Gary Gensler, the new chair of the SEC, is provisionally endorsing the industry effort to shorten trade settlement time from T+2 to T+1 as evidenced by his recent testimony before the U.S. House Committee on Financial Services, overseen by Chairwoman Maxine Waters (D-CA). “I believe shortening the standard settlement cycle could reduce costs and risks… Read More >>
New SEC Enforcement Director Abruptly Resigns
Just one week after she was appointed, Alex Oh has resigned her position as the director of the Securities and Exchange Commission’s Division of Enforcement. Oh cited ”personal reasons,” according to a commission statement. However, the New York Times, The Wall Street Journal, and other media report that the abrupt resignation was prompted by the… Read More >>
Gensler’s SEC Will Face ESG, Crypto & Investor Woes
By a vote of 53 to 45, Gary Gensler, a former CFTC chairman, won confirmation by the U.S. Senate to become the next chair of the SEC, ushering in what many expect will be a new era of regulation requiring adherence to Environmental, Social, and Governance (ESG) reforms. The Senate vote, which got the support… Read More >>
Gensler’s SEC Chair Nomination Advances Amid GOP Pushback
Gary Gensler, President Joe Biden’s nominee for SEC chairman, last week won the approval of the U.S. Senate Banking Committee by a vote of 14 in favor to 10 against, signaling some resistance among Republicans as his nomination moves to a full vote before the U.S. Senate. If approved by the Senate, Gensler and the… Read More >>
Biden Team Nominates Gensler to Be SEC Chairman
Gary Gensler, the former chairman of the CFTC, has been nominated to be the next chairman of the SEC by the incoming administration of President-elect Joe Biden. Gensler served as CFTC chairman from May 26, 2009, to January 3, 2014, and oversaw an overhaul and expansion of the regulator’s control over derivatives trading, especially swaps…. Read More >>
Gensler Says Crypto Exchanges Are a ‘Mess’
Cryptocurrency exchanges have a long way to go as far as providing protections for investors and other industry participants, says Gary Gensler, the former CFTC chairman who spoke last month at ISITC’s 24th Annual Securities Operations Summit in Boston. Gensler, who spoke during a wide-ranging political discussion about the changes underway in President Trump’s Washington,… Read More >>
Is Hillary’s New CFO a Nod to Elizabeth Warren?
Hillary Clinton has tapped former regulatory firebrand Gary Gensler as her campaign’s chief financial officer (CFO), a move that could signal there’s bite to the populist bark her campaign has engaged in recently. As the former chairman of the CFTC from 2008 to 2013, Gensler led the charge among regulators in implementing the reforms outlined… Read More >>
CFTC’s Bowen Names Legal and Policy Staff
CFTC Commissioner Sharon Bowen has announced her legal and policy staff to help her “carry out the Commission’s efforts to implement the Dodd-Frank Act and ensure compliance with the Commission’s regulations,” according to a statement. The appointments are: Eric Juzenas, principal adviser Juzenas previously served in several senior roles at the CFTC, including deputy director… Read More >>
Chilton’s Exit Heralds a New Era for the CFTC
Bart Chilton, the media-savvy CFTC commissioner, declared Tuesday that he is giving up his post by the end of the year. This creates three commissioner vacancies as Jill Sommers exited in July and Gary Gensler, CFTC chairman, will step down by year’s end; the remaining commissioners will be Mark Wetjen and Scott O’Malia. The replacements… Read More >>
Sifma Takes on New SEF Rules
The CFTC’s new rules for swap execution facilities have spurred controversy and Kenneth E. Bentsen, Jr., acting president and CEO of securities industry advocacy group Sifma, has recently voiced his opposition to key provisions of the final rules.In mid-May, the CFTC gave the initial green light to the rules governing the exchange-like SEFs. With the… Read More >>
