– Advertisement – What would a Democrat-controlled Securities and Exchange Commission look like? It’s early, but speculation is already raging on Wall Street. Who will be the next SEC Commissioner? Former CFTC chair Gary Gensler, who aggressively implemented Dodd Frank while CFTC Chair under Barrack Obama, is in charge of the review group for the Biden transition team on the Federal Reserve, Banking and Securities Regulators, which would include the SEC. There are no obvious choices, but given that Democrats are historically very aggressive on: 1) more regulation to protect consumers, and 2) aggressive enforcement of those regulations, some feel that it’s likely that a prosecutor-type would get serious consideration. – Advertisement – “Inspections and enforcement actions will likely increase, because they have not been very high under the current administration,” David Franasiak, an attorney with Williams & Jensen who specializes in corporate law, told me. Nick Morgan, a partner at Paul Hastings LLP and a former SEC senior trial counsel, told Law360 that “given [former US Attorney for the Southern District of New York] Preet Bharara’s history with President Trump, he seems a likely candidate.”Others agree that an “aggressive” candidate stood a good chance of approval. “Maxine Waters is in charge of the House Financial Services Committee, and they (the Democrats) will look to her for regulatory guidance. I think she will be a swing vote in who gets appointed,” Pat Healy from Issuer Advisory Network told me, noting that he would expect her to push for a “very aggressive” appointment.What would the SEC priorities be?- Advertisement – “You will see more climate-related and ESG related policies,” Jim Angel, associate professor of finance at Georgetown University, told me. “They will look at ESG disclosures, like climate and risk disclosure — how much carbon and greenhouse chemicals are you putting into the air?”Indeed, expansion and standardization of ESG (Environmental, Social, and Governance) principles was the most commonly referenced priority when I spoke with SEC watchers. More involvement in corporate governance, climate change, worker pay, worker treatment, diversity, and health care.SEC Commissioner Allison Herren-Lee (a Democrat, who could be interim chairman as a new chair is considered) has recently argued that the SEC should consider standardized reporting by public companies and investment funds regarding climate risk. What does the SEC have to do with climate risk? In a recent speech to the Practicing Law Institute, Herren-Lee argued that the SEC is tasked with protecting investors, facilitating capital formation, and maintaining fair, orderly and efficient markets. “Broadly, we must ensure that we work with fellow regulators to understand and, where appropriate, address systemic risks to our economy posed by climate change,” she said. “To assess systemic risk, we need complete, accurate, and reliable information about those risks,” which starts, she says, with public company disclosure.She went on to encourage the development of more standardized disclosures around ESG in general.To many observers the requirement to “disclose” risks around climate change masks a broader agenda: “What is the goal here? Is it to get companies to disclose environmental risk, or is the goal to use disclosure requirements to require companies to take climate action?” one longtime SEC observer, who asked to remain anonymous, told me.Another longtime SEC observer, who also asked to remain anonymous, echoed that sentiment: “Disclosure is used as the hook. The way this is advanced is, ‘Oh, it’s just disclosure.’ And then if you don’t have a policy around, say, climate change or diversity, it becomes a shaming exercise for companies that don’t have procedures that fit with a certain line of thinking.”“These are matters not germaine to the SEC,” the same person went on to say. “They are trying to bootstrap social agenda items into investor protection and disclosure, but it’s not the SEC’s role to solve these problems.”A bigger push for public markets?The SEC has recently moved to make it easier for some people to invest in private companies. Tyler Gellasch, executive director of Healthy Markets, said the Dems will likely try to pull more companies — particularly large ones that have remained private for years — into the public markets.