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ISDA: Transition To RFRs Review: First Quarter Of 2023

Date 03/05/2023

The Transition to Risk-free Rates (RFRs) Review analyzes the trading volumes of over-the-counter (OTC) and exchange-traded interest rate derivatives (IRD) that reference selected RFRs, including the Secured Overnight Financing Rate (SOFR), the Sterling Overnight Index Average (SONIA) and the Euro Short-Term Rate (€STR).
No Repurchase Left Behind: Dissenting Statement On Share Repurchase Modernization Rule, SEC Commissioner Hester M. Peirce, May 3, 2023

Date 03/05/2023

Thank you, Chair Gensler. As you have heard, the final rule scraps the proposed requirement to disclose share repurchases within one business day. Despite this commendable and much needed change, I cannot support a rule that mandates immaterial disclosures without sensible exemptions. Accordingly, I dissent.
NGX Group Unaudited Results - Q1 End March 2023

Date 03/05/2023

Nigerian Exchange Group Plc (“NGX Group” or “The Group”) announced its unaudited results for the period ended 31 March 2023.
Statement On Final Amendments To Form PF To Require Event Reporting For Large Hedge Fund Advisers And Private Equity Fund Advisers And To Amend Reporting Requirements For Large Private Equity Fund Advisers, SEC Commissioner Mark T. Uyeda, May 3, 2023

Date 03/05/2023

Thank you, Chair Gensler. Today, we are voting on the recommendation to finalize the first of two outstanding proposals to amend Form PF. When Form PF was first adopted in 2011, then-Commissioner Paredes stated that “[t]he final rule fulfills Dodd-Frank’s statutory directive to the Commission to collect information on behalf of [the Financial Stability Oversight Council (“FSOC”)], and does so in a way that reduces the compliance burden on advisers in important respects as compared to the rule the Commission initially proposed.” Today’s amendments are the first step to reversing those initial, fruitful efforts at effective regulation. The amendments significantly expand the scope of the Form’s reporting requirements and increase the frequency of filings for large hedge fund advisers and private equity fund advisers. Yet the Commission fails to identify any particular need for the additional information or provide a clear picture of how the information might further the Commission’s investor protection mission.
Enhancing Financial Stability and Fulfilling Our Investor Protection Mandate, SEC Commissioner Jaime Lizárraga, May 3, 2023

Date 03/05/2023

Today, the Commission is updating a rule adopted after the 2008 financial crisis that strengthens our ability to assess risks in the private fund industry. In response to the catastrophic damage this crisis inflicted on our country, Congress enacted the Dodd-Frank Wall Street Reform and Consumer Protection Act, a landmark law designed to promote financial stability by improving accountability and transparency.

SEC Adopts Amendments To Enhance Private Fund Reporting

Date 03/05/2023

The Securities and Exchange Commission today adopted amendments to Form PF, the confidential reporting form for certain SEC-registered investment advisers to private funds. The amendments are designed to enhance the ability of the Financial Stability Oversight Council (FSOC) to assess systemic risk and to bolster the Commission’s oversight of private fund advisers and its investor protection efforts.
Statement By US Secretary Yellen On Election Of Ajay Banga As World Bank President

Date 03/05/2023

“I warmly congratulate Ajay Banga on his election to lead the World Bank. Ajay Banga will bring to this important role the right leadership and management skills, experience living and working in emerging markets, and financial expertise to lead the World Bank at a critical moment in its history. Ajay understands that the challenges we face – from combatting climate change, pandemics, and fragility to eliminating extreme poverty and promoting shared prosperity – are deeply intertwined. He has effectively built a broad global coalition around his vision for the Bank over the course of his candidacy."
Modernizing Share Repurchase Disclosures, SEC Commissioner Jaime Lizárraga, May 3, 2023

Date 03/05/2023

Today, the Commission takes action to provide investors with the quantitative and qualitative information they need to better evaluate the impacts of repurchases on an issuer’s share price, as well as other key reforms in this space.
Statement On The Final Rule: Share Repurchase Disclosure Modernization, SEC Commissioner Mark T. Uyeda, May 3, 2023

Date 03/05/2023

Thank you, Chair Gensler. Today’s amendments will significantly alter the quantitative and qualitative disclosure requirements for share repurchases. However, in the future, these amendments may be remembered as the beginning of the end for the Commission’s approach to foreign private issuers (“FPIs”). For more than 55 years, the Commission has allowed FPIs to satisfy their Exchange Act reporting requirements by (1) filing an annual report with information comparable to disclosure provided by domestic companies and (2) furnishing a Form 6-K for any material information disclosed by the FPI under its home country laws, reported pursuant to stock exchange requirements, or provided to its shareholders. Today’s amendments will require FPIs to make quarterly filings to report share repurchases regardless of their home country’s disclosure requirements. This change fundamentally upends the Commission’s long-standing and bipartisan approach of largely deferring to the disclosures made by FPIs pursuant to their home country reporting requirements. Given the significance of this shift in regulatory philosophy, the Commission should have undertaken a separate rulemaking on the issue, instead of including this change as part of a rulemaking focused on share repurchase disclosure.
Statement On Form PF, SEC Chair Gary Gensler, May 3, 2023

Date 03/05/2023

Today, the Commission considers adopting a final rule amending Form PF, an important tool that the Commission uses to oversee private fund advisers. I am pleased to support the amendments because they will improve visibility into private funds, helping protect investors and promote financial stability.