FTSE Mondo Visione Exchanges Index:

News Centre

Report From FINRA Board Of Governors Meeting – March 2023 - Board Approves Rule Proposal To Shorten The Securities Settlement Cycle To T+1 Consistent With Recent SEC Rule Changes, And Allocation Of 2022 Fine Monies

Date 15/03/2023

FINRA’s Board of Governors met on March 9-10 for the first time in 2023. The board approved a rule proposal to amend FINRA rules to conform to the SEC’s rule changes to shorten the securities settlement cycle and discussed a variety of regulatory topics and technology initiatives.
Statement On Amendments To Regulation S-P, Cybersecurity Risk Management, And Amendments To Regulation SCI, SEC Commissioner Caroline A. Crenshaw, March 15, 2023

Date 15/03/2023

Thank you, Chair Gensler, and thank you to my fellow Commissioners. The three proposals we are considering today address the role of information technology in the securities markets. Technology is no longer just fundamental to the operation of the markets – it is the markets, and managing it is vital for investor protection and fair, orderly, and efficient market operations.
Protecting Investors From Cyberattacks And Enhancing Cybersecurity In U.S. Capital Markets, SEC Commissioner Jaime Lizárraga, March 15, 2023

Date 15/03/2023

Cyberattacks and associated data breaches impose significant financial and emotional costs on victims. Once victims’ identities are stolen, or their personal identifiable information is inappropriately revealed and/or sold to the highest criminal bidders, the damage can be irreparable and irreversible.
SEC Reopens Comment Period For Proposed Cybersecurity Risk Management Rules And Amendments For Registered Investment Advisers And Funds

Date 15/03/2023

The Securities and Exchange Commission today reopened the comment period on proposed rules and amendments related to cybersecurity risk management and cybersecurity-related disclosure for registered investment advisers, registered investment companies, and business development companies that were proposed by the Commission on February 9, 2022. The initial comment period ended on April 11, 2022.
Statement On Proposed Cybersecurity Rule 10 And Form SCIR, SEC Commissioner Hester M. Peirce, March 15, 2023

Date 15/03/2023

Thank you, Chair Gensler. No one questions the threat cybercriminals pose to our capital markets, and the need for broker-dealers and other regulated entities to protect themselves and their customers and counterparties from cyberthreats. As the proposing release notes, there are considerable reputational, psychological, and financial costs associated with these breaches. Increasing reliance on technology in our markets has only heightened how important it is for firms to take steps to prevent cyberattacks and mitigate their effects. Addressing this challenge constructively requires the Commission to work with firms in a way that helps them shore up cyber-defenses and minimize the consequences of cyberattacks. Unfortunately, with this proposal, the Commission has apparently decided its role is to be an enforcer demanding that a firm dealing with a cybersecurity attack first and repeatedly attend to the Commission’s voracious hunger for data. The Commission stands ready, not with assistance but with a cudgel to wield if the firm fails to comply with a complicated reporting regime, even if the firm resolves the incident by avoiding significant harm to the firm or its customers.

Statement On Amendments To Regulation SCI, SEC Chair Gary Gensler, March 15, 2023

Date 15/03/2023

Today, the Commission is considering amendments to Regulation Systems Compliance and Integrity (Reg SCI), the rule promoting the resiliency of key systems for key market participants. I am pleased to support this proposal because, consistent with maintaining orderly markets, these amendments would help promote the capacity, integrity, resiliency, availability, and security of these critical intermediaries.
SEC Proposes To Expand And Update Regulation SCI

Date 15/03/2023

The Securities and Exchange Commission today proposed amendments to expand and update Regulation Systems Compliance and Integrity (SCI), the set of rules adopted in 2014 to help address technological vulnerabilities in the U.S. securities markets and improve Commission oversight of the core technology of key U.S. securities markets entities (SCI entities).
Statement On Regulation SP: Privacy Of Consumer Financial Information And Safeguarding Customer Information, SEC Commissioner Hester M. Peirce, March 15, 2023

Date 15/03/2023

Thank you, Chair Gensler. The Commission routinely explains the need for new disclosure mandates by insisting that investors really want the information. In this case, I agree. Investors want to know if their personal information has been compromised and want it to be protected, and thus I support this proposal. However, my support is far from unreserved, and my willingness to vote for a final rule will depend largely on our response to problems identified by commenters.
Statement On Enhanced Cybersecurity or Market Entities, SEC Chair Gary Gensler, March 15, 2023

Date 15/03/2023

Today, the Commission is considering a proposal on cybersecurity practices for broker-dealers, clearinghouses, and other market entities. I am pleased to support this proposal because, if adopted, it would set standards for these market entities’ cybersecurity practices.
Statement On Amendments To Regulation S-P, SEC Chair Gary Gensler, March 15, 2023

Date 15/03/2023

Today, the Commission is considering amendments to require covered firms to notify their customers of data breaches.[1] I support these amendments because, through making critical updates to a rule first adopted in 2000, this proposal would help protect the privacy of customers’ financial data.