Equity Markets Advisory Content

On September 26, SEC staff issued a report examining the January 2021 trading activity in GameStop stock (GME), which has led regulators and other policymakers to focus on certain equity market structure issues. While the report does not address the underlying causes of the "meme...

On September 14, SEC Chair Gary Gensler testified before the Senate Banking, Housing, and Urban Affairs Committee as part of that committee's oversight of the SEC. His testimony covered four topics from the SEC's unified agenda: (i) funds and investment management; (ii) market...

On September 23, ICI joined several industry associations in submitting the attached letter to the SEC on the applicability of Rule 15c2-11 to the fixed income markets. The rule concerns the publishing of quotes for securities in OTC markets and requires broker-dealers to collect...

On August 6, the SEC issued an order approving a modified NMS plan governing consolidated equity market data ("Final CT Plan"). The CT Plan implements the SEC's May 2020 order to the SROs to provide non-SRO representation on the Operating Committee and other enhancements. ICI...

ICI has filed a comment letter with the SEC on the proposed amendment to the Consolidated Audit Trail National Market System Plan ("CAT NMS Plan") to revise the CAT funding model. ICI recommends that the SEC disapprove the proposed amendment and encourage the SROs to work with...

ICI has filed a comment letter with FINRA on the Regulatory Notice requesting comment on potential enhancements to FINRA's short interest reporting program. We previously provided a summary of the Regulatory Notice. ICI's letter is attached and summarized below.

On August 16, 2021, the European Commission published final regulatory technical standards (RTS) on the contractual recognition of stay powers under the European Bank Recovery and Resolution Directive (BRRD). Now that the RTS have been adopted and published in the Official Journal of...

On August 5, 2021, in response to a request from ISDA and SIFMA, the SEC's Division of Trading and Markets ("Division") granted no-action relief to nonbank security-based swap dealers (SBSDs) from the compliance date under Rule 18a-3(c)(1)(ii)(B) under the Securities Exchange Act of...

On August 6, the Securities and Exchange Commission issued an order approving Nasdaq's proposed rule changes on diverse representation on corporate boards and associated reporting for companies listed on its exchange. With these new rules, Nasdaq aims to provide consistent, comparable...

On July 21, 2021, SEC Chair Gary Gensler made a speech at the American Bar Association Derivatives and Futures Law Committee Virtual Mid-Year Program. Gensler's speech highlighted the Securities and Exchange Commission's agenda regarding security-based swaps (SBSs). Highlights of the...