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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Committee Submits Comment Letter to the Fed on Capital Proposal

On June 25, 2018, the Committee submitted a comment letter to the Federal Reserve (the “Fed”) in response to the Fed’s proposals on amendments to the Regulatory Capital, Capital Plan, and Stress Test Rules (“Proposed Amendments”). The letter commended the Fed for its efforts to relax the capital distribution and balance sheet assumptions in the […]

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Committee Staff Releases Report on the U.S. Public Enforcement System

Today the Staff of the Committee on Capital Markets Regulation is releasing a report on the structure, operation, and transparency of the U.S. public enforcement system as it pertains to the financial system. The report explains how the enforcement system is organized, presents data on enforcement activity over a 17-year period, and offers 19 recommendations […]

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The Financial Times Op-ed: Is it time to roll back US bank regulation?

By HAL S. SCOTT Originally published by the Financial Times on March 1, 2018 Ten years after the start of the financial crisis, US policymakers are finally starting to deal with the stiff regulatory reaction that it spawned. The US Senate will soon take up the first bipartisan effort to rein in the impact of […]

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Committee Submits Comment Letter to the Federal Reserve on Proposals to Increase Stress Test Transparency

On January 19, 2018, the Committee submitted a comment letter to the Federal Reserve (the “Fed”) in response to the Fed’s proposals requesting public input on its proposed efforts to increase the transparency surrounding the scenarios and models used in the Fed’s annual supervisory stress tests of certain large financial institutions.   The letter commended the […]

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Committee Releases Statement on the Economic Growth, Regulatory Relief and Consumer Protection Act

The Committee has released a statement urging the Senate to consider the Economic Growth, Regulatory Relief and Consumer Protection Act (the “Bill”). The Bill provides regulatory relief for smaller financial institutions by, among other things, simplifying capital requirements, creating an exemptive safe harbor from the Volcker Rule, and raising the threshold for enhanced prudential standards. The […]

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Common Ownership and Antitrust Concerns

The Committee on Capital Markets Regulation seeks to clarify the state of the current debate on common ownership of equities by institutional owners and the potential anti-competitive behavior associated with such ownership. Given that the potential responses to the alleged antitrust concerns could prove quite harmful to savers and retail investors, it is important to […]

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