Dismal's Smacks

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🧱 Market Reform

SEC Alert! Commissioner Caroline A. Crenshaw: "the dominance of a handful of large market-makers internalizing orders, and conflicts of interest between market intermediaries and their customers – are even more pronounced in the options markets."

Options markets account for 65% of PFOF payments. Fixed Income and Options: The Other Market Structures Remarks at the Fixed Income Forum Spring Roundtable: https://www.sec.gov/news/speech/crenshaw-remarks-fixed-income-forum-spring-roundtable-033023 This speech is long but worth the read. I am going to attempt to chop up the two main

SEC Alert! Special filing with Federal Register: SEC submits notice for the 13th CLOSED door meeting this year via the Sunshine Act for 2:00 p.m. on Thursday, April 6, 2023.

Source: https://public-inspection.federalregister.gov/2023-06962.pdf CLOSED door meetings this year: Meeting NumberDateSuperstonk Coverage123/30https://www.reddit.com/r/Superstonk/comments/11zw0jo/sec_alert_special_filing_with_federal_register/113/23https://www.reddit.com/r/Superstonk/comments/11t0j6c/sec_alert_special_filing_with_federal_register/103/16https://www.reddit.

SEC Alert! Administrative Proceedings for Barclays PLC and Barclays Bank PLC: SEC creates fund for the $200 million fine Barclays received for selling "an unprecedented amount of securities—cumulatively totaling approximately $17.7 billion"

In addition, due to its failure to establish any internal control to track the amount of securities that were offered or sold on a real-time basis, beginning on or around January 28, 2021, BBPLC offered and sold securities in excess of what was registered on the 2019 Shelf. Source: https:

SEC Alert! SEC proposes (OPEN for comment) to continue collecting information for “Rule 15c3-1”, which requires brokers-dealers to have at all times sufficient liquid assets to meet their current liabilities, particularly the claims of customers.

https://public-inspection.federalregister.gov/2023-06628.pdf Rule 15c3-1 Requires brokers-dealers to have at all times sufficient liquid assets to meet their current liabilities, particularly the claims of customers. The rule facilitates the monitoring of the financial condition of broker-dealers by the Commission and the various self-regulatory organizations. * It is estimated

SEC Alert! SEC proposes (OPEN for comment) to continue collecting information for “Rule 206(4)-6”: the proxy voting rule, to address an investment adviser’s fiduciary obligation to clients who have given the adviser authority to vote their securities.

Source: https://public-inspection.federalregister.gov/2023-06173.pdf Rule 206(4)-6 The title for the collection of information is “Rule 206(4)-6” under the Investment Advisers Act of 1940 (15 U.S.C. 80b-1 et seq.) (“Advisers Act”) and the collection has been approved under OMB Control No. 3235-0571.

NSCC Alert! SR-NSCC-2022-015 OPEN for comment: NSCC proposes to make changes to the gap risk charge. They state: 'Gap risk events have been generally understood as idiosyncratic issuer events that cause a rapid shift in price volatility levels.'

Source: https://public-inspection.federalregister.gov/2023-06059.pdf SR-NSCC-2022-015: https://www.sec.gov/rules/sro/nscc/2022/34-96511.pdf Comments are available at: https://www.sec.gov/comments/sr-nscc-2022-015/srnscc2022015.htm Background: * A key tool that NSCC uses to manage its respective credit exposures to its members is the daily collection

SEC Alert! SEC Proposes to Modernize the Submission of Certain Forms, Filings, and Materials Under the Securities Exchange Act of 1934. The proposed amendments would require registrants to make submissions to the Commission electronically.

proposed Rule (427 pages) The Securities and Exchange Commission (“Commission” or “SEC”) is proposing to require electronic filing or submission of certain forms and other filings or submissions that are required to be filed with or submitted to the Commission under the Securities Exchange Act of 1934 (“Exchange Act”) and