On December 16, 2022, the Securities and Exchange Commission proposed amendments to its current rules for open-end management investment companies (“open-end funds”) regarding liquidity risk management programs and swing pricing, seeking comments by February 14, 2023. The Systemic Risk Council applauds the Proposed Rule as part of the Commission’s continuing efforts to reduce the potential […]
Letter to the US SEC April 15, 2022 Re: Release No. IC–34441; File No. S7–22–21 Dear Members of the Commission: We write in support of the proposed amendments to the Commission’s rules governing money market mutual funds. We believe that the Commission’s plan to increase the daily and weekly minimum liquid asset requirements to 25% […]
CFA Institute Systemic Risk Council (SRC) announced that Marina Brogi of Italy, Andreas Raymond Dombret of Germany, and José Manuel González Páramo of Spain have joined the Council.
We write to urge the Financial Stability Oversight Council (FSOC) to address the risks to U.S. financial stability posed by unregulated and underregulated stablecoins. The President’s Working Group on Financial Markets, along with the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC), recently released a report recommending that Congress address these risks by passing new legislation that would impose needed regulations on stablecoin issuers and the stablecoin market. We agree with this report that a legislative response would help mitigate threats posed by unregulated stablecoins. We also believe that such legislation could help address risks posed by other underregulated monetary instruments.
CFA Institute announced September 16, 2021 that it will be reorganizing the Systemic Risk Council initiative that it established in 2013.
WASHINGTON, D. C. —– On April 12, 2021, the Systemic Risk Council issued its preliminary response to the Securities and Exchange Commission consultation on the President’s Working Group report on reforming money market and other open-ended funds in the light of the March 2020 turmoil in U.S. short-term financing markets. The SRC welcomes the PWG […]
WASHINGTON, D. C. —– On March 3, 2021, the Systemic Risk Council issued a letter to the US Congress on the resilience and stability of the financial system in the wake of the recent extraordinary equity market volatility. In addition to well publicized questions on market integrity and efficiency raised by the GameStop episode, the […]
The Systemic Risk Council (SRC or Council) is a private sector, non-partisan body of former government officials and financial and legal experts committed to addressing regulatory and structural issues relating to global systemic risk, with a particular focus on the United States and Europe. It has been formed to provide a strong, independent voice for […]
A decade ago the G20 leaders, supported by their finance ministers and central bank governors, approved a program of reform to restore the resilience and stability of the international financial system in the wake of the 2007-09 crisis. It is timely to think about what was left out or undone in the light of events […]