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Gary Gensler: speeches

105 speeches by Gary Gensler listed between 18 January 2022 and 14 January 2025. Roles covered: Chair of the U.S. Securities and Exchange Commission (17 April 2021 – 20 January 2025). Most frequent topics: financial stability, technology, ai and cyber risk, payments, digital money and crypto-assets.

Last updated 10 November 2026 · newest first

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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiThe SEC’s Unusual Capacity to Serve the Public; SEC Town Hall Remarks

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersThe outgoing SEC chair reviews his term and defends the agency's investor protection mission.

Problems raised
  1. Market abuses are becoming more subtle.
  2. The public can be misled more easily.
  3. Inaction can have far-reaching consequences.
Solutions proposed
  1. Keep investor protection first in the SEC's mission.
  2. Maintain fair, orderly and efficient markets.
  3. Pursue reforms such as better order execution disclosure and central clearing.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission Wiki“The Investor’s Advocate”: Prepared Remarks before the Investor Advisory Committee

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersThe outgoing SEC chair raises concerns about mandatory arbitration and retail access to alternative assets.

Problems raised
  1. Everyday investors need a direct voice at the SEC.
  2. Mandatory arbitration clauses may limit investor rights.
  3. Retail access to alternative assets brings new risks.
Solutions proposed
  1. Use the Investor Advisory Committee set up by Congress.
  2. Seek its advice on arbitration clauses.
  3. Weigh the risks and opportunities of alternative assets.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiRemarks before the Financial Stability Oversight Council: 2024 Annual Report

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersThe outgoing SEC chair warns that crypto non-compliance could spread risks to the wider system.

Problems raised
  1. Non-compliance in crypto markets undermines trust.
  2. These risks could spread to the wider financial system.
  3. Clearing in Treasury markets needs better risk management.
Solutions proposed
  1. Enforce existing securities laws in crypto markets.
  2. Expand central clearing of Treasuries.
  3. Monitor investment adviser trends with published data.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiCapital Markets, Competition, and the SEC

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersThe outgoing SEC chair lists his Treasury market and settlement reforms as lasting achievements.

Problems raised
  1. Treasury markets need more competition and resilience.
  2. Customer and house margin were mixed at clearinghouses.
  3. Investors waited too long to receive sale proceeds.
Solutions proposed
  1. Broaden central clearing and separate margins.
  2. Update broker execution quality disclosures.
  3. Shorten the settlement cycle to one day.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiCar Keys, Football, and Effective Administration

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersOne of the outgoing SEC chair's last speeches defends his crypto enforcement record in court.

Problems raised
  1. Some crypto offerings ignore securities laws.
  2. Intermediaries are not always properly registered.
  3. Investors waited two days for sale proceeds.
Solutions proposed
  1. Keep enforcing the law whatever the form of the security.
  2. Register and regulate brokers, exchanges and clearinghouses.
  3. Move to one-day settlement.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiPrepared Remarks before the Small Business Capital Formation Advisory Committee

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersThe SEC chair notes that private funds now outweigh US banks, raising questions about oversight.

Problems raised
  1. The private fund sector now exceeds US banking in size.
  2. New fund managers face entry challenges.
  3. Access to capital is not equal for all.
Solutions proposed
  1. Keep the exemptions Congress designed in context.
  2. Hear the committee on emerging managers' challenges.
  3. Ensure equal access to capital markets for everyone.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiA Feature, Not a Bug: The Important Role of Capital Markets in the U.S.

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersThe SEC chair defends capital markets as a strength of US finance while targeting fragile activities.

Problems raised
  1. Nonbank finance carries specific risks.
  2. Some activities add fragility to the system.
  3. Market costs and risks remain too high.
Solutions proposed
  1. Recognise the value of capital markets alongside banks.
  2. Focus oversight on activities most likely to cause fragility.
  3. Pursue efficiency and resilience reforms.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiModernizing Equity Markets: Even the Leader Must Keep Training

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersThe SEC chair defends new short-position reporting and equity market reforms.

Problems raised
  1. Large short positions are hard to see.
  2. Brokers and algorithms may put their interest first.
  3. Some practices fragment markets and reduce transparency.
Solutions proposed
  1. Report short positions and publish aggregated data.
  2. Require firms to put customers' interest first.
  3. Keep modernising equity market rules.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission Wiki“From Hamilton to Yellen”: Remarks before the 10th Annual U.S. Treasury Market Conference

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersThe SEC chair reviews central clearing reforms in the Treasury market.

