On December 15, 2021 the Securities and Exchange Commission proposed new rules requiring that large positions in security-based swaps and related securities be reported to the commission and publicly disseminated. At the same time, the Securities and Exchange Commission proposed new rules restricting the personnel of security-based swap dealers from taking action to influence the chief compliance officer of the security-based swap dealer in the performance of their duties. The Securities and Exchange Commission also re-proposed regulations prohibiting fraudulent, deceptive and manipulative conduct in connection with security-based swaps.
The Securities and Exchange Commission (the “SEC”) proposed new rule 10B-1 requiring the reporting of large security-based swaps positions on the SEC’s Electronic Data Gathering, Analysis, and Retrieval system (“EDGAR”). The rule is intended to increase transparency in security-based swaps positions. In the proposing release the SEC expressed concern about manufactured credit events triggering credit default swaps and the risks of concentrated positions that are not known to the market or regulators. The SEC stated that the reporting of such large security-based swaps positions will alert market participants as to possible financial incentives a market participant might have to act contrary to the interests of the issuer and its stakeholders. The SEC believes that such transparency would be beneficial to the market even where there is no...
The U.S. Department of Justice on Thursday announced charges against 15 people, including six medical professionals, for allegedly participating in schemes that collectively submitted $2 billion i...