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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.
Statement On The Removal Of References To Credit Ratings From Regulation M, SEC Commissioner Caroline A. Crenshaw, June 7, 2023

Date 07/06/2023

Credit rating agencies have been a feature of the securities markets since 1909, when John Moody began providing investors with credit information about railroad bonds, helping to finance the expansion of the railroad industry.
Statement Of CFTC Commissioner Caroline D. Pham In Support Of Notice Of Proposed Rulemaking For Large Trader Reporting Requirements Under Part 17

Date 07/06/2023

Today, the Commodity Futures Trading Commission (Commission or CFTC) is considering whether to propose revisions that would update the outdated large trader reporting submission standards in Part 17 of the Commission’s regulations. I am pleased to support this proposed rulemaking because the CFTC relies on its large trader reporting data to generate its weekly Commitment of Traders (COT) Report and to carry out our important market surveillance functions.
Statement On The Adoption Of Rules 9J-1 And 15fh-4(c), SEC Commissioner Caroline A. Crenshaw, June 7, 2023

Date 07/06/2023

Thank you, Chair Gensler, and thank you to my fellow Commissioners. The need for increased regulatory oversight of the security-based swap market became abundantly clear following the 2008 financial crisis, in which security-based swaps played a central role.
Statement On Rules Regarding Prohibitions Against Fraud, Manipulation, Or Deception In Connection With Security-Based Swaps And Against Undue Influence Over Chief Compliance Officers, SEC Commissioner Mark T. Uyeda, June 7, 2023

Date 07/06/2023

Thank you, Chair Gensler. The final rules under consideration are in regard to prohibitions against fraud, manipulation, or deception in connection with security-based swaps and also include a prohibition against undue influence over chief compliance officers. The Adopting Release proclaims that the final rule “is designed to prevent fraud, manipulation, and deception in connection with effecting any transaction in, or attempting to effect any transaction in, or purchasing or selling, or inducing or attempting to induce the purchase or sale of, any security-based swap.” The Adopting Release further states that “[t]he rule takes into account the features fundamental to a security-based swap.”

Ending SEC Reliance On Credit Ratings, SEC Commissioner Jaime Lizárraga, June 7, 2023

Date 07/06/2023

As part of enacting comprehensive reforms to the credit ratings system, Congress, in the Dodd-Frank Wall Street Reform and Consumer Protection Act, directed all federal agencies to reduce reliance on and references to credit ratings in agency regulations. Today’s adoption is the Commission’s final step in fulfilling this Congressional mandate.
Preventing Fraud And Manipulation In The Swaps Market And Bolstering Gatekeepers, SEC Commissioner Jaime Lizárraga, June 7, 2023

Date 07/06/2023

In January 2011, the Financial Crisis Inquiry Commission, created by Congress to examine the causes of the 2008 financial crisis, issued its final, comprehensive report. That report delved into the outsized role that the unregulated swaps market played in causing the crisis and in destabilizing our financial system. A combination of virtually non-existent regulation and the glaring absence of any market discipline in the swaps market contributed significantly to market failures that necessitated massive taxpayer bailouts.
Statement On Removing References Of Credit Ratings From Regulation M, SEC Chair Gary Gensler, June 7, 2023

Date 07/06/2023

Today, the Commission is considering adopting a set of final rules to remove references to credit ratings from Rules 101 and 102 of Regulation M (Reg M). I am pleased to support these rules because they will fulfill an important mandate issued by Congress in the wake of the 2008 financial crisis.
Statement On Rule 9j-1 And Rule 15fh-4(c), SEC Chair Gary Gensler, June 7, 2023

Date 07/06/2023

Today, the Commission is considering adopting two final rules related to the security-based swaps markets. I am pleased to support these rules because they will enhance the integrity of the security-based swaps markets.
SEC Adopts Amendments To Remove References To Credit Ratings From Regulation M

Date 07/06/2023

The Securities and Exchange Commission today adopted rule changes to remove and replace references to credit ratings from existing exceptions provided in Rule 101 and Rule 102 of Regulation M, a set of rules that prohibits activities that could artificially influence the market for an offered security.