Dismal's Smacks

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🧱 Market Reform

Six federal regulatory agencies today requested PUBLIC COMMENT on a proposed rule designed to ensure the credibility and integrity of models used in real estate valuations.

In particular, the proposed rule would implement quality control standards for automated valuation models (AVMs). https://www.federalreserve.gov/newsevents/pressreleases/files/bcreg20230601a1.pdf Under the proposed rule, the agencies would require institutions that engage in covered transactions to adopt policies, practices, procedures, and control systems to ensure that AVMs

Self-Regulatory Organization Alert! Nasdaq ISE, LLC Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Delay the Implementation of Certain Trading Functionality impacting:

Routing, ATR and Repricing Rules, Complex Order Rules, and multiple functionalities. OPEN for comment! https://public-inspection.federalregister.gov/2023-11715.pdf https://listingcenter.nasdaq.com/assets/rulebook/ISE/filings/SR-ISE-2023-10.pdf Purpose: * In connection with a technology migration to an enhanced Nasdaq, Inc. (“Nasdaq”) functionality, the Exchange filed various rule changes

Commodity Futures Trading Commission (CFTC) Alert! CFTC to hold an OPEN meeting Wednesday, June 7 from 9:30 a.m. – 4:00 p.m. (EDT to consider: Final Rule: Governance Requirements for Derivatives Clearing Organizations, 3 proposed rules, and one amendment.

https://www.cftc.gov/media/8631/Federal%20Register:%20Sunshine%20Act%20Meetings/download The Commission will consider the following: * Final Rule: Governance Requirements for Derivatives Clearing Organizations * Proposed Rule: Derivatives Clearing Organizations Recovery and Orderly Wind-down Plans (The SEC has a similar rule up: https://www.federalregister.gov/documents/2023/05/

FINRA Disciplinary Actions! Vanguard Marketing Corporation (a wholly-owned subsidiary of The Vanguard Group) overstated projected yield & projected annual income for nine money market funds on approximately 8.5 million VMC account statements

from at least October 2019 - June 2021. $800k fine/censure Source: https://www.finra.org/sites/default/files/fda_documents/2020068469601%20Vanguard%20Marketing%20Corporation%20CRD%207452%20AWC%20gg.pdf The personal performance section of the account statement incorrectly identified the deposit as an increase in market value instead of

CFTC & OPEN comment Alert! Notice requesting Approval for Collection 3038-0117, Exemption from Derivatives Clearing Organization Registration.

IF collected, the information allows CFTC "to conduct its oversight of U.S. persons and the swaps that are cleared by U.S. persons through the exempt DCO." https://public-inspection.federalregister.gov/2023-11423.pdf Highlights: * The Commodity Futures Trading Commission (“CFTC” or “Commission”) is announcing an opportunity for

FICC Proposed Rule Change (OPEN for comment): "Currently messages regarding pair-offs are transmitted between buyers and sellers by electronic mail using spreadsheets, which creates some risk that information sharing is incomplete, incorrect, inconsistent

FICC Proposed Rule Change (OPEN for comment): "Currently messages regarding pair-offs are transmitted between buyers and sellers by electronic mail using spreadsheets, which creates some risk that information sharing is incomplete, incorrect, inconsistent and not timely." Has [REDACTED] exhibit. Source: https://www.sec.gov/rules/sro/ficc/2023/

SEC chair Gary Gensler on Short-term investment funds and Collective investment funds: "There is no limit on leverage, requirement for regular reporting on holdings to investors, or requirement for an independent board."

https://www.sec.gov/news/speech/gensler-remarks-investment-company-institute-05252023 “Bear in the Woods” Remarks before the Investment Company Institute Gary Gensler Highlights: "There is a saying when you’re in the woods. “You don’t have to outrun the bear; you just have to outrun one of your fellow campers.”"