Treasury Executive Session
On Thurs., May 30, U.S. Treasury Secretary Steven T. Mnuchin convened a closed-door meeting of the Financial Stability Oversight Council (Council) in executive session at the U.S. Department of the Treasury (Treasury). In addition to other topics, the Council heard a presentation from SEC staff on several topics related to equity market structure. The presentation addressed issues including market volatility, securities exchanges’ “maker-taker” pricing model, and market data and access. Minutes and the SEC report are not yet publicly available.
SEC announces agenda for FinTech Forum
In Nov. 2018, the SEC announced the formation of its Strategic Hub for Innovation and Financial Technology, SEC FinHub. Among the goals or purposes of the FinHub is to enable the SEC to actively engage with innovators, developers and entrepreneurs. SEC Staff and FinHub is hosting a 2019 FinTech Forum on Fri., May 31, beginning at 9:30 a.m. ET. The forum will feature four panels. Click More for agenda and speaker list.
Ms. Allison Lee, Nominee for SEC Commissioner
The Senate Banking Committee will meet in Open Session on Wed., June 5 at 10:00 a.m. ET to conduct a hearing on several nominations. One of which is Allison Lee of Colorado, who is nominated for SEC Commissioner. Assuming Ms. Lee is approved by the Committee, a full Senate would be the next and final step towards an appointment.
New SEC Guidance on Market Data Fee Filings
This guidance discusses several aspects of Fee Filings, with a focus on how SRO’s can ensure that they have clearly described their proposed fees and addressed how they satisfy Exchange Act requirements that, among other things, fees be (i) reasonable, (ii) equitably allocated, (iii) not unfairly discriminatory, and (iv) not an undue burden on competition.
Read STA May Newsletter here