“Without real built-in investor-protection standards, we are seriously concerned that this rule will open the door to mass marketing of hedge funds and other risky and often illiquid ‘private’ securities in a market where abuses are common and SEC oversight is very limited. Fraud and abuse are not good for investors; they’re not good for capital markets, either.”
Three years after Dodd-Frank, the Securities and Exchange Commission has yet to write a rule implementing “one of the simpler parts of a mammoth and complicated law.” The Washington Post explores the reasons.
AFR joined more than a dozen organizations in sending a letter to members of Congress urging that they oppose HR 1062, the “SEC Regulatory Accountability Act”. This legislation would imperil the implementation of many important financial regulatory rules by adding numerous unnecessary procedural requirements to rulemakings by the Securities and Exchange Commission (SEC).
“Think of the precedent… rushing forward with the aspects of the rule supported by industry while offering the faint possibility that the commission might one day get around to addressing the concerns raised by investors.”
AFR joined more than twenty public interest groups in sending a letter to SEC Chairman Mary Jo White advocating for effective regulation of executive compensation.
AFL-CIO, AFR, and Consumer Federation of America sent a letter to SEC Chairman Mary Jo White arguing that the Commission needs to re-propose the general solicitation rulemaking for the JOBS act in order to incorporate basic investor protections not included in the proposed rule.
Congress and the SEC need to stand firm in supporting the common-sense principle that all those providing financial advice to municipalities must put the best interests of taxpayers first.
AFR sent a letter to the hill opposing HR 797. This legislation represents a major weakening of new protections created by the Dodd-Frank Act to prevent predatory behavior in Wall Street financial dealings with municipalities. These protections are critical to protecting taxpayers and citizens from exploitation.
SEC faulted on proposed capital, margin, and segregation requirements for Security-Based Swap Dealers (“SBSDs”), and capital requirements for Broker Dealers.
View or download PDF. “Former employees of the Securities and Exchange Commission (SEC) routinely help corporations try to influence SEC rulemaking, counter the agency’s investigations of suspected wrongdoing, soften the blow of SEC enforcement actions, block shareholder proposals, and win exemptions from federal law.”