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🧱 Market Reform

CFTC Commissioner Pham Announces Proposed Work Program for CFTC Global Markets Advisory Committee and Seeks PUBLIC Input by May 30.

Topics include: derivatives market reform, recommendations on regulation of NFTs, recommendations to improve trade reporting for swaps market oversight. Source: https://www.cftc.gov/PressRoom/PressReleases/8703-23 Commissioner Caroline D. Pham announced today the 2023-2025 proposed work program for the Commodity Futures Trading Commission’s Global Markets Advisory Committee (GMAC)

Options Clearing Corporation (OCC) Alert! Completely [REDACTED] Model Risk Management Policy included with Notice of Filing of Proposed Rule Change by The Options Clearing Corporation to Amend and Enhance the Options Clearing Corporation's Model Risk

34-97484 Notice of Filing of Proposed Rule Change by The Options Clearing Corporation to Amend and Enhance the Options Clearing Corporation's Model Risk Management PolicyComments due: 21 days after publication in the Federal RegisterAdditional Materials: Exhibit 3, Exhibit 5 [REDACTED] https://www.sec.gov/rules/sro/occ/2023/

SEC Alert! Special filing with Federal Register: SEC submits notice for the 21st CLOSED door meeting this year via the Sunshine Act for 2:00 p.m. on Thursday, May 18, 2023.

Resolution of litigation claims and Other matters relating to examinations and enforcement proceedings to be considered. https://public-inspection.federalregister.gov/2023-10386.pdf CLOSED door meetings 2023: Meeting NumberDate215/18205/11195/4184/27174/20164/13154/6143/30133/23123/16113/9103/292/2382/1672/962/251/2641/1931/1221/911/5 Seems

SEC Alert! An OPEN meeting set for 5/17/23 at 10am to consider whether to propose a new rule regarding the contents of a covered clearing agency’s recovery and wind-down plan and whether to amend the margin requirements

SEC Commissioner Mark Uyeda: "To further illustrate my concerns, the SEC’s agenda includes over 50 items. This is very ambitious and on a scale that rivals the rule proposals issued in the aftermath of the global financial crisis."

https://www.sec.gov/news/speech/uyeda-21st-symposium-building-financial-05-11-2023 TLDRS: * "Examples of prudential regulation in the asset management sector include imposing capital requirements on asset managers and investment funds, designating non-bank firms as “systemically important” and subjecting them to heightened requirements, and instituting liquidity ratios and capital requirements for investment funds

SEC Chair Gary Gensler: "While the SEC oversees more than 7,000 public company issuers, there are around 50,000 municipal securities issuers. Strikingly, there are approximately one million different outstanding municipal securities"

https://www.sec.gov/news/speech/gensler-remarks-municipal-securities-disclosure-conference-051023 Highlights: * "Based on these authorities, in 1989 the Commission adopted—and as recently as in 2018 amended—Rule 15c2-12." * "The rule ensures that those acting as underwriters of municipal securities confirm that issuers agree to make continuous disclosures to investors,

SEC Chair Gary Gensler: "Many hedge funds are receiving the vast majority of their repo financing in the non-centrally cleared market, where haircuts or initial margin requirements are not necessarily applied."

"This might create greater risk in times of stress" The Next “Century of Progress": Remarks before the International Swaps and Derivatives Association Annual Meeting https://www.sec.gov/news/speech/gensler-remarks-isda-051023 Highlights: * "Broadly speaking, our proposal would require clearinghouses to ensure that their members bring in