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🧱 Market Reform

New Rules

SEC Adopting Security-Based Swap (SBS) Execution and Registration and Regulation of Security-Based Swap Execution Facilities (SBSEFs) Rules. Would create a regime for the registration & regulation of SBSEFs & SBS execution issues.

* The Securities and Exchange Commission (“SEC” or “Commission”) is adopting a set of rules and forms under the Securities Exchange Act of 1934 (“SEA”) that would create a regime for the registration and regulation of security-based swap execution facilities (“SBSEFs”) and address other issues relating to security-based swap (“SBS”) execution
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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&currentPub=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
dismal-jellyfish 🧱 Market Reform
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
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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
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