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Project Field Coordinator, Philippines Organization: Food and Agriculture Organization of the United Nations (FAO) Country: Philippines City: Office: FAO in...

<p><span>Thank you, Mr. Chair.  A broker’s best execution obligation is one of its fundamental duties to its customers.  The customer relies on the broker to exercise its judgment to figure out how best to execute a trade to achieve the customer’s objectives.  The broker, as agent, must follow its principal’s—meaning its customer’s—orders and, as articulated in judicial precedents going back at lea...

<p><span>Thank you, Chair Gensler.  The Commission initially adopted rule 10b5-1 under the Securities Exchange Act of 1934 in the year 2000</span><span> and has not revised it since.  In the past 22 years, thousands of public company employees, directors, and officers have entered into written plans designed to satisfy rule 10b5-1’s affirmative defenses.</span><span>  These “10b5-1 plans” have r...

<p><span>Thank you, Chair Gensler. While this rulemaking is more prescriptive and restrictive than I would have preferred, I support it for likely doing more good than bad. It should help insiders to trade without fear of liability, while making it more difficult to misuse 10b5-1 plans. </span><i> </i></p>

<p><span>Today, the Commission will consider a proposal to require a certain segment of the equity market — marketable orders of individual investors — to be exposed to competition in fair and open auctions. I am pleased to support this proposal because, if adopted, it would promote competition for the orders of individual investors, to the benefit of these investors and our capital markets as a whole.</span></p>

<p><span>Today, the Commission will consider a proposal to enhance disclosure requirements for order execution quality. I am pleased to support this proposal because, if adopted, it would improve transparency on execution quality and facilitate investors’ ability to compare brokers, thereby enhancing competition in our markets.</span></p>

<p><span>Today, the Commission will consider a proposal to establish a Commission rule setting forth a best execution standard and accompanying framework for broker-dealers. I am pleased to support this proposal because, if adopted, it would help ensure that brokers have policies and procedures in place to uphold one of their most important obligations: to seek best execution when trading securities, whether equities, fixed income, options, crypto security tokens, or other securities...

<p><span>Today, the Commission will consider whether to adopt amendments to Rule 10b5-1, as well as new required corporate disclosures related to executive officers’ and directors’ trading. I am pleased to support these new requirements because, if adopted, they will help close potential gaps in our insider trading regime.</span></p>

The U.S. Department of Health and Human Services Office for Civil Rights (OCR) issued a bulletin on December 1, 2022, clarifying that "regulated entities are not permitted to use...