Commentary by Steven Lofchie
Several industry trade associations filed a Petition for Review in the U.S. Court of Appeals for the Fifth Circuit seeking to "hold unlawful, vacate, and set aside" the SEC's final rules on private funds advisers. The associations argued that the SEC has "not shown any need for the intrusive rules it has adopted."
The Congressional Research Service reviewed (i) how proposed amendments to bank capital rules would change the capital treatment of unrealized losses on the debt securities that large banks hold as assets and (ii) policy considerations on unrealized capital losses post the collapse of Silicon Valley Bank.
The SEC directed FINRA and the equity exchanges to submit a new national market system plan to replace the three current national market system plans.
The SEC will open the EDGAR Filing Fee Beta test on October 2, 2023. The SEC encouraged filers to participate in the Filing Fee Beta test before it closes on December 22, 2023.
A broker-dealer settled FINRA charges for disclosure failures on consolidated statements sent to customers.