At the SEC roundtable on credit ratings, Chairman Mary Jo White delivered opening remarks emphasizing the critical "gatekeeper" role played in the debt market by NRSROs and the impact of credit ratings on the economy. Commissioner Aguilar discussed the importance of improving the credit ratings system. Chairman White reiterated that the roundtable is dedicated to allowing all sides to discuss possible regulatory or statutory changes to the current model subsequent to the SEC requesting public comment on the issue. In his remarks, Commissioner Aguilar went on to discuss studies which have found

SEC Commissioner Daniel M. Gallagher delivered remarks, which focused primarily on the municipal securities markets, at the 45th Annual Rocky Mountain Securities Conference in Denver, Colorado. Commissioner Gallagher began his remarks by discussing the value of specialized enforcement groups within the SEC. He then refuted the notion that a decrease in the number of enforcement cases means that the SEC is less focused on enforcement. After this introduction, the largest part of the Commissioner's speech focused on the municipal securities markets. He indicated that the SEC would be devoting

SEC Commissioner Elisse B. Walter delivered remarks at the SRO Outreach Conference regarding the opportunity for SRO staff to join staff from OCIE and the SEC Division of Trading and Markets in discussions of "hot-button" topics. View remarks in full here (links externally to SEC website). See also: SEC Commissioner Aguilar's Speech on the Need for Robust Oversight of SROs (with Lofchie Comment).

The Committee on Banking, Housing, and Urban Affairs Subcommittee on Securities, Insurance and Investment will meet in open session to conduct hearings on (i) private investment in the housing market and (ii) cross-border bankruptcy resolutions. See : Hearing - "Returning Private Capital to Mortgage Markets: A Fundamental for Housing Finance Reform";Hearing - "Improving Cross Border Resolution to Better Protect Taxpayers and the Economy".

The Office of the Comptroller of the Currency ("OCC") is clarifying certain provisions of the market risk capital rule primarily related to sovereign debt positions. Lofchie Comment: The OCC is trying to avoid making it more expensive for banks to hold foreign sovereign debt obligations as well as certain related obligations, such as obligations issued by foreign banks. View bulletin here (links externally to OCC website).