Dismal's Smacks

🌙 ☀️

Sign in Subscribe

Latest

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

SEC Alert! SEC Adopts Rules to Prevent Fraud in Connection with Security-Based Swaps Transactions and Prevent Undue Influence over Chief Compliance Officers.

Final Rule (136 pages): https://www.sec.gov/rules/final/2023/34-97656.pdf Overview of Security-Based Swaps Security-Based Swaps Generally: * Although the definition of security-based swap is detailed and comprehensive, at its most basic level, a security-based swap is an agreement, contract, or transaction in which two parties agree to

Computershare's letter on shortening the securities transaction settlement cycle: "we are concerned with the risk that broker-dealer practices and processes may restrict efficient access to the market for retail investors"

ComputerShare's letter on shortening the securities transaction settlement cycle: "we are concerned with the risk that broker-dealer practices and processes may restrict efficient access to the market for retail investors who exercise their right to be directly registered with the issuer" https://content-assets.computershare.com/eh96rkuu9740/