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Statement Of CFTC Commissioner Goldsmith Romero: Reducing The Likelihood Of Chaotic Clearinghouse Failures - Proposed Rule: Derivatives Clearing Organizations Recovery And Orderly Wind-Down Plans

Date 07/06/2023

No one expects to fail. But the lessons from the 2008 financial crisis highlight how quickly contagion can spread between highly interconnected institutions, threatening the viability of firms. As the Special Inspector General for TARP (“SIGTARP”), I reported to Congress on the decisions made by the Government to save “too big to fail” Wall Street institutions. The theme that ran through our findings was a massive failure in planning, and shock from institutions and regulators caught unaware by dangerous interconnections across the financial system. The Government intervened with bailouts to avoid the chaos from disorderly bank failures that would hurt Main Street.
SEC, NASAA, FINRA To Co-Host Webinar On Identifying And Reporting Suspected Senior Financial Exploitation - Regulators To Discuss Protecting Seniors During World Elder Abuse Awareness Day

Date 07/06/2023

The Securities and Exchange Commission (SEC), the North American Securities Administrators Association (NASAA) and FINRA will be co-hosting the Senior Safe Act Webinar: Identifying and Reporting Suspected Exploitation. The discussion will build on the SEC, NASAA and FINRA’s joint training released in 2021 on Addressing and Reporting Financial Exploitation of Seniors and Vulnerable Adult Investors.
Statement Regarding In The Matter Of American CryptoFed DAO LLC, SEC Commissioner Hester M. Peirce, SEC Commissioner Mark T. Uyeda. June 7, 2023

Date 07/06/2023

The Commission’s Order[1] in this matter denies the Division of Enforcement’s motion to dismiss proceedings pursuant to Section 12(j) of the Securities Exchange Act of 1934 against American CryptoFed DAO LLC. Today’s Order announces for the first time that, contrary to prior Division of Corporation Finance staff guidance, a company must have the Commission’s approval to withdraw a filed, but not yet effective registration statement if there is a related Section 12(j) proceeding pending.
Nodal Exchange Achieves Records In Power And Environmental Futures In May

Date 07/06/2023

Nodal Exchange today announced new records in power and environmental futures. In power, Nodal set a calendar month record for May with traded power futures volume of 234 million MWh, up from 220 million MWh in May 2022. Nodal continues to be the market leader in North American power futures with 52.6% share of open interest at the end of May with 1.286 billion MWh open interest representing $111 Billion of notional value based on both sides.
Statement On The Adoption Of Rule 939A Amendments to Regulation M, SEC Commissioner Mark T. Uyeda, June 7, 2023

Date 07/06/2023

Thank you, Chair Gensler, and thank you to the staff for your presentation. Today, the Commission considers whether to adopt amendments to implement Section 939A of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank Act”). Section 939A requires that the Commission remove references in its rules to credit ratings and to substitute alternative standards of credit worthiness. Today’s amendments would remove certain credit rating references relating to exceptions under Regulation M for nonconvertible debt securities, nonconvertible preferred securities, and asset-backed securities.

Statement On The Removal Of References To Credit Ratings From Regulation M, SEC Commissioner Caroline A. Crenshaw, June 7, 2023

Date 07/06/2023

Credit rating agencies have been a feature of the securities markets since 1909, when John Moody began providing investors with credit information about railroad bonds, helping to finance the expansion of the railroad industry.
Statement Of CFTC Commissioner Caroline D. Pham In Support Of Notice Of Proposed Rulemaking For Large Trader Reporting Requirements Under Part 17

Date 07/06/2023

Today, the Commodity Futures Trading Commission (Commission or CFTC) is considering whether to propose revisions that would update the outdated large trader reporting submission standards in Part 17 of the Commission’s regulations. I am pleased to support this proposed rulemaking because the CFTC relies on its large trader reporting data to generate its weekly Commitment of Traders (COT) Report and to carry out our important market surveillance functions.
Statement On The Adoption Of Rules 9J-1 And 15fh-4(c), SEC Commissioner Caroline A. Crenshaw, June 7, 2023

Date 07/06/2023

Thank you, Chair Gensler, and thank you to my fellow Commissioners. The need for increased regulatory oversight of the security-based swap market became abundantly clear following the 2008 financial crisis, in which security-based swaps played a central role.
Statement On Rules Regarding Prohibitions Against Fraud, Manipulation, Or Deception In Connection With Security-Based Swaps And Against Undue Influence Over Chief Compliance Officers, SEC Commissioner Mark T. Uyeda, June 7, 2023

Date 07/06/2023

Thank you, Chair Gensler. The final rules under consideration are in regard to prohibitions against fraud, manipulation, or deception in connection with security-based swaps and also include a prohibition against undue influence over chief compliance officers. The Adopting Release proclaims that the final rule “is designed to prevent fraud, manipulation, and deception in connection with effecting any transaction in, or attempting to effect any transaction in, or purchasing or selling, or inducing or attempting to induce the purchase or sale of, any security-based swap.” The Adopting Release further states that “[t]he rule takes into account the features fundamental to a security-based swap.”
Ending SEC Reliance On Credit Ratings, SEC Commissioner Jaime Lizárraga, June 7, 2023

Date 07/06/2023

As part of enacting comprehensive reforms to the credit ratings system, Congress, in the Dodd-Frank Wall Street Reform and Consumer Protection Act, directed all federal agencies to reduce reliance on and references to credit ratings in agency regulations. Today’s adoption is the Commission’s final step in fulfilling this Congressional mandate.