Problems raised
  1. Treasury market structure leaves regulatory gaps.
  2. Risk in the system remains.
  3. Efficiency and resilience must keep improving.
Solutions proposed
  1. Implement central clearing reforms.
  2. Engage with market participants on clearing proposals.
  3. Build on the smooth move to one-day settlement.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiTestimony of the Securities and Exchange Commission Before the United States House of Representatives Committee on Financial Services

ContextHearing of all SEC commissioners before the House Financial Services Committee; the SEC protects investors and keeps US markets fair and orderly, and its rule-making pace was under fire.

Why it mattersGensler defends his rulemaking record against sharp criticism from lawmakers.

Problems raised
  1. Fund names can mislead investors.
  2. Seniors and vulnerable investors need protection.
  3. Order execution lacks competition.
Solutions proposed
  1. Phase in the updated Names Rule.
  2. Examine registrants' duties to clients.
  3. Propose rules for more competition in order execution.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission Wiki“Pro Bono Publico” Prepared Remarks before the Peterson Institute for International Economics

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersThe SEC chair urges big banks to plan the disclosures a restructuring would require.

Problems raised
  1. A troubled bank's restructuring must win market confidence.
  2. Investors and depositors may flee quickly.
  3. Disclosure planning for resolution is often missing.
Solutions proposed
  1. Explain clearly how problems are being fixed.
  2. Plan prompt disclosures in resolution plans.
  3. Prepare for market demands from the first trading day.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiPrepared Remarks before the Strike Force on Unfair and Illegal Pricing

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersThe SEC chair joins the administration's push against unfair pricing.

Problems raised
  1. Some practices are unfair, deceptive or anti-competitive.
  2. Markets must stay fair, orderly and efficient.
  3. Retail order execution lacks competition.
Solutions proposed
  1. Enforce the law against illegal practices.
  2. Pursue the SEC's three-part mission.
  3. Improve clearing and competition rules.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission Wiki“Shortening the Settlement Cycle: Benefitting Everyday Investors” Prepared Remarks before the Accelerated Settlement in the U.K. Conference

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersThe SEC chair shares US experience with one-day settlement as the UK prepares its own move.

Problems raised
  1. Settlement cycles left investors waiting.
  2. Shorter cycles shift foreign currency needs.
  3. Countries move at very different speeds.
Solutions proposed
  1. Benefit everyday investors with T+1.
  2. Learn from other countries' timelines.
  3. Consider whether settlement could go even shorter.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiTestimony Before the Senate Appropriations Subcommittee on Financial Services and General Government

ContextWritten budget testimony to the Senate subcommittee that funds the SEC, the US investor-protection agency, in an election year with pressure to slow new rules.

Why it mattersThe SEC chair seeks more enforcement staff from Senate appropriators.

Problems raised
  1. Enforcement cases are growing more complex.
  2. Vulnerable investors need protection.
  3. Funds and advisers manage savings for millions.
Solutions proposed
  1. Add enforcement staff to speed investigations.
  2. Examine registrants' duties to clients.
  3. Strengthen oversight of funds and advisers.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiOral Testimony Before the Senate Appropriations Subcommittee on Financial Services and General Government

ContextOral budget statement to the Senate subcommittee that funds the SEC, the agency that polices US securities markets, while several of its rules were challenged in court.

Why it mattersThe SEC chair warns senators that oversight suffers without more resources.

Problems raised
  1. Market oversight is at risk without resources.
  2. Finding bad actors becomes harder.
  3. Issuers wait longer for SEC responses.
Solutions proposed
  1. Give the SEC additional resources.
  2. Keep markets working for investors and issuers.
  3. Support capital formation and innovation.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiPrepared Remarks Before the 30th International Institute on Securities Market Growth and Development

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler presents US disclosure rules as a model for regulators from developing markets.

Problems raised
  1. Fraudsters exploit weak rules abroad.
  2. Investors need truthful disclosure.
  3. Advisers must honour their duties to clients.
Solutions proposed
  1. Promote robust regulatory frameworks worldwide.
  2. Oversee company disclosures closely.
  3. Supervise funds and advisers that manage savings.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiPrepared Remarks before the Investor Advisory Committee

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler warns firms against misleading claims about their use of AI.

Problems raised
  1. Brokers and advisers may put their interests first.
  2. Predictive data analytics can hide conflicts.
  3. Some firms make misleading AI claims.
Solutions proposed
  1. Consider next steps on the conflicts proposal.
  2. Require a reasonable basis for AI claims.
  3. Act against AI washing under securities laws.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiOpening Remarks Before the SEC’s 90th Anniversary Event

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler marks the agency's 90 years by praising its staff and mission.

