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  • The Consequences Of Fewer Banks In The U.S. Banking System, Federal Reserve Governor Michelle W. Bowman, At The Wharton Financial Regulation Conference, Philadelphia, Pennsylvania

    Date 14/04/2023

    It is a pleasure to join you here today to discuss financial regulation. I thought this conference would be a good opportunity to share how I think about the evolution of the financial services landscape, in particular my views on de novo bank formation, or really the lack thereof. As a part of this discussion, I'll identify reasons why policymakers should take a careful look at the lack of de novo activity over the past decade, and the potential impacts on local and regional economies and the broader financial sector should this trend continue, before discussing the potential policy response.

  • Statement On Alternative Trading Systems And The Definition Of An Exchange, SEC Chair Gary Gensler, April 14, 2023

    Date 14/04/2023

    Today, the Commission is considering whether to issue a supplemental release to our January 2022 proposal requiring significant trading platforms—including in the Treasury markets—to come under important rules for the markets. I believe this supplemental release would help address comments on the proposal from various market participants, particularly those in the crypto markets.

  • Statement On Supplemental Information And Reopening Of Comment Period For Amendments To Exchange Act Rule 3b-16 Regarding The Definition Of “Exchange”, SEC Commissioner Caroline A. Crenshaw, April 14, 2023

    Date 14/04/2023

    Thank you, Chair Gensler. In January of last year, the Commission voted to propose amendments to Rule 3b-16 that would update the definition of “exchange.” The updated definition would include systems that offer the use of non-firm trading interest and what we termed “communication protocols” to bring together buyers and sellers of securities. While these systems perform the same or similar functions as an exchange or ATS, they are currently not subject to the exchange regulatory framework. If adopted, the amendments should help ensure that there is a level playing field among entities performing similar functions, and provide important investor protections.

  • Promoting Fair And Competitive Markets, SEC Commissioner Jaime Lizárraga, April 14, 2023

    Date 14/04/2023

    In January 2022, the SEC took steps to address a competitive imbalance between unregistered trading platforms that perform similar functions as those of registered exchanges and alternative trading systems, or ATSs. The proposed amendments were designed to close a regulatory gap and strengthen oversight, protect investors and promote fair and orderly markets.

  • Chair's Statement Of Forty-Seventh Meeting Of The IMFC

    Date 14/04/2023

    Chaired by Ms. Nadia Calviño, First Vice President of the Government of Spain and Minister for Economy and Digitalization

    Since February 2022, we have witnessed the war in Ukraine further adversely impact the global economy. There was a discussion on the issue. We reiterated our national positions as expressed in other fora, including the UN Security Council and the UN General Assembly, which, in Resolution No. ES-11/1 dated 2 March 2022, as adopted by majority vote (141 votes for, 5 against, 35 abstentions, 12 absent), deplores in the strongest terms the aggression by the Russian Federation against Ukraine and demands its complete and unconditional withdrawal from the territory of Ukraine. Most members strongly condemned the war in Ukraine and stressed that it is causing immense human suffering and exacerbating existing fragilities in the global economy - constraining growth, increasing inflation, disrupting supply chains, heightening energy and food insecurity, and elevating financial stability risks. There were other views and different assessments of the situation and sanctions. Recognizing that the IMFC is not the forum to resolve security issues, we acknowledge that security issues can have significant consequences for the global economy.