The SEC’s proposed safeguarding advisory client assets rule would significantly harm investors and financial markets and exceeds the commission’s regulatory authority, according to a joint letter filed by ABA and three financial industry associations.
In an interview on Yahoo Finance, ABA President and CEO Rob Nichols reiterated the association’s recent call for the Securities and Exchange Commission to investigate short selling of bank stocks for possible illegal activity.
Friday’s episode of NPR’s Marketplace program featured an interview with ABA Chief Policy Officer Naomi Camper about ABA’s advocacy with the Securities and Exchange Commission regarding potentially manipulative short selling activity of certain banks’ stocks.
Noting that recent stock market activity for several banks seemed disconnected from underlying fundamentals of bank health, ABA urged the Securities and Exchange Commission to investigate short selling of bank stocks.
The Securities and Exchange Commission has departed from its objectives “by rewriting a broad range of rules governing institutional and retail brokerage, advice and investing, often with no prior reaction or input from affected parties or from the general public, threatening the very fabric of the smooth and proper functioning of the financial markets,” ABA said in a statement submitted for the record of a House Financial Services Committee oversight hearing.
The Securities and Exchange Commission today released three proposed amendments to existing cybersecurity-related rules, including new customer notification requirements for data breaches.
Rep. Patrick McHenry (R-N.C.) and Sen. Cynthia Lummis (R-Wyo.) this week asked the banking agencies for clarification regarding an April 2022 staff accounting bulletin issued by the Securities and Exchange Commission.
In a comment letter this week, the American Bankers Association urged the Securities and Exchange Commission to drop its proposed requirement of a hard close on mutual fund orders made through intermediaries such as banks.
Republicans on the House Financial Services Committee have formed a working group to counter what they say is the threat to capital markets posed by environmental, social and governance proposals.
In a recent letter to the Securities and Exchange Commission, ABA offered feedback on its recent registered investment adviser outsourcing proposal.