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Statement On Final Rules Regarding Clearing Agency Governance, SEC Chair Gary Gensler, Nov. 16, 2023 mondovisione.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mondovisione.com Daily Mail and Mail on Sunday newspapers.
<p><span>Thank you, Chair Gensler. The Commission initially adopted rule 10b5-1 under the Securities Exchange Act of 1934 in the year 2000</span><span> and has not revised it since. In the past 22 years, thousands of public company employees, directors, and officers have entered into written plans designed to satisfy rule 10b5-1’s affirmative defenses.</span><span> These “10b5-1 plans” have received much scrutiny because of concerns that corporate insiders have claimed reliance on an affirmative defense while possibly trading on the basis of material nonpublic information.</span><span> Today’s amendments are intended to address these concerns, attempting to strike the right balance between (1) eliminating opportunistic behavior and (2) providing a rule that can be implemented on a practical basis. While I support the final amendments, which ....
<p><span>Today, the Commission will consider whether to adopt amendments to Rule 10b5-1, as well as new required corporate disclosures related to executive officers’ and directors’ trading. I am pleased to support these new requirements because, if adopted, they will help close potential gaps in our insider trading regime.</span></p> ....
<p><span>Today, the Commission voted to propose rules to strengthen the governance of registered clearing agencies, also known as clearinghouses. This proposal would, among other things, fulfill Section 765 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, where Congress directed the Commission to address conflicts of interest for security-based swap clearinghouses. I was pleased to support this proposal because, if adopted, it would enhance governance standards for all registered clearinghouses, particularly with regards to conflicts of interest. This would help to promote their transparency, resilience, and reliability.</span></p> ....