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Search resuls for: "John Mccrank Chris Prentice"


3 mentions found


☆ US Republican lawmakers slam SEC chair on 'rushed' rulemaking
  + stars: | 2023-04-18 | by ( John Mccrank Chris Prentice | John Mccrank | Chris Prentice | ) www.reuters.com   time to read: +2 min
SEC Chair Gary Gensler was testifying in front of the House Financial Services Committee for the first time since Republicans took over the House of Representatives in January. Gensler, who has helmed the SEC since April 2021, underscored the agency's rulemaking as "grounded in legal authorities granted by Congress." The SEC also levied record penalties in the last fiscal year and Republican lawmakers seized on the agency's nearly 50 enforcement actions against crypto firms, saying the agency was regulating by enforcement. Gensler maintained most cryptocurrencies are securities and crypto firms must comply with securities laws. Progressive lawmakers and investor advocates have praised the SEC and pushed Congress to give the agency more resources.
☆ Market maker Virtu sues U.S. SEC over records request
  + stars: | 2022-11-29 | by ( John Mccrank Chris Prentice | John Mccrank | Chris Prentice | ) www.reuters.com   time to read: +2 min
The FOIA request sought, among other things, communications between SEC Chair Gary Gensler and various stakeholders involved in retail stock trading. Cifu has said Virtu may sue the SEC over potential rule changes Gensler outlined in June. Agencies legally have 20 days to respond to FOIA requests, but are not required to provide all responsive documents within that time frame. FOIA requests do not always yield substantive responses and can have lengthy waiting periods. Virtu is represented by law firm Paul, Weiss, Rifkind, Wharton & Garrison, where Cifu previously worked as a lawyer.
☆ U.S. SEC proposes new liquidity, pricing rules for mutual funds
  + stars: | 2022-11-02 | by ( John Mccrank Chris Prentice | John Mccrank | Chris Prentice | ) www.reuters.com   time to read: +2 min
Nov 2 (Reuters) - The U.S. Securities and Exchange Commission on Wednesday proposed new rules aimed at better preparing the mutual fund industry for distressed market conditions, including a new pricing mechanism that has drawn opposition from fund managers. The market disruptions of March 2020 reinforced the fact that liquidity can deteriorate rapidly, said the SEC, which adopted the proposal in a 3-2 vote. The proposed rule would require mutual funds, and some exchange-traded funds, to ensure that at least 10% of their net assets are highly liquid. The new requirements would also demand a hard daily closing time for mutual funds, and the use of "swing pricing," which involves adjusting a fund's value in line with trading activity so redeeming investors bear the costs of exiting without diluting remaining investors. Mutual funds managed $4.1 trillion, or 63%, of assets held in 401(k) plans at the end of June, as well as $5.1 trillion, or 43%, of IRA assets, according to the Investment Company Institute.
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