“The SEC has been aggressive in expanding the pool of private markets, making it easier to raise money,” he told me. “A huge part of the market has gone dark, in private equity hands. The Democrats would likely try to reverse those trends, they would say, once you are a big enough company, you should be a public company. You can’t go through an endless round of fundraising to stay private.”Regulation Best InterestRegulation Best Interest, known as Reg BI, was a 2019 rule that required broker-dealers to only recommend financial products that were in their clients’ “best interest,” but not require that they act as fiduciaries. That did not sit well with Democrats. “They don’t describe a fiduciary standard, but they [the Democrats] would likely make everyone including brokers a fiduciary,” Franasiak told me.“The big fight is likely over compensation schemes,” Angel told me. “The pro-fiduciary crowd [the Democrats] basically wanted to eliminate sales commissions, and said advice should either be charged by the hour, or as a percentage of assets under management. The anti-fiduciary crowd didn’t want to change anything, and realized that any new regulations would increase their compliance costs.”Shareholder Proposal RuleThe SEC also recently adopted new rules for shareholder proposals. Under the old rule, a shareholder was required to have continuously held for one year at least $2,000 in market value, or 1% of a company’s voting securities, to be for inclusion in the proxy materials.The new rule requires a shareholder to have continuously held voting securities with the following market values for the following periods:$2,000 for at least three years;$15,000 for at least two years;$25,000 for at least one year.“The shareholder proposal rule is right up there with some of the regulations the Democrats would like to roll back,” Chris Nagy, president and founder of KOR Trading and also with Healthy Markets, noting that both Democratic commissioners dissented from that proposal.Don’t expect quick changesThose expecting quick movement on a new chairperson are likely to be disappointed, Nagy said. “Don’t look for immediate appointment of a new Chairman,” Nagy said. “The Republicans will not want to have a quick nomination early. Right now [assuming Chairman Clayton resigns] you have a 2-2 Commission, so if you had a Democratic Chairperson appointed you would have a 3-2 SEC Commission, with Democrats in the majority. The Republicans want to drag that out as long as possible.”Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world. – Advertisement – An exterior view of the U.S. Securities and Exchange Commission (SEC) headquarters in Washington.Jonathan Ernst | Reuters
Get away from it all.More from newsParks and wildlife the new lust-haves post coronavirus14 hours agoNoosa’s best beachfront penthouse is about to hit the market14 hours ago According to realestate.com.au data, the median house price in Tin Can Bay is $332,500 and the median rent is $285 per week.For units, the median sale price is $265k and median rental is $205 per week. Five things you should do when you buy an investment property Georgie Gardner scores the keys to Mosman home Yes, please.“No pressure, no traffic lights, no parking meters, just a relaxed, laid back lifestyle to wander through the waterfront parklands with picnic areas, protected waterways just perfect for water sports such as canoeing, sail boarding, sailing and fishing to name a few past times.”Sounds pretty good, right?Apparently so, because a nearby listing has a similar vibe.A three bedroom home at 8 Beattie Court — for sale at $890k — advertises “a vibrant seaside coastal community with water sports, fishing, golfing and no traffic lights.’The listing describes Tin Can Bay as a “hidden paradise”. MORE NEWS: 10 original beach houses for under $500,000 According to several listings on realestate.com.au, this ideal is a real feature-of-the-town, and it doesn’t stop there.A four bedroom home at 92 Toolara Rd, is listed for sale for $795k.The listing says: “A fantastic lifestyle to behold is waiting for you at the ever popular Tin Can Bay … the best keep secret.” This is the life, in Tin Can Bay.A couple of hundred kilometres north of Brisbane, Tin Can Bay has got to be one of the best named towns in Australia.You can’t help but think life is good there — sitting on the pier, cracking a tinnie or two, watching the world go by.But the town has many more — real — claims to fame.Like the idea of traffic-light-free living. MORE NEWS: Aussie homeowners get nasty new year surprise 8 Beattie Court. VIP’s eye epic $15 million Bondi penthouse 92 Toolara Rd.
