March 2015
Feature Article
SEC Chair White has Groove
by Jim Toes

Testifying for over three (3) hours before a full House Financial Services Committee, SEC Chair White was sharp and methodical when describing the Commission's agenda and her responses were with clear eyes. In her remarks Chair White laid out a case for the SEC's 2016 budget request of $1.72 billion, or a $222 million YoY increase. This article is not about whether that amount or any amount is appropriate, rather we'd like to highlight how the SEC is funded and how the equity market is unfairly and perhaps unwisely burdened with the entire cost of regulating entities overseen by the SEC.

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  Capitol Hill_PJD
News From the Hill

The SEC's Agenda, Operations & FY 2016 Budget Request
SEC Chair Mary Jo White testified before the House Financial Services Committee where she presented the SEC's 2016 budget request and agenda. Read Chair White's opening statements here. Read W&J's report on Chair White's hearing here

STA Comment Letter to the FSOC 

The STA submitted a comment letter to the Financial Stability Oversight Committee on whether asset management products & activities may pose potential risks to the US financial system in the areas of; liquidity & redemptions, leverage, operational functions and resolutions. 


"STA strongly believes that any discussions or review...needs to be in the context that the asset management industry today is functioning properly and that there are no signs of significant deficiencies or an inability to perform its important function". Read the full comment letter here


SEC Commissioner Aguilar on Regulatory Challenges of the 21st Century

SEC Commissioner Aguilar addresses the Georgia Law Review Annual Symposium on "Financial Regulation: Reflections and Projections" Read his full speech here


SEC Commissioner Piwowar on Equity Market Structure

Commissioner Piwowar discussed the need for the SEC to review equity market structure. He noted the steps the SEC has taken towards a Tick Size Pilot Program and creation of the Market Structure Advisory Committee. He also noted industry actions in this area such as Nasdaq's access fee pilot. Read full remarks here


Senate Banking on Venture Exchanges and Small Cap Companies

On March 10, the Senate Banking Committee's Subcommittee on Securities, Insurance and Investment held a hearing on the "Venture Exchanges and Small-Cap Companies." The hearing focused on "challenges of trading stocks of small companies and whether a venture exchange can aid capital formation and secondary trading for smaller companies." Read W&J's report here


SEC Advisory Committee on Small and Emerging Companies

On March 4 the SEC's Advisory Committee on Small and Emerging Companies (Advisory Committee) convened a meeting to focus on ways to increase the opportunities for investors in small and emerging companies to resell their shares as well as consideration of recommendations to the SEC regarding the definition of "accredited investor." Read more here


Senate Finance Committee Hearing on Fairness in Taxation

 On March 3, the Senate Finance Committee held a hearing titled "Fairness in Taxation." The hearing focused on how fairness should be defined in tax reform. The hearing also examined ways to encourage economic growth and reduce income inequality. Read W&J's report here


STA Visits The Hill

Feb 26/27, STA visits on; Shareholder Id, OCC Capital Raise, FSOC, Rule 15b1-9; Talking Points
March 24, STA visits on; Venture Exchanges, Cross border issues with Canada; Talking Points


Open Call 
presented by Joel Oswald, Principal, Williams and Jensen

Washington DC Overview - March 18, 2015 

Review of the 114th United States Congress and overview of how the mid-term elections changed the make up on certain Congressional financial services committees and to gain awareness on the issues being discussed by our legislative representatives. 

Additional issues covered included venture exchanges and the recent hearings held on this topic. 


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Taking Stock 
brought to you by JonesTrading

Do you remember your first?- March 10, 2015

by Jim Toes


There were two events last week which caused me to remember the Greenfield purchase. The first was a Federated Investments report which stated that Millenials will inherit $30 trillion by 2048. That is an enormous transfer of wealth and begs the questions; "How will Millenials handle their inheritance? more 



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STANY's 79th Annual Conference & Dinner April 16, 2015
The STA Events calendar keeps you informed on both national and  local STA events.  Join other security trading professionals to connect, learn and be inspired by the wide variety of panel discussions, keynote speakers, exhibitors and networking opportunities.

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