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Statement Of CFTC Commissioner Caroline D. Pham On Effective Self-Regulation And Notice Of Proposed Rulemaking To Amend Part 40 Regulations

Date 26/07/2023

I support the Notice of Proposed Rulemaking regarding Amendments to Provisions Common to Registered Entities under Part 40 of the CFTC’s Regulations (Part 40 Proposal) because it is important to continuously improve our rules and do good housekeeping. I appreciate that this Part 40 Proposal is “intended to clarify, simplify and enhance the utility of the Part 40 regulations for market participants and the Commission,” as stated in the preamble. I would like to thank Rachel Kaplan Reicher, Steven Benton, and Nancy Markowitz of the Division of Market Oversight (DMO) and Eileen Chotiner of the Division of Clearing and Risk (DCR), as well as Jeannette Curtis and Phil Raimondi, for their work on the Part 40 Proposal. I appreciate the staff working with me to make revisions and address my concerns.
BOX Exchange Update: Bid-Ask Differentials For Various Symbols Through September 15, 2023

Date 26/07/2023

BOX Exchange LLC (“BOX”), recently distributed Notice 2023-172 detailing modified bid-ask differentials for certain option classes effective through September 15, 2023.
US Departments Of Justice, Commerce And Treasury Issue Joint Compliance Note On Voluntary Self-Disclosure Of Potential Violations

Date 26/07/2023

The Justice Department, Department of Commerce’s Bureau of Industry and Security (BIS), and Department of the Treasury’s Office of Foreign Assets Control (OFAC) today issued a joint compliance note focusing on the voluntary self-disclosure policies that apply to U.S. sanctions, export controls and other national security laws, including recent updates to certain of those policies. Today’s note marks the second collective effort by the three agencies to inform the private sector about enforcement trends and provide guidance to the business community on compliance with U.S. sanctions and export laws.
Statement On The Proposal Re: The Internet Adviser Exemption, SEC Commissioner Mark T. Uyeda, July 26, 2023

Date 26/07/2023

Thank you, Chair Gensler, and thanks to the staff for their presentations. Today, the Commission is considering whether to propose amendments to Rule 203A-2 under the Investment Advisers Act of 1940 (“Advisers Act”) and to Form ADV. Rule 203A-2(e), also known as the “internet adviser exemption,” generally permits investment advisers that provide advice over the internet to register with the SEC, subject to certain conditions. These conditions include, among others, that the investment adviser provide advice to its clients exclusively through an interactive website, except it may provide advice to fewer than 15 clients through other means during the preceding 12 months.
Statement On The Proposals Re: Conflicts Of Interest Associated With The Use Of Predictive Data Analytics By Broker-Dealers And Investment Advisers, SEC Commissioner Mark T. Uyeda, July 26, 2023

Date 26/07/2023

Thank you Chair Gensler, and my thanks to the staff for their presentations. When I speak at events outside of the Commission, I note that “My remarks reflect my views as an individual Commissioner of the SEC and not necessarily the views of the full Commission or my fellow Commissioners.” Today, as the proposed rulemaking concerns artificial intelligence, among other technologies, I would like to clarify that my remarks are my own and do not reflect the input of Chat GPT or any similar technology.

Statement Of CFTC Commissioner Kristin N. Johnson In Support Of Proposed Amendments To Provisions Common To Registered Entities

Date 26/07/2023

I support the Commission’s issuance for notice and comment of proposed amendments to provisions common to registered entities as set forth in Part 40 of the Commission’s regulations. These regulations implement Section 5c(c) of the Commodity Exchange Act (CEA or Act), which prescribes the procedures for listing by registered entities of new products, as well as for approval of new rules or rule amendments, and also standards for review for and approval of the same by the Commission. These provisions apply to designated contract markets (DCMs), derivatives clearing organizations (DCOs), Swap Execution Facilities (SEFs), and swap data repositories (SDRs).
Statement On Internet Adviser Exemption Amendments, SEC Commissioner Caroline A. Crenshaw, July 26, 2023

Date 26/07/2023

As indicated in the proposing release, beginning with the passage of the National Securities Markets Improvement Act of 1996, and continuing through the Dodd-Frank Wall Street Reform and Consumer Protection Act, Congress has meted out responsibilities for oversight of investment advisers between the Securities and Exchange Commission and state securities authorities. This division of labor was made with recognition of the limited resources of both the SEC and the states, and in order to reduce the burdens on investment advisers of potentially overlapping regulatory regimes.
Statement On Conflicts Of Interest Associated With The Use Of Predictive Data Analytics By Broker-Dealers And Investment Advisers Proposal, SEC Commissioner Caroline A. Crenshaw, July 26, 2023

Date 26/07/2023

With the growth of digital platforms for investing, such as online brokerages and robo-advisers, and more recently, mobile investment apps and portals, opportunities for retail investors to invest and trade in securities have multiplied.[1] In fact, increased accessibility has been one of many factors associated with increasing retail investor participation in U.S. securities markets in recent years. Now investors can place a trade in an instant directly through an app on a smart phone and, instead of interacting with a human to receive recommendations, they may receive push notifications by phone potentially designed to affect their trading behavior. Concomitant with this increased investor engagement, firms have accelerated their use of certain newer technologies, such as predictive data analytics and artificial intelligence, and are applying them to various business functions across the investment industry.
Statement On Cybersecurity Adopting Release, SEC Commissioner Caroline A. Crenshaw, July 26, 2023

Date 26/07/2023

Congress established the core framework of our rulemaking process in 1946, when the Administrative Procedure Act passed unanimously into law.[1] This is the foundational framework through which federal agencies, such as the SEC, incorporate feedback from the public. It is a rigorous and invaluable process. And, as is always the case, this process has fundamentally informed the policies that we adopt. So I want to start by thanking the many commenters who weighed in on this rule, who helped magnify the extent of the cybersecurity related risks faced by public companies and their investors, and who helped us crystalize the cybersecurity rule we vote on today.
Remarks At The SEC/DFI/NASAA Joint Public Roundtable, SEC Commissioner Mark T. Uyeda, Madison, WI, July 25, 2023

Date 26/07/2023

Thank you, Adam [Anicich]. I am honored to participate in this public roundtable, which brings together federal and state securities regulators. Among others participating today from the Securities and Exchange Commission (SEC) are our Investor Advocate, Cristina Martin Firvida, our Chicago Regional Director, Daniel Gregus, and Hane Kim of the Retail Strategy Task Force. We also heard from Chair Gary Gensler.