He was called up for the England’s T-20 squad for the Tri-series in Australia and New Zealand, but did not play a single match. However, his brother Tom Curran, who was recently seen playing for Kolkata Knight Riders (KKR) in the Indian Premier League 2018, played two tests in England’s recent Ashes defeat in Australia.After losing the first test at Lord’s by a humiliating margin of nine wickets, veteran pacer James Anderson called on the team to show more fight in the final test of the series, which is set to be played at Headingley on Friday.”It’s going to take some special individual performances this week,” Anderson told a leading English daily. “If you get one or two individuals standing up, then people can piggyback on that and take confidence as well.”It’s quite easy for the confidence of the team to take a hit when you have a defeat like that. So we’ll try, as well as using our skill, to use our heart, to use the fight we have in the dressing room to show people what we can do.” New Delhi: Uncapped all-rounder Sam Curran has been given a debut call-up in to the England squad for the second test against Pakistan as a cover for injured Ben Stokes, the England and Wales Cricket Board said on Wednesday.Earlier, Stokes suffered a hamstring straing during fielding practice, but has not yet been ruled out of the second test match against Pakistan.The 19-year-old Curran, a left-arm seamer plays for English club Surrey and has taken more than 100 first-class wickets, and has an average of 27.18 with the bat. For all the Latest Sports News News, Cricket News News, Download News Nation Android and iOS Mobile Apps.
GREGORY DIXON/Herald photoWhen it comes to soccer, Taylor Walsh does it all.The junior forward has been a leader offensively for her hometown team, the Badgers, this season. Statistically, Walsh leads Wisconsin with three goals and six points in 10 games played this season. She also leads by example and exudes confidence, which rubs off on the rest of the team.”Taylor is awesome,” freshman forward Darcy Riley said. “She is a leader on and off the field and has the best touch [on the ball] that I have ever seen. She leads well by showing what to do, and her calmness with the ball gets us everywhere.”Walsh’s excellent touch led the team to a 1-0 victory Sunday against Ohio State as she scored the Badgers’ only goal on a difficult shot over the charging Buckeyes’ goalkeeper early in the first half.”She brings composure and the ability to finish,” head coach Paula Wilkins said. “That is a tough goal to hit with the goalkeeper running at you. She did very well to finish and give us that early lead.”The win for Wisconsin was its first since Sept.16 at Northern Arizona and the goal by Walsh was the team’s first since winning the same game against the Lumberjacks 1-0.”We were in a bit of a slump,” Riley said. “[However], we have been playing better and better, and we have not gotten down on ourselves. [Taylor’s goal] pumped us up.”For Walsh, the goal was her second game-winner of the season and her third goal overall. What makes it even more special for Walsh is that she is a Madison native and grew up watching the Wisconsin women’s soccer team when she was young.”The best part is that I am from Madison,” Walsh said. “I have grown up loving the women’s soccer team. They were my idols when I was a kid, and now I get to do what I have always wanted to do.”Walsh is not the only member of the team that hails from Madison. Senior co-captains Katy Meuer and Ann Eshun are also Madison natives. The three have grown very close over their years at Wisconsin, something that has helped Walsh.”I knew Ann and Katy pretty well growing up through soccer,” Walsh said. “They especially helped me my freshman year when I was hurt. They even brought me peanut butter M&Ms when I could not really do anything, and I was stuck in my dorm room.”Another major influence on the team for Walsh has been the addition of Wilkins this season. Wilkins has helped Walsh expand her game and become more confident in her abilities.”Paula has definitely seen things in me that I kind of lost sight of,” Walsh said. “Paula has taken me to a different level. She believed in me and believed that I am capable of even more than I am doing this year.”As Walsh has grown more confident and improved her level of play, she has in turn helped her teammates improve and become more confident in their own abilities. In particular, Darcy Riley is among those that have learned from Walsh.”I have learned how to keep myself relaxed,” Riley said. “[Taylor] makes my confidence go up. If I am just anxious about something, she settles me down and gives me a few little pointers.”Even with her recent success and her ability to raise her teammates’ level of play, Walsh still feels as though she can continue to improve before she leaves the University of Wisconsin.”I definitely need to keep scoring goals,” Walsh said. “I just want to expand my game. I think I can do a lot more than I am even doing now. I want to work on doing everything I can to help the team.”
