Gary Gensler uses political savvy for strong start at SEC Gary Gensler
The SEC chair deftly handled four hours of questioning from lawmakers, including a query about Reg BI. He showed he’s a savvy politician who will be able to guide policy in a direction he favors.
May 12, 2021 4 MINS
During a recent congressional hearing, new Securities and Exchange Commission Chairman Gary Gensler took the vast majority almost all of the questions from lawmakers over the course of the four-hour meeting.
The House Financial Services Committee convened the May 6 meeting to talk to Gensler and other regulators about the GameStop trading frenzy that occurred earlier this year and how their agencies might respond.
GameStop legislation causes partisan fissures
Democratic bills address investor protection concerns related to the frenzy; Republicans warn against regulating ordinary investors out of the market.
May 7, 2021 3 MINS
Initial legislative proposals responding to the trading frenzy in GameStop and other stocks earlier this year are creating partisan fissures.
As part of its third GameStop hearing on Thursday, the House Financial Services Committee posted discussion drafts of several bills that address different aspects of the phenomenon that saw GameStop, which had been shorted by hedge funds, soar from a valuation of $20 to $480 and back down again starting in late January.
The volatility raised questions about online forums, such as Reddit, and online trading apps, such as Robinhood, where much of the buzz and trading activity occurred.
POLITICO
Treasury confirms Chinese firm s exemption from Trump ban on stock sales
The temporary injunction means that Nasdaq-listed Luokung Technology Corp. no longer faces delisting activity that was set to take effect this weekend.
The injunction, which Luokung announced late on Wednesday, comes after Beijing-based electronics company Xiaomi Corp. also won an exemption in the same court in March.
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The Treasury Department s Office of Foreign Assets Control confirmed on Thursday that Luokung Technology Corp. has won a temporary exemption from Trump administration sanctions aimed at barring U.S. investors from buying shares of companies tied to China s military and communist government.
SEC Could Delay Potential Delisting of Chinese Stocks From US Exchanges
WASHINGTON Sen. John Kennedy (R-La.) and a trade group that represents small and regional financial services companies are urging U.S. regulators to act swiftly to fully implement a Trump-era law that requires foreign companies trading on American exchanges to meet U.S. accounting standards.
On Dec. 18 last year, then-President Donald Trump signed into law the Holding Foreign Companies Accountable Act (HFCA Act) to protect investors from foreign companies that don’t follow U.S. audit standards. Congress unanimously passed the measure to mainly focus on Chinese companies that have come under intense scrutiny over fraudulent accounting practices.
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