Gary Gensler uses political savvy for strong start at SEC Gary Gensler
The SEC chair deftly handled four hours of questioning from lawmakers, including a query about Reg BI. He showed he’s a savvy politician who will be able to guide policy in a direction he favors.
May 12, 2021 4 MINS
During a recent congressional hearing, new Securities and Exchange Commission Chairman Gary Gensler took the vast majority almost all of the questions from lawmakers over the course of the four-hour meeting.
The House Financial Services Committee convened the May 6 meeting to talk to Gensler and other regulators about the GameStop trading frenzy that occurred earlier this year and how their agencies might respond.
Securities and Exchange Commission (SEC) Chairman Gary Gensler
The SEC’s top official took office this week amid a yearlong financial market frenzy and a flood of novel investment products with unknown implications for the broader investment industry.
The rise of popular online trading applications have drawn tens of thousands of new investors into the market with easy access to stocks, digital currencies, exchange traded funds and options.
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A flood of federal stimulus and the increasingly viral nature of investing epitomized by the GameStop short squeeze and a publicly traded New Jersey deli with less than $14,000 in annual sales have also helped fuel speculation across a rapidly expanding marketplace.
Gensler taps Alex Oh as SEC enforcement chief investmentnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from investmentnews.com Daily Mail and Mail on Sunday newspapers.
Episode Summary
Kurt Wolfe, securities attorney with Troutman Pepper, discusses the final updated rules from the SEC on adviser marketing. The rule hasn’t changed in nearly 40 years, so Jeff, Bruce and Kurt have plenty to discuss, including what is allowed under the new guidelines and differences for brokers vs. advisers. Chuck Failla also joins to chat about
InvestmentNews’ upcoming RIA summit on May 18-19.
Episode Notes
The long-awaited change to the RIA marketing rule starting the clock on compliance
What is allowed under the new guidelines principles-based approach
FINRA vs. SEC and brokers vs. advisers
Questions around remaining restrictions
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Gensler, a former chairman of the Commodity Futures Trading Commission (CFTC) and Goldman Sachs partner, is perhaps the sole Wall Street veteran who is progressive enough to impress the Democratic Party’s left flank.
“When he was nominated to become the director of the CFTC, there were some detractors on both sides of the aisle, but very broad bipartisan support for his nomination. I would expect to see the same thing again here,” said Kurt Wolfe, a corporate and securities attorney at law firm Troutman Pepper.
Chopra, a Federal Trade Commissioner since 2018, has close ties to Sen. Elizabeth Warren