Related Stories SELF DEFENSE: Syracuse shuts down Army, Thul in 1st win of seasonMaltz returns to mix for balanced offense against Army In a game where offense was hard to come by, Syracuse’s four-goal second quarter served as the exception, as the Orange pulled away from the Black Knights and clicked offensively en route to a 6-2 victory.“I think it was just some of the situations we had,” SU head coach John Desko said. “We get a goal off the offense and we get something unsettled. We caught them in a couple clearing situations that started a little break for us.”Syracuse’s first goal of the second quarter came on a strike from Scott Loy at the 11:42 mark. Kevin Rice looped around the net, looking for a cutting teammate. He found Loy, who corralled the ball and hurled it into the net in one fluid motion.The goal extended the Orange’s lead to 2-0, and started to distance SU from Army after a sluggish first quarter for both teams.Less than two minutes later, Luke Cometti scored his first goal of the game and third of the season off of a dish from JoJo Marasco. The midfielder curved the pass around a defender. Cometti caught the ball and rifled it past Army goaltender Sam Somers.AdvertisementThis is placeholder textThen, Dylan Donahue and Derek Maltz joined the fray. Donahue, who’s been a bright spot for Syracuse so far this season, drew a double team and toyed with the Army defense. Maltz juked one way and burst toward the other, finding space to catch Donahue’s pass and essentially place the ball into a nearly wide-open net.“I think we came out of the gate and we were a little bit less nervous than last game,” Maltz said. “Second quarter, we had a week to prepare. We knew what they were doing.”Donahue added a goal of his own roughly three minutes later, sneaking into the crease and beating Somers.Syracuse turned a 1-0 advantage into a 5-2 lead, showcasing its offensive potential while putting on a strong defensive showing, as well. The Orange attempted 18 shots in the quarter, only seven away from Army’s total for the entire game.Said Maltz: “With JoJo, Luke and Scott Loy, they did a great job up top and our attack moved the ball well and found some opportunities.” Comments Published on February 25, 2013 at 12:31 am Contact Trevor: firstname.lastname@example.org | @TrevorHass Facebook Twitter Google+
FOLLOW US WATCH US LIVE Last Updated: 7th October, 2019 22:13 IST NBA Issues Statement Of Regret After Rockets Owner’s Anti-China Tweet NBA said that it regretted any offence caused by Houston Rockets owner Daryl Morey’s tweet. He had tweeted in support of the pro-democracy protestors in China. COMMENT The NBA released a statement after Houston Rockets owner Daryl Morey set a storm in China by posting an image on Twitter that read, “Fight for freedom, stand with Hong Kong.” READ | Hong Kong Protests: People March Against Government’s Ban On Masks’Statement by Morey is regretable’The NBA statement read “We recognize that the views expressed by Houston Rockets General Manager Daryl Morey have deeply offended many of our friends and fans in China, which is regrettable. While Daryl has made it clear that his tweet does not represent the Rockets or the NBA, the values of the league support individuals’ educating themselves and sharing their views on matters important to them. We have great respect for the history and culture of China and hope that sports and the NBA can be used as a unifying force to bridge cultural divides and bring people together.”READ | Hong Kong Police Shoots A Teen Protester For Rioting And AssaultingDaryl Morey later deleted his tweet, but the story did not die down. The Chinese Basketball Association said that it would suspend all ties with the Texas-based team. The Chinese consulate in Houston also released a statement, which said ” We expressed shock and strong dissatisfaction with the fact that Rockets general manager Morey made a false statement about Hong Kong. He has already made solemn representations to the Rockets asking the team to clarify, correct the mistakes immediately, and take practical measures to eliminate the bad effects.” The statement took a more political turn later, “At present, the fight against violence and the restoration of the order are the broadest consensuses and the strongest appeal of all sectors of society in Hong Kong. Anyone with a conscience should support the efforts of the Hong Kong SAR Government to maintain social stability in Hong Kong.”READ | Hong Kong: Teen Protester Shot By Police Will Face Criminal ChargesSevere backlash through multiple channelsMorey’s tweet referred to the protests that have been going on for months where protestors are asking for rights to gain independence. Over time, the subject of these protests has broadened. The NBA and the Rockets have already faced results of the backlash. The merchandise of the Rockets is no longer visible on the Chinese platform Taobao. Another Chinese sporting goods brand said that it was suspending all ties with the team because of the statements by the Morey. Streaming and news partners have stopped covering the team as well. READ | How Cutting-Edge Technology Helps Basketball Players Shoot Written By SUBSCRIBE TO US First Published: 7th October, 2019 22:13 IST Devarshi mankad LIVE TV