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Statement Of CFTC Commissioner Christy Goldsmith Romero: Promoting The Resilience Of Swap Dealers In Europe Through Strong Capital Requirements And Financial Reporting - The CFTC’s Proposed Comparability Determination For European Swap Dealer Capital Requirements

Date 07/06/2023

Today, the Commission considers efforts to safeguard the resilience of four swap dealers in the European Union (“EU”).[1] The proposal is part of the Commission’s “substituted compliance” framework—a framework that promotes global harmonization with like-minded foreign regulators that have rules, supervision and enforcement that are comparable in purpose and effect to the CFTC. Our capital rules are a critical pillar of the Dodd-Frank Act reforms. We must ensure that our comparability assessments are sound and do not increase risk to U.S. markets.
Statement Of CFTC Commissioner Goldsmith Romero: The Public's Interest In Transparency Accountability, Predictability, And Effective Oversight In Clearinghouse Governance - Final Rule: Governance Requirements For Derivatives Clearing Organizations

Date 07/06/2023

Transparency, accountability, predictability, and effective Commission oversight—these are the public interests that I wrote last summer in the description of our proposed governance rule. These public interests are foundational to clearinghouse resilience. They remind us that the impact of market disruptions and stress is felt the hardest by farmers, ranchers, and producers, who face rising inputs, and hardworking American families who may have to pay more to feed their family, drive their car, or cool and heat their homes.
Statement Of CFTC Commissioner Christy Goldsmith Romero On Strengthening And Modernizing Large Trader Reporting Requirements For Transparency And Market Integrity

Date 07/06/2023

At my confirmation hearing for this role, I testified, “If confirmed, my highest priority would be to work to ensure that the markets are working well—that they are open, fair, and competitive….Whether focused on hard commodities like agriculture, energy, or metals, or on the financial sector, the Commission plays a critical role in ensuring that these markets work well. That starts with the Agricultural sector—the farmers, ranchers, and producers our nation depends on—to put food on our tables and contribute to our nation’s economic activity. For our farmers and ranchers to help drive our economy and feed the world, they need U.S. derivatives markets for risk management and price discovery.”
Statement Of CFTC Commissioner Caroline D. Pham In Support Of Proposed Order And Request For Comment On Comparability Determination For EU Nonbank Swap Dealer Capital And Financial Reporting Requirements

Date 07/06/2023

In order to implement Title VII of the Dodd-Frank Act and create a comprehensive regulatory framework for over-the-counter (OTC) derivatives markets, the Commodity Futures Trading Commission (Commission or CFTC) promulgated rules for the registration of swap dealers in 2012.
SIFMA Economist Roundtable Mid-Year Survey: Are We Near The End For Rate Hikes? Fed Funds Rate Expected To Peak At 500-525 bps By 2Q23

Date 07/06/2023

Today, SIFMA unveiled the results of its Economic Advisory Roundtable semiannual survey of the chief U.S. economists of over 20 global and regional financial institutions.

Statement Of CFTC Commissioner Goldsmith Romero: Reducing The Likelihood Of Chaotic Clearinghouse Failures - Proposed Rule: Derivatives Clearing Organizations Recovery And Orderly Wind-Down Plans

Date 07/06/2023

No one expects to fail. But the lessons from the 2008 financial crisis highlight how quickly contagion can spread between highly interconnected institutions, threatening the viability of firms. As the Special Inspector General for TARP (“SIGTARP”), I reported to Congress on the decisions made by the Government to save “too big to fail” Wall Street institutions. The theme that ran through our findings was a massive failure in planning, and shock from institutions and regulators caught unaware by dangerous interconnections across the financial system. The Government intervened with bailouts to avoid the chaos from disorderly bank failures that would hurt Main Street.
SEC, NASAA, FINRA To Co-Host Webinar On Identifying And Reporting Suspected Senior Financial Exploitation - Regulators To Discuss Protecting Seniors During World Elder Abuse Awareness Day

Date 07/06/2023

The Securities and Exchange Commission (SEC), the North American Securities Administrators Association (NASAA) and FINRA will be co-hosting the Senior Safe Act Webinar: Identifying and Reporting Suspected Exploitation. The discussion will build on the SEC, NASAA and FINRA’s joint training released in 2021 on Addressing and Reporting Financial Exploitation of Seniors and Vulnerable Adult Investors.
Statement Regarding In The Matter Of American CryptoFed DAO LLC, SEC Commissioner Hester M. Peirce, SEC Commissioner Mark T. Uyeda. June 7, 2023

Date 07/06/2023

The Commission’s Order[1] in this matter denies the Division of Enforcement’s motion to dismiss proceedings pursuant to Section 12(j) of the Securities Exchange Act of 1934 against American CryptoFed DAO LLC. Today’s Order announces for the first time that, contrary to prior Division of Corporation Finance staff guidance, a company must have the Commission’s approval to withdraw a filed, but not yet effective registration statement if there is a related Section 12(j) proceeding pending.
Nodal Exchange Achieves Records In Power And Environmental Futures In May

Date 07/06/2023

Nodal Exchange today announced new records in power and environmental futures. In power, Nodal set a calendar month record for May with traded power futures volume of 234 million MWh, up from 220 million MWh in May 2022. Nodal continues to be the market leader in North American power futures with 52.6% share of open interest at the end of May with 1.286 billion MWh open interest representing $111 Billion of notional value based on both sides.
Statement On The Adoption Of Rule 939A Amendments to Regulation M, SEC Commissioner Mark T. Uyeda, June 7, 2023

Date 07/06/2023

Thank you, Chair Gensler, and thank you to the staff for your presentation. Today, the Commission considers whether to adopt amendments to implement Section 939A of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank Act”). Section 939A requires that the Commission remove references in its rules to credit ratings and to substitute alternative standards of credit worthiness. Today’s amendments would remove certain credit rating references relating to exceptions under Regulation M for nonconvertible debt securities, nonconvertible preferred securities, and asset-backed securities.