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<p><span>While Chair Gary Gensler’s newly released regulatory agenda</span><a name=" ftnref1" href="https://www.sec.gov/news/statement/peirce-roisman-falling-further-back-121321?utm medium=email&utm source=govdelivery# ftn1">[1]</a><span> is ambitious in scope, we are disappointed with its content. It fails to include </span><i>any</i><span> items intended to facilitate capital formation and misses opportunities to foster fair, orderly, and efficient markets and further investor protection. Instead the agenda is brimming with plans to redo recently completed rules, add new regulatory obligations, and constrain investor choice.</span></p>
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Tomorrow at 10:00 am, the Senate Banking Committee will meet to conduct a hearing on the
nominations of Gary Gensler to be chairman of the Securities and
Exchange Commission (SEC) and Rohit Chopra to be director of the
Bureau of Consumer Financial Protection (CFPB). Both are strong
advocates of the Biden administration s policy agenda and have
longstanding relationships with progressive Democrats. The hearing
is certain to underscore the political and philosophical divide
between Democrats and Republicans, for example, over what role
social issues and policies should have in SEC and CFPB
SEC Replaces Rather than Revises
In late October, the SEC approved a wholesale replacement for the patchwork of interpretive and no-action positions it had developed over more than 40 years to regulate fund use of derivatives. The process of developing these derivative reforms has itself taken many years, including a subsequently withdrawn 2015 rule proposal, and a 2019 rule proposal that the SEC has now adopted with modifications.
The nature and approach of these derivative reforms very much echo other major SEC brush-clearing projects that have recently come to fruition. See, for example, the SEC’s “fund of fund” reforms, discussed in our article on page 4, and the SEC’s reform of fund liquidity regulation, discussed in “SEC Adopts Liquidity Risk Programs for Funds,” Expect Focus – Life, Annuity, and Retirement Solutions (Dec. 2016). Indeed, the latter reform, requiring that funds have liquidity risk programs, works in tandem with the derivative reforms, as these