#Push-out

17 09, 2021

PUSH-OUT14

2023-08-03T14:42:33-04:00September 17th, 2021|5- Client Report|

 Is the SEC Planning a Push-Out Pull Back?
As we noted, SEC Chairman Gensler’s written Senate Banking testimony included a short – but very significant – statement prioritizing Commission review of key fixed-income market sectors. This did not come up at the hearing (see Client Report INVESTOR18), which focused on hot partisan issues such as climate risk and cryptoassets. However, the extent to which the SEC renews efforts to govern fixed-income activities it now thinks too far outside its reach has significant strategic implications, most immediately for large banks that might find key underwriting and capital-markets activities under additional standards and greater enforcement risk. In this report, we assess what Mr. Gensler contemplates for the corporate, muni, and asset-backed securities (ABS) markets, revisiting the “push-out” battles the Commission largely lost over a decade ago to evaluate whether the Fed could or would defend banks again from demands that key activities register with the SEC.

PUSH-OUT14.pdf

17 09, 2021

Daily091721

2023-08-03T14:48:43-04:00September 17th, 2021|2- Daily Briefing|

Path Paved for Interagency CRA Rule
The Federal Register today includes the OCC’s proposal to replace its controversial Community Reinvestment Act (CRA) rule (see Client Report CRA28) with the 1995 interagency CRA standard until pending inter-agency work on a new regime is complete.

Is the SEC Planning a Push-Out Pull Back?
As we noted, SEC Chairman Gensler’s written Senate Banking testimony included a short – but very significant – statement prioritizing Commission review of key fixed-income market sectors.

Daily091721.pdf

13 09, 2021

Daily091321

2023-08-03T15:54:48-04:00September 13th, 2021|2- Daily Briefing|

Gensler Presages Renewed Push-Out Battle Over Bank Securities Regulation
In his testimony ahead of his first Senate Banking appearance as SEC chairman, Gary Gensler added several new market-structure integrity and transparency issues to the Commission’s already-formidable to-do list, announcing a review of the non-Treasury fixed-income market.

Daily091321.pdf

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