US custodians will be keeping a keen eye on the Congressional review process, which seeks to rescind the stringent digital asset measures restricting them from the crypto playing field.
The amendments, which were also approved by the CFTC, aim to strengthen the ability of the FSOC to monitor and evaluate systemic risks.
New rules would require certain hedge funds active in the Treasuries market to register as dealers as the US regulator looks to reform the $26 trillion market.
A formal repeal has been introduced against the US Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin (SAB) 121, which has made it too costly for traditional custodians to hold crypto assets in custody.
Market participants have until 29 April to provide comments; ESMA will publish its final report in Q4 2024.
Our predictions series continues as Societe Generale Securities Services, Proxymity, Marex and Firebrand Research give their views on regulatory and macro factors set to impact the industry in 2024.
Progressive penalties would increase with the length of the settlement fail as EU watchdog seeks industry input.
Arbitrary and capricious rules will hurt investors and markets, say industry bodies.
During the House Financial Services Subcommittee last week, Chairman French Hill challenged the OCC and Federal Reserve on their thoughts regarding the SEC’s controversial custody rule.
Rule 10c-1a has been adopted by the SEC with the aim of increasing transparency in the securities lending market. It requires lenders of securities to report the material terms of securities lending transactions to a registered national securities association (RNSA). Global Custodian spoke to Madhu Subbu, head of securities finance technology at Clear Street, to understand the implications of the new rule for the securities lending market.