Committee Submits Comment Letter to the Commodity Futures Trading Commission on ICE Futures U.S., Inc.’s Proposed Amendment to its Order Execution Rule

On March 14 2019, the Committee submitted a comment letter to the Commodity Futures Trading Commission (“CFTC”) regarding a rule amendment certification filing by ICE Futures U.S., Inc. (“IFUS”) to amend its order execution rule. IFUS’ proposed rule amendment would allow for what IFUS calls “Passive Order Protection (“POP”) Functionality.” As described by IFUS, POP […]

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Nothing But the Facts Statement: Restricting Stock Buybacks Would Harm Capital Markets

Recent policy proposals put forth by several lawmakers have recommended curtailing public companies’ use of stock buybacks, arguing that the practice has constrained economic growth while unfairly enriching wealthy shareholders and executives. However, these proposals have offered no empirical or theoretical support for their recommendations and we are aware of no such evidence. The Committee […]

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Nothing But the Facts Statement: Common Ownership – Theory Meets Reality

Today the Committee on Capital Markets Regulation submitted to the Federal Trade Commission a Nothing But The Facts (“NBTF”) statement on the evidence that common ownership of firms by investment funds managed by the same asset manager increases anticompetitive behavior by those firms. The study purporting to provide empirical evidence of a relationship between common […]

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Expanding Opportunities for U.S. Investors and Retirees: Private Equity

In recent years, U.S. companies have raised more equity through private offerings available only to institutional and high-net-worth investors than through initial public offerings that are available to the general public. The number of U.S. public companies has also been steadily declining, and private start-up companies are frequently reaching billion-dollar valuations without opening up to […]

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Hal S. Scott, President of the Committee on Capital Markets Regulation, Participates on SEC Roundtable Panel on Market Data and Market Access

On October 25, 2018, Hal S. Scott, President of the Committee on Capital Markets Regulation, participated as a panelist at the Securities and Exchange Commission’s (SEC) Roundtable on Market Data and Market Access. Professor Scott delivered remarks and answered questions on a panel entitled “Overview of Current Landscape for Market Data Products and Market Access […]

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Committee Submits Comment Letter on Proposed Amendments to the Regulations Implementing the Volcker Rule

On October 17, 2018, the Committee submitted a comment letter to the Federal Reserve, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, Commodity Futures Trading Commission, and Securities and Exchange Commission providing the Committee’s input on the proposed amendments to regulations implementing the Dodd-Frank Act’s Volcker Rule. The Committee’s letter identifies areas […]

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Committee Staff Releases Update on Financial Penalties by U.S. Enforcement Agencies

On September 24, 2018, the Committee staff released an update on the financial penalties that U.S. public enforcement agencies imposed on the U.S. financial system in 2017. This statement is intended to update the staff report released in June 2018, “Rationalizing Enforcement in the U.S. Financial System,” which reviewed the financial penalties that U.S. public […]

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Committee Releases Statement on Stock Market Data: A Call for Transparency to Assess Impact on U.S. Investors

On September 24, 2018, the Committee released a statement expressing concern that U.S. stock exchanges are charging excessive fees for market data services that are unnecessarily increasing the cost of trading stocks for U.S. investors. The Committee statement examines the revenues that BATS, NASDAQ and NYSE report from market data services as a proxy for […]

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Committee Releases Statement on Short Selling’s Positive Impact on Markets and the Consequences of Short-Sale Restrictions

On September 13, 2018 the Committee released a statement on Short Selling’s Positive Impact on Markets and the Consequences of Short-Sale Restrictions. This statement was released in response to recent policy proposals and discussions on the role of short selling in our capital markets focus on mandatory public disclosure requirements for short sale transactions. The […]

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Committee Submits Comment Letter to the SEC on Best Interest Proposal

On July 16, 2018, the Committee submitted a comment letter to the Securities and Exchange Commission (“SEC”) in response to the SEC’s request for comment on its Regulation Best Interest and Form CRS Relationship Summary proposals. These proposals are intended to enhance the standard of conduct for broker-dealers when making securities transaction or investment strategy […]

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