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🧱 Market Reform

Office of Information and Regulatory Affairs released the Fall 2023 Unified Agenda

Office of Information and Regulatory Affairs released the Fall 2023 Unified Agenda of Regulatory and Deregulatory Actions for the Securities and Exchange Commission.

Source: https://www.reginfo.gov/public/do/eAgendaMain?operation=OPERATION_GET_AGENCY_RULE_LIST¤tPub=true&agencyCode=&showStage=active&agencyCd=3235&csrf_token=1BF2FDB78A7198C9E58764AA2702EF22D6B9C0FBAE9BBC1A5D91D33FD4E0D24F55FF869A4CE1C0345D7FE275ABE899F2B7DB AgencyAgenda Stage of RulemakingTitleRINSECProposed Rule StageEDGAR Filer Access and Account Management3235-AM58SECProposed Rule StageIncentive-Based Compensation Arrangements3235-AL06SECProposed Rule StageCorporate Board Diversity

Final Rule: Prohibition Against Conflicts of Interest in Certain Securitizations

Prohibition Against Conflicts of Interest in Certain Securitizations prohibiting a sponsor of an asset-backed security (including a synthetic asset-backed security) that would result in conflicts of interest effective February 5, 2024.

Background: * The SEC proposed new Rule 192 to implement the prohibition in Securities Act Section 27B1 (“Section 27B”), which was added by Section 621 of the Dodd-Frank Act. * Section 27B(a) provides that an underwriter, placement agent, initial purchaser, or sponsor, or affiliates or subsidiaries of any such entity, of

SEC Adopts Rule to Prohibit Conflicts of Interest in Certain Securitizations

SEC Adopts Rule to Prohibit Conflicts of Interest in Certain Securitizations

Details: 251 pages File Number: S7-01-23Rule Type: Final Release Number: 33-11254SEC Issue Date: Nov. 27, 2023 Effective Date: 60 days after publication in the Federal Register Fact Sheet: Press Release: The Securities and Exchange Commission today adopted Securities Act Rule 192 to implement Section 27B of the Securities Act of

Proposed Rule Change

NSCC proposes updating MLA charge by moving all exchange traded products (other than those deemed to be Illiquid Securities) into the equities asset group & calculating impact cost at the security level along with ETF tweaks.

Purpose: Wut Mean?: These proposed changes aim to make the calculation of the MLA charge more accurate, particularly in the context of liquidating exchange-traded products and equity ETFs. Refinement of Calculation: * The proposal includes refining how the MLA (Market Liquidity Adjustment) charge is calculated for liquidating securities or portfolios. Changes

Request for Comments Regarding Statement of Priorities for Fiscal Year 2024-2025

OPEN for comment: OSC (Canada's SEC) seeks comment on priorities for 2024-2025--including short selling and dispute resolution.

Wut Mean?: The Ontario Securities Commission (OSC) is seeking feedback from stakeholders on its proposed Statement of Priorities for 2024-2025 (SoP), which will guide business planning for the fiscal year. The SoP sets out the priority initiatives on which the OSC intends to focus its resources and actions. Each year

SEC Adopts Rules to Improve Clearing Agency Governance and Mitigate Conflicts of Interest

SEC Adopts Rules to Improve Clearing Agency Governance and Mitigate Conflicts of Interest.

File Number: S7-21-22 Rule Type: Final Release Number: 34-98959 SEC Issue Date: Nov. 16, 2023 Effective Date: 60 days after publication in the Federal Register Fact Sheet: Press Release: The Securities and Exchange Commission has adopted new rules to improve the governance of all registered clearing agencies by reducing the

SEC Proposes Rule to Address Volume-Based Exchange Transaction Pricing for NMS Stocks

SEC Alert & OPEN for Comment Alert! SEC Proposes Rule to Address Volume-Based Exchange Transaction Pricing for NMS Stocks.

Background: National securities exchanges (“exchanges”) that trade NMS stocks maintain pricing schedules that set forth the transaction pricing they apply to their broker-dealer members that execute orders on their trading platforms. As self-regulatory organizations under the Exchange Act, exchanges are subject to unique principles and processes that do not apply