- SEC chairman has explained that the regulator had a meeting earlier this week where they discussed and introduced two more rules for Swap Markets
- He also says that the regulator has adopted a set of final rules to remove references to credit ratings from Rules 101 AND 102 of Reg M per a mandate by Congress in the wake of the 08 financial shakedown.
Swap markets need more attention, says SEC chair
SEC chair Gary Gensler has announced the introduction of more rules for Swap Markets. He says investors need more protection as misconduct in such markets could affect many involved parties.
In a Twitter post, Gary Gensler says that the regulator saw it fit in their latest meeting to introduce two more rules in the Swap markets. In his words, Gnsler said:
“Any misconduct in the security-based swaps market noit only harms direct counterparties but also can affect reference entities and investors in those reference entities. Given these markets size, scale and importance, it is critical that the commission protect investors and market integrity through helping prevent fraud, manipulation, and deception relating to security-based swaps. Today’s rules will do just that.”
He added that they also adopted a set of final rules to remove references to credit ratings from Rules 101 & 102 of Reg M, fulfilling an important mandate issued by Congress in the wake of the ’08 financial crisis.
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