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Myths And Realities: Modernizing The Proxy Rules, SEC Commissioner Elad L. Roisman, Washington D.C., Jan. 30, 2020

Date 30/01/2020

I. Introduction

Thank you, Dean [Steven] Payne and David [Blass] for the kind introduction and for the concise summary of the recent SEC proposals to update the rules governing the solicitation of proxies and submission of shareholder proposals.  Thank you also to the Catholic University Columbus School of Law for hosting me and, in particular, to the students, who have come to hear me speak.  Before I dive in, I want to make clear that my remarks are my own and do not represent those of the Securities and Exchange Commission (“SEC”) or its other commissioners. 

Statement Of CFTC Commissioner Brian Quintenz In Support Of Proposed Rule: Amendments For Certain Swap Execution Facility Requirements And Real-Time Reporting Requirements

Date 30/01/2020

I support today’s proposal that seeks to resolve through rulemaking three issues currently addressed in staff no-action letters.  I believe this proposal is an important first step to provide market participants with much needed regulatory certainty while also promoting swap execution facility (SEF) participation, though regulatory certainty over additional current market practices is necessary as well.

US Department Of Justice: Last Defendant Convicted In Stanford International Bank $7 Billion Investment Fraud Scheme

Date 30/01/2020

The former chief of Antigua’s Financial Services Regulatory Commission (FSRC) has pleaded guilty for his role in connection with the Stanford International Bank (SIB) Ponzi scheme.

Dissenting Statement Of CFTC Commissioner Dan M. Berkovitz Regarding Volcker Covered Funds Proposal

Date 30/01/2020

Let’s start by calling the Volcker Covered Fund Proposal (“Proposal”) what it is: a regulatory rollback.[1]  Virtually every change in the Proposal creates a new exclusion from the rules, or eliminates or reduces existing requirements.  The changes to the regulations run counter to the statutory purpose of prohibiting banks from owning hedge funds and private equity funds.  The Proposal fails to analyze or discuss the risks inherent in the banking activities it would permit.  It presents a thin veneer of a rationale for many of the changes that were precipitated by complaints from the banking industry.  The agencies should be making reasoned decisions to improve the effectiveness of the regulations for the purposes mandated by Congress, not implementing industry-driven rollbacks.  I therefore dissent.

Statement On Proposed Amendments To Modernize And Enhance Financial Disclosures, SEC Commissioner Hester M. Peirce, Jan. 30, 2020

Date 30/01/2020

I am delighted to support the proposed amendments and companion guidance released today.  The proposal is the latest in a string of efforts by the Commission to simplify and update disclosure requirements in a way that reduces costs ultimately borne by shareholders while preserving important investor protections.  Thank you to the staff of the Divisions of Corporation Finance and Economic and Risk Analysis and to the Office of General Counsel for their efforts on the rulemaking.

Statement Of Dissent By CFTC Commissioner Rostin Behnam Regarding Volcker Covered Funds Proposal

Date 30/01/2020

I respectfully dissent as to the Commission’s decision to propose more revisions to the Volcker Rule.  The Volcker Rule, in simple terms, contains two basic prohibitions for banking entities:  (1) they may not engage in proprietary trading; and (2) they cannot have an ownership interest in, sponsor, or have certain relationships with a covered fund. 

“Modernizing” Regulation S-K: Ignoring The Elephant In The Room, SEC Commissioner Allison Herren Lee, Jan. 30, 2020

Date 30/01/2020

Today’s proposal is most notable for what it does not do:  make any attempt to address investors’ need for standardized disclosure on climate change risk. The Commission last addressed climate change disclosure in 2010.[1] In that guidance we identified four existing items in Regulation S-K that may require disclosure related to climate change:  description of business, legal proceedings, risk factors, and management’s discussion and analysis of financial condition and results of operations, or MD&A. We have now proposed to “modernize” every one of these four items without mentioning climate change or even asking a single question about its relevance to these disclosures.[2]   

Statement Of CFTC Commissioner Dan M. Berkovitz On Amendments To Certain Swap Execution Facility Requirements And Real-Time Reporting Requirements

Date 30/01/2020

I am voting in favor of today’s proposed rule that would amend certain Commission rules in parts 36, 37, and 43 relating to package transactions, block trades, and error transactions on swap execution facilities (“SEFs”) (“Proposal”).  Today’s amendments largely codify longstanding no-action letters for limited categories of swaps transactions regarding the required methods of execution.  Generally, I support the codification of no-action letters where, based on experience, doing so is consistent with our statutory mandate, protects customers, provides market participants with a greater level of certainty, and promotes market integrity. 

SEC Proposes Amendments To Modernize And Enhance Financial Disclosures

Date 30/01/2020

The Securities and Exchange Commission today announced that it has voted to propose amendments to modernize, simplify, and enhance certain financial disclosure requirements in Regulation S-K. The proposed amendments would eliminate duplicative disclosures and modernize and enhance Management's Discussion and Analysis disclosures for the benefit of investors, while simplifying compliance efforts for companies. The Commission also announced that it is providing guidance on key performance indicators and metrics in Management's Discussion and Analysis.

Statement Of CFTC Chairman Heath P. Tarbert In Support Of Further Revisions To The Volcker Rule

Date 30/01/2020

Several months ago, I supported a rulemaking addressing the proprietary trading provisions of the Volcker Rule and laid out my views as CFTC Chairman as well as someone who has witnessed the rule’s implementation over the last decade. The proposal before the Commission today focuses on the other side of the Volcker Rule: the prohibition on activities related to private equity and hedge funds (the “covered funds” provisions).