any significant extent, the primary offering process.  Until today.  NYSE’s proposal would provide an alternative means for companies listed on their exchange to raise equity capital in our public markets.  I support the approval of the exchange’s proposed rule change.

SEC: Dalia Blass To Conclude Tenure As Director Of The Division Of Investment Management - Under Director Blass's Leadership, The Division Undertook Numerous Initiatives Benefitting Main Street Investors

Date 22/12/2020

The Securities and Exchange Commission today announced that Dalia Blass, Director of the Division of Investment Management, will depart the SEC in January after leading the Division since September 2017. Under her leadership, the Division finalized more than 70 regulatory initiatives affecting investment companies and investment advisers.

Statement On The New Marketing Rule For Investment Advisers, SEC Commissioner Elad L. Roisman, Dec. 22, 2020

Date 22/12/2020

I am grateful to the staff of the Division of Investment Management (the “Division”) for working so hard to develop this final rule governing the way investment advisers advertise and market their investment advisory services and products.  I would also like to extend my thanks to our staff in the Division of Economic and Risk Analysis and the Office of the General Counsel, as well as to the many others at the agency who informed and contributed to this effort.  Additionally, let me express my gratitude to the commenters who engaged with this agency on just about every aspect of this rulemaking.  Your input has been invaluable to me as I have considered the Division’s recommendation.  Indeed, it reminds me of just how important the notice and comment process is to our rulemaking efforts.

SIFMA Expects Long Term Municipal Issuance To Reach $452 Billion In 2021

Date 22/12/2020

SIFMA today released the results its 2021 Municipal Issuance Survey. Respondents expect total long-term municipal issuance to reach $452.0 billion in 2021, a 3.2% decrease from the $466.9 billion expected to be issued in 2020. Short-term issuance is expected to increase to $50.0 billion in 2021, a 13.9% increase from $43.9 billion expected to be issued in 2020.  Including short-term issuance, total municipal issuance is expected to total $502.0 billion in 2021, down 1.7% from $510.8 billion expected to be issued in 2020.

Investment Adviser Marketing - Past Proposals Are Not Necessarily Indicative Of Future Adoptions, SEC Commissioner Allison Herren Lee, SEC Commissioner Caroline A. Crenshaw, Dec. 22, 2020

Date 22/12/2020

Last year, the Commission unanimously supported a recommendation from our expert staff to modernize the Commission’s regulatory framework for investment adviser marketing. While there are many elements of today’s final rule that reflect improvements to the outdated and patchwork advertising regime, there are also numerous provisions and guidance throughout the Release that retreat from commonsense elements that we proposed last year. Thus, today’s unanimous vote does not reflect a consensus about how best to protect investors from the risks of misleading adviser marketing, but rather our support of many of the rule’s provisions coupled with a concern that the final rule not shift even further from the wisdom of the proposal.  

Cboe Lists for Trading Four Active Non-Transparent ETFs from Invesco

Date 22/12/2020

• Invesco's first active non-transparent ETFs are now trading on Cboe BZX Exchange
• With these four ETFs, Cboe lists a total of 21 ETFs from Invesco
• Cboe is the leading exchange for listing and trading of new generation of actively managed ETFs

Statement On The Investment Adviser Marketing Final Rule, SEC Commissioner Hester M. Peirce, Dec. 22, 2020

Date 22/12/2020

Having qualified for its AARP card nearly a decade ago, the advertising rule was long overdue for amendment.  Rule 206(4)-1 takes positive steps toward aligning how investment advisers will be able to advertise with modern means of communication and, more importantly, with how today’s investor takes in information when deciding how to invest and with whom. 

ESMA Announces 10 Year Anniversary Conference

Date 22/12/2020

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, will turn 10 on 1 January 2021 and, as part of our anniversary celebrations, we will host an online conference on 23 March to reflect on the progress the Authority has made as a financial regulator and look to its future.