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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.

ICE Expands UN SDG Offering For Corporate Bonds And Equities - ICE UN SDG Data Set Now Available For Corporates As Well As Municipal Bonds

Date 26/07/2023

Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology, and market infrastructure, today announced a collaboration with Util, the award-winning provider of evidence-based sustainability data, to expand its UN Sustainable Development Goals (SDG) data offering for corporate bonds and equities.
Federal Reserve Issues FOMC Statement

Date 26/07/2023

Recent indicators suggest that economic activity has been expanding at a moderate pace. Job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated.
Harming Investors And Helping Hackers: Statement On Cybersecurity Risk Management, Strategy, Governance, And Incident Disclosure, SEC Commissioner Hester M. Peirce, July 26, 2023

Date 26/07/2023

Thank you, Chair Gensler. Although better than the proposal, this final cybersecurity disclosure rule continues to ignore both the limits to the SEC’s disclosure authority and the best interests of investors. Moreover, the Commission has failed to explain why we need this rule. Accordingly, I dissent.
Through The Looking Glass: Conflicts Of Interest Associated With The Use Of Predictive Data Analytics By Broker-Dealers And Investment Advisers Proposal, SEC Commissioner Hester M. Peirce, July 26, 2023

Date 26/07/2023

Thank you, Chair Gensler. The best thing I can say for this proposal is that it serves, perhaps unintentionally, as a mirror reflecting the Commission’s distorted thinking. In that mirror, you will see the Commission’s attitude toward technology, which is not neutral, but hostile. It reflects this Commission’s loss of faith in one of the pillars of our regulatory infrastructure: the power of disclosure and the corresponding belief that informed investors are able to think for themselves. Another glance through the looking glass will reveal the Commission's continued degradation of a principles-based regulatory regime, replacing it once again with overly prescriptive rules. And a final look reveals the Commission’s indifference to operational feasibility. I dissent from this proposal and the thinking it embodies.
Statement Of CFTC Commissioner Christy Goldsmith Romero: Swap Confirmations For The Future - Notice Of Proposed Rule Making For Swap Confirmation Requirements For Swap Execution Facilities

Date 26/07/2023

The regulation of swap markets, as mandated by Dodd-Frank Act reforms, is predicated on transparency, reporting, and recordkeeping. Swap execution facilities (SEF) registered with the CFTC are required under core principle 10 to maintain records of all activities, including a complete audit trail. Commission regulations require a SEF to provide a confirmation of transactions to counterparties, including a written record of all of the terms of the transaction, and to obtain copies of underlying, previously negotiated agreements between the counterparties.