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Statement At Open Meeting On Exemptions From The Proxy Rules For Proxy Voting Advice And Supplement To Commission Guidance Regarding Proxy Voting Responsibilities Of Investment Advisers, SEC Commissioner Hester M. Peirce, July 22, 2020

Date 22/07/2020

Proxy voting advice businesses play an important role in our marketplace, a role that carries with it tremendous power. One root of that power is a 2003 Commission rule that required funds to publish their votes. That rule pushed voting to the front burner for fund advisers, regardless of whether voting was a task that the funds and their shareholders wanted advisers to spend a lot of time on. Advisers looking to check the voting compliance box with as little headache as possible turned to proxy voting advice businesses for help, a move enabled by staff no-action positions. What followed was an outsourcing of the vote; funds’ voting decisions were handed over to proxy advisors, whose consequent power over public companies grew.
EBA Consults On Guidelines Specifying The Conditions For The Substitution Approach In The Context Of “Tri-Party Transactions” For Large Exposures Purposes

Date 22/07/2020

The European Banking Authority (EBA) launched today a consultation detailing on the three conditions institutions should comply with when they decide to make use of the alternative treatment with regard to tri-party repurchase agreements facilitated by a tri-party agent. The consultation runs until 22 October 2020.
Open Meeting To Adopt Amendments To The Proxy Solicitation Rules, SEC Commissioner Elad L. Roisman, July 22, 2020

Date 22/07/2020

Thank you, Chairman Clayton. I want to express my gratitude for your continuing commitment to improving the proxy system, as well as for your thoughtful leadership throughout the process of developing this rulemaking in particular. Thank you also to Director [Bill] Hinman, Val Afshar, Director [S.P.] Kothari, Director [Dalia] Blass, and Tara Varghese for your presentations and all of the incredible work you and your teams have put into these recommendations. You should be very proud.
EBA Consults On Draft Technical Standards On Default Probabilities And Loss Given Default For Default Risk Model Under The Internal Approach For Market Risk

Date 22/07/2020

The European Banking Authority (EBA) launched a consultation on draft Regulatory Technical Standards (RTS) on default probabilities (PDs) and losses given default (LGDs) for default risk model for institutions using the new Internal Model Approach (IMA) under the Fundamental Review of the Trading Book (FRTB). These draft RTS are part of the deliverables included in the roadmap for the new market and counterparty credit risk approaches published on 27 June 2019. The consultation runs until 22 October 2020.
Paying More For Less: Higher Costs For Shareholders, Less Accountability For Management, SEC Commissioner Allison Herren Lee, July 22, 2020

Date 22/07/2020

At the proposing stage for these rules, I observed that they would harm the governance process and suppress the free and full exercise of shareholder voting rights. Unfortunately, that is still the case with today’s final rules.

Pending Applications By EU Administrators Of Benchmarks – Article 51.1 Of BMR

Date 22/07/2020

The following table includes the information shared by National Competent Authorities with ESMA in relation to the applications for authorisation and registration by EU administrators under Article 51.1 of BMR for which, as of 01.01.2020, the decision by the relevant competent authority is still pending.
EBA: Consultation Paper On Guidelines Specifying The Conditions For The Application Of The Alternative Treatment Of Institutions’ Exposures Related To “Tri-Party Repurchase Agreements” For Large Exposures Purposes (EBA/CP/2020/13)

Date 22/07/2020

The European Banking Authority (EBA) launched today a consultation detailing on the three conditions institutions should comply with when they decide to make use of the alternative treatment with regard to tri-party repurchase agreements facilitated by a tri-party agent. The consultation runs until 22 October 2020.
Proxy Voting—Reaffirming And Modernizing The Core Principles Of Fiduciary Duty And Transparency To Provide For Better Alignment Of Interest Between Main Street Investors And The Market Professionals Who Invest And Vote On Their Behalf, SEC Chairman Jay Clayton, July 22, 2020

Date 22/07/2020

Good morning. This is an open meeting of the U.S. Securities and Exchange Commission, under the Government in the Sunshine Act. Today we have two items on the agenda, both continuations of our ongoing work to modernize and enhance the accuracy, transparency and effectiveness of our proxy voting system.
Momentum, Market Sentiment May Carry Commodity Prices Higher For A While Longer, But Not Indefinitely - IHS Markit Expects Fundamentals To Cap The Current Rally By The Fourth Quarter.

Date 22/07/2020

Since IHS Markit questioned last month whether commodities could continue moving higher, they have done just that. As measured by IHS Markit’s Material Price Index (MPI), commodity prices advanced another 5.5% between mid-June and mid-July. From the beginning of the current rally in late April, prices have risen for 11 straight weeks, recording a cumulative gain of 30.4%. Moreover, the rise in prices has been consistently broad-based with, on average, 70% of the MPI’s components increasing each week. The MPI is still down 6.1% in the year to date, but given the optimism in markets, it is conceivable that prices will erase their first quarter plunge before the end of September.
EBA: Consultation Paper On Regulatory Technical Standards (RTS) On Default Probabilities (PDs) And Losses Given Default (LGDs) Under The Internal Default Risk Model (EBA/CP/2020/12)

Date 22/07/2020

The European Banking Authority (EBA) launched a consultation on draft Regulatory Technical Standards (RTS) on default probabilities (PDs) and losses given default (LGDs) for default risk model for institutions using the new Internal Model Approach (IMA) under the Fundamental Review of the Trading Book (FRTB). These draft RTS are part of the deliverables included in the roadmap for the new market and counterparty credit risk approaches published on 27 June 2019. The consultation runs until 22 October 2020.