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CFTC Alert! CFTC today approved: Final Rule: Governance Requirements for Derivatives Clearing Organizations (DCO), DCO Recovery and Orderly Wind-down Plans, amendments to Large Trader Reporting Requirements, and to solicit public comment on European

The Commodity Futures Trading Commission at its open meeting today approved the following: Final Rule: Governance Requirements for Derivatives Clearing Organizations: * CFTC unanimously approved a final rule that adopts amendments to its rules to require derivatives clearing organizations (DCOs) to establish and consult with one or more risk management committees

Commissioner Hester M. Peirce: "Although I agree with the objectives of these rules—namely, to reduce the incidence of misconduct in the security-based swap markets—these final rules leave unaddressed concerns I had at the proposing stage"

Commissioner Hester M. Peirce: "Although I agree with the objectives of these rules—namely, to reduce the incidence of misconduct in the security-based swap markets—these final rules leave unaddressed concerns I had at the proposing stage about their breadth, and I accordingly cannot support them." Source: https:

Treasury Secretary Janet Yellen: “I do think that there will be issues with respect to commercial real estate.” “I think banks are broadly preparing for some restructuring and difficulties going ahead”

Source: https://www.marketwatch.com/story/treasury-secretary-yellen-warns-of-commercial-real-estate-issues-that-could-strain-banks-1bab9d83 Treasury Secretary Janet Yellen, in her first interview since the U.S. debt-ceiling was lifted last week by Congress, warned on Wednesday about the potential for banks to feel strain from their exposure to weakening commercial real estate valuations. Yellen was asked by

In April, consumer credit (AKA consumer DEBT) increased at a seasonally adjusted annual rate of 5.7%. Revolving credit (credit cards) increased at an annual rate of 13.1%

nonrevolving credit (student loans, personal loans, mortgages) increased at an annual rate of 3.2%. Source: https://www.federalreserve.gov/releases/g19/current/g19.pdf Remember, From 1st quarter 2022 to 1st quarter 2023, total household debt has increased $1,205 billion to $17.05 trillion (+7.57%)--Mortgage balances

Gary Gensler: "In the Dodd-Frank Act of 2010, Congress directed federal agencies, including the SEC, “to remove any reference to or requirement of reliance on credit ratings”

from our rules and to substitute an appropriate standard for credit-worthiness This final rule fulfills Congress’s wishes" Source: https://www.sec.gov/news/statement/gensler-statement-credit-ratings-060723 Today, the Commission is considering adopting a set of final rules to remove references to credit ratings from Rules 101 and 102 of

SEC Chair Gary Gensler: "Congress mandated that the Commission shall put forward rules reasonably designed to prevent such fraudulent, deceptive, or manipulative practices in these markets. Through today’s adoption, we will fulfill this mandate."

source: https://www.sec.gov/news/statement/gensler-statement-security-based-swaps-060723 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. The 2008 financial crisis had many chapters, but a

SEC Alert! SEC Adopts Amendments to remove and replace references to credit ratings from existing exceptions provided in Rule 101 and Rule 102 of Regulation M

Final Rule (120 pages): https://www.sec.gov/rules/final/2023/34-97657.pdf Fact Sheet: Press Release: 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