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In case you missed it . . .
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Has Trump flipped on financial regulation?
President Trump showed his independence last week at the Group of 20 meeting in Hamburg by opposing an international consensus on climate change. Yet in another area, the G20's attempt to regulate global finance, Mr. Trump signed on to a communiqué that runs counter to his promises on the campaign trail and in office. (Jul 14)
The Securities and Exchange Commission has found "broad consensus" to pursue a test of access fee changes, Clayton said in his first major policy speech since becoming chair in May (Jul 12)
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Cybersecurity news every Friday.
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Cybersecurity: Asset managers face ratings threat
A new study released by Moody's Investors Services about the cybersecurity preparedness of US fund management firms suggests that asset managers could face a credit ratings downgrade if they can't protect their critical data. That data could include anything from a proprietary algorithm to trade positions, client data and business strategies.
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FinOps Report
How to avoid cyber attacks: 5 best practices from SEC And FINRA
Regulators agree that cybersecurity threats pose significant risks to financial firms, investors and the markets. As a result, cybersecurity practices are a key focus for regulatory examinations this year for both the Financial Industry Regulatory Authority and the Securities and Exchange Commission.
Look beyond job boards to fill cybersecurity jobs
The cybersecurity staffing shortage is reaching crisis proportions, and companies are looking beyond the traditional channels of job boards and headhunters to find and hire new talent. Here are some of the unconventional ways companies are identifying talent.
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SEC chair gives first major speech
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Covers fiduciary rule, disclosures, bond markets
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(Jul 12) -- In his first major speech since becoming chair of the Securities and Exchange Commission, Jay Clayton discussed the fiduciary rule, easing disclosure burdens, and bond market structure before the Economic Club of New York.
The SEC intends to work with the Department of Labor to create protections that don't deprive Main Street investors of "affordable investment advice or products." Clayton said he wants to hear from individual investors and others about whether or not the SEC should proceed with its own fiduciary standard and and to send "feedback and any data that may be helpful to us."
Bond Market Structure
Clayton wants to boost the SEC's focus on the functioning of U.S. bond markets. "The time is right for the SEC to broaden its review of market structure to include specifically the efficiency, transparency, and effectiveness of our fixed income markets." He said agency staff will set up an industry advisory committee to focus on bonds, similar to one the agency has to advise on the functioning of the stock market.
Disclosure Burdens
Clayton suggested relief from disclosure burdens may be on its way. He said SEC staff is "making good progress" on rule proposals that would update and simplify Regulation S-K, the reporting requirements for various SEC filings.
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Reports on Fannie-Freddie, leveraged lending & Volcker rule
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(Jul 12) -- Federal Reserve Chair Janet Yellen told the Senate Banking Committee it's "important to move forward with reforms" of Frannie Mae and Freddie Mac. Yellen said she agrees with what Fed Governor Jerome Powell told the American Enterprise Institute last week, i.e., to put private capital ahead of taxpayer support and promote more competition, rather than re-drawing the entire mortgage system.
Before the House Financial Services Committee, Yellen signaled she would consider Treasury's call for granting small banks relief on debt policy. Yellen also stressed the importance of regulatory scrutiny over leveraged lending by banks, but
reiterated her support for granting small banks relief from the Volcker rule.
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FSOC requests delay on MetLife SIFI challenge
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Needs regroup on litigation strategy
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(Jul 11) -- The Financial Stability Oversight Council filed a motion asking for a 30-day delay in the MetLife lawsuit until after a July meeting, for which no date has been set. The regulators want to discuss FSOC's litigation strategy before a federal appeals court further considers MetLife's challenge to its "systemically important" label and said they "anticipate that at that time we will be able to file a motion to govern further proceedings that will reflect the Council's deliberations."
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Hand-curated, chosen with love.
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How to win every battle
'The Art of War' in a 5-minute video
Bored traders on Tinder are a symptom of Wall Street revenue dip
One bond trader says he's been slipping out early to watch his kids play sports. A fund manager says his office just staged a golf retreat. A trading supervisor at another bank confides he's swiping through a lot of profiles on Tinder, the dating app.
"An asset allocation is like a wet bar of soap - the more frequently you touch it, the more rapidly it disappears." - William Bernstein
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