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๐Ÿงฑ Market Reform

Review of complex options trading strategy AGI US marketed and sold to approximately 114 institutional investors in 17 unregistered private funds (โ€œStructured Alpha Fundsโ€) that suffered catastrophic losses.

$349.2 million disgorgement + a civil money penalty in the amount of $675 million. https://www.sec.gov/litigation/admin/2022/34-94927.pdf FactsStructured Alpha: The Structured Alpha Funds provided investors an opportunity to acquire exposure to a variety of debt or equity securities โ€“ the โ€œbetaโ€ component โ€“ coupled with a
dismal-jellyfish ๐Ÿงฑ Market Reform

Fed Governor Michelle W. Bowman: "The banks that recently failed were unique in their operations and business models. These failures alone do not justify layering on inefficient and overly complex supervision on a broad range of other banks."

Source: https://www.federalreserve.gov/newsevents/speech/bowman20230519a.htm Considerations for Revisions to the Bank Regulatory Framework Governor Michelle W. Bowman At the Texas Bankers Association Annual Convention, San Antonio, Texas Highlights: * Regulators already have a comprehensive toolkit at their disposal to encourage issue resolution, and frankly, we need to
dismal-jellyfish ๐Ÿงฑ Market Reform

Federal Deposit Insurance Corporation (FDIC) Alert! FDIC is seeking PUBLIC comment on the proposed rule that would impose special assessments to recover the loss to the Deposit Insurance Fund arising from the protection of uninsured depositors

Federal Deposit Insurance Corporation (FDIC) Alert! FDIC is seeking PUBLIC comment on the proposed rule that would impose special assessments to recover the loss to the Deposit Insurance Fund arising from the protection of uninsured depositors in connection with SVB & Signature Bank--$15.8 billion. Source: https://public-inspection.federalregister.
dismal-jellyfish ๐Ÿงฑ Market Reform

SEC Alert! Special filing with Federal Register: SEC submits notice for the 22nd CLOSED door meeting this year via the Sunshine Act for 2:00 p.m. on Thursday, May 25, 2023.

Resolution of litigation claims and Other matters relating to examinations and enforcement proceedings to be considered https://public-inspection.federalregister.gov/2023-10972.pdf CLOSED door meetings 2023: Meeting NumberDate225/25215/18205/11195/4184/27174/20164/13154/6143/30133/23123/16113/9103/292/2382/1672/962/251/2641/1931/1221/911/5
dismal-jellyfish ๐Ÿงฑ Market Reform

FICC in 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"

FICC in 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." [REDACTED] exhibit. https://www.dtcc.com/-/media/Files/pdf/2023/
dismal-jellyfish ๐Ÿงฑ Market Reform