Mind the (Data) Gaps, SEC Commissioner Caroline A. Crenshaw, Washington D.C., May 14, 2021, Keynote Address At The 8th Annual Conference On Financial Market Regulation (CFMR) Date
14/05/2021
Good afternoon. It’s great to be here at the annual Conference on Financial Market Regulation. I’ve enjoyed the discussions so far, and I am looking forward to hearing more. And I want to welcome Jessica Wachter, our new Chief Economist, to the SEC. I am very pleased that you are joining us, and I am looking forward to working with you.
Before I begin my remarks, I need to mention that the views that I express today are my own and do not necessarily reflect the views of the Commission or its staff.
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.
Financial advisors are missing out on opportunities to incorporate model portfolio strategies into their practices.
“Your clients are looking to you more today than ever before. You need to be there financial MD. There is one thing that we identified that can drive significant changes for you – improve client retention, attract clients, drive improved client perceptions and even better position you for compliance with Regulation Best Interest – It starts with leveraging expertise,” Ryan Krystopowicz, Associate Director, Product Solutions Specialist, WisdomTree Asset Management, said in the recent webcast,
Recent research shows that model portfolio solutions could help financial advisors better utilize their time and create a more efficient advisory business. These strategies may help improve client retention by 33%, help attract 20% more clients, and drive an improved perception of an advisor among 63% of clients.
Gensler Says SEC Will Enforce Reg BI ‘As Written’ In a testimony before the House Committee on Financial Services, the new SEC Chair noted the regulator would evaluate Reg BI, and update and freshen it if need be.
During a congressional hearing this week, Securities and Exchange Commission Chair Gary Gensler told lawmakers the agency would make sure firms are complying with Regulation Best Interest “as written.” But investor advocates say there is still latitude to add more teeth to the rule through additional guidance.
“It’s important that investors actually have brokers take their best interest at heart,” Gensler said, in response to a question about Reg BI from Rep. Ann Wagner (R-Mo.). “And that’s what we’re going to do; through examination, enforcement, and guidance, ensure that the rule is fully complied with as written.”
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SEC Chair Gary Gensler testified yesterday before the House Committee on Financial Services about the SEC’s efforts to assess and address the market volatility that occurred in GameStop and other “meme stocks” resulting in significant price volatility and trading volume spikes earlier this year.
Gensler said the SEC is working to determine, in the face of changes in technology and finance, how to continue to achieve core public policy goals while ensuring that the markets work for everyday investors. Gensler cited seven factors that were at play during the volatile trading periods: