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Options Clearing Corporation (OCC) Alert! Completely [REDACTED] Model Risk Management Policy included with Notice of Filing of Proposed Rule Change by The Options Clearing Corporation to Amend and Enhance the Options Clearing Corporation's Model Risk

34-97484 Notice of Filing of Proposed Rule Change by The Options Clearing Corporation to Amend and Enhance the Options Clearing Corporation's Model Risk Management PolicyComments due: 21 days after publication in the Federal RegisterAdditional Materials: Exhibit 3, Exhibit 5 [REDACTED] https://www.sec.gov/rules/sro/occ/2023/

Remarks by Under Secretary for Domestic Finance Nellie Liang: "more recently, in the days immediately following the bank failures, substantial margin calls from clearinghouses to highly leveraged hedge funds...

Remarks by Under Secretary for Domestic Finance Nellie Liang: "more recently, in the days immediately following the bank failures, substantial margin calls from clearinghouses to highly leveraged hedge funds appears to have added to Treasury market volatility." https://home.treasury.gov/news/press-releases/jy1474 Highlights: * Excessive leverage can

FDIC Board of Directors Issues a Proposed Rule on Special Assessment Pursuant to Systemic Risk Determination of approximately $15.8 billion. It is estimated that a total of 113 banking organizations would be subject to the special assessment.

Press Release: The Federal Deposit Insurance Corporation (FDIC) Board of Directors today approved a notice of proposed rulemaking, which would implement a special assessment to recover the cost associated with protecting uninsured depositors following the closures of Silicon Valley Bank and Signature Bank. The Federal Deposit Insurance Act (FDI Act)

SEC Alert! Special filing with Federal Register: SEC submits notice for the 21st CLOSED door meeting this year via the Sunshine Act for 2:00 p.m. on Thursday, May 18, 2023.

Resolution of litigation claims and Other matters relating to examinations and enforcement proceedings to be considered. https://public-inspection.federalregister.gov/2023-10386.pdf CLOSED door meetings 2023: Meeting NumberDate215/18205/11195/4184/27174/20164/13154/6143/30133/23123/16113/9103/292/2382/1672/962/251/2641/1931/1221/911/5 Seems

SEC Alert! An OPEN meeting set for 5/17/23 at 10am to consider whether to propose a new rule regarding the contents of a covered clearing agency’s recovery and wind-down plan and whether to amend the margin requirements

SEC Commissioner Mark Uyeda: "To further illustrate my concerns, the SEC’s agenda includes over 50 items. This is very ambitious and on a scale that rivals the rule proposals issued in the aftermath of the global financial crisis."

https://www.sec.gov/news/speech/uyeda-21st-symposium-building-financial-05-11-2023 TLDRS: * "Examples of prudential regulation in the asset management sector include imposing capital requirements on asset managers and investment funds, designating non-bank firms as “systemically important” and subjecting them to heightened requirements, and instituting liquidity ratios and capital requirements for investment funds

Federal Reserve Governor Christopher J. Waller: "Fundamentally, financial stress emerges when someone is owed something and doesn't get paid back or becomes worried they won't be paid back."

https://www.federalreserve.gov/newsevents/speech/waller20230511a.htm TLDRS: * "Fundamentally, financial stress emerges when someone is owed something and doesn't get paid back or becomes worried they won't be paid back." * "The implication is that risks to financial stability have a couple of