Problems raised
  1. Effective oversight needs tireless public servants.
  2. Markets overseen now exceed $110 trillion.
  3. Early critics doubted the SEC could work.
Solutions proposed
  1. Unite public zeal with strong capacity.
  2. Keep markets working for investors and issuers.
  3. Build on 90 years of SEC experience.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission Wiki“Hamilton: Ensuring Treasury Markets Are a Blessing Long Into the Future” Prepared Remarks Before the ISDA/SIFMA Treasury Forum

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler links lessons from the March 2020 Treasury stress to clearing reforms.

Problems raised
  1. Treasury markets faced stress in early 2020.
  2. Regulatory gaps leave risk in the system.
  3. The safe asset market must stay resilient.
Solutions proposed
  1. Coordinate reforms with Treasury and the Fed.
  2. Expand central clearing.
  3. Improve risk management in clearance and settlement.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission Wiki“Jack Bogle, Haystacks, and Putting the Interest of the Clients First”, Prepared Remarks Before the 2024 Conference on Emerging Trends in Asset Management

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler points to gaps between bank-run collective funds and mutual funds.

Problems raised
  1. Gaps exist between bank collective funds and open-end funds.
  2. Conflicts can lead advisers to put themselves first.
  3. Client asset safeguarding needs updating.
Solutions proposed
  1. Consult bank regulators on closing gaps.
  2. Address conflicts in investor interactions.
  3. Pursue the safeguarding rule proposal.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiRemarks before the Financial Stability Oversight Council: Report on Nonbank Mortgage Servicing

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler backs a report warning about liquidity and leverage at non-bank mortgage servicers.

Problems raised
  1. Non-bank mortgage servicers carry inherent risks.
  2. Liquidity, leverage and operational risks are amplified.
  3. These risks could spread to the wider system.
Solutions proposed
  1. Stay vigilant over the mortgage-backed securities market.
  2. Monitor non-bank servicers closely.
  3. Follow the report's recommendations.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission Wiki"Adam Smith, the SEC, Data, and the Public Good" Prepared Remarks Before the 11th Annual Conference on Financial Market Regulation

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler presents machine-readable disclosure and tick-size reform as data-driven rulemaking.

Problems raised
  1. Disclosures are costly to process.
  2. Market rules on tick sizes are outdated.
  3. The round lot definition is over a century old.
Solutions proposed
  1. Require machine-readable disclosures.
  2. Narrow the minimum tick size.
  3. Set round lot sizes based on share price.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiPrepared Remarks before the Small Business Capital Formation Advisory Committee

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler urges caution on crypto products that lack mandated disclosures.

Problems raised
  1. Small firms need alternative ways to raise capital.
  2. Crypto products often lack mandated disclosures.
  3. Investors face many risks in crypto securities.
Solutions proposed
  1. Discuss crowdfunding and angel investing.
  2. Keep full and truthful disclosure as the basic bargain.
  3. Urge investors to be cautious about crypto risks.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiPrepared Remarks Before the 2024 43rd Annual Small Business Forum

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler invites small firms to share ideas for easier capital raising.

Problems raised
  1. Markets must serve companies of every size.
  2. Small businesses find capital raising hard to navigate.
  3. Early-stage investing carries challenges.
Solutions proposed
  1. Keep markets serving investors and issuers.
  2. Offer educational resources for small businesses.
  3. Collect policy ideas from the forum.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission Wiki“U.S. Capital Markets and the Public Good” Prepared Remarks before SEC Speaks

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler reviews order competition and clearing reforms adopted under his leadership.

Problems raised
  1. Retail order execution lacks competition.
  2. Settlement still takes too long for some products.
  3. Rules must keep pace with changing markets.
Solutions proposed
  1. Improve order competition and execution quality.
  2. Shorten settlement and expand central clearing.
  3. Keep updating the rules of the road.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiPrepared Remarks before the SEC / NASAA / Georgia Secretary of State Joint Public Roundtable

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler hears investors' experiences of fraud and firm failures.

Problems raised
  1. Investors face securities fraud.
  2. Firm insolvency can harm investors.
  3. Barriers to capital formation remain.
Solutions proposed
  1. Hear investor case studies directly.
  2. Protect investors when firms fail.
  3. Reflect retail investors' needs in rulemaking.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission Wiki“I’m With Roosevelt and Jack: Benefits of Mandatory Disclosure” Prepared Remarks before Columbia Law School Conference in Honor of John C. Coffee, Jr.

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler defends mandatory disclosure and the new SPAC rules.

Problems raised
  1. SPAC investors had weaker protections than in IPOs.
  2. Disclosure is essential to investor choice.
  3. Gatekeeper duties differed between routes to market.
Solutions proposed
  1. Finalise rules aligning SPACs with traditional IPOs.
  2. Keep mandatory disclosure at the core.
  3. Apply gatekeeper and issuer obligations equally.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiPrepared Remarks before the Investor Advisory Committee

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler ties disclosure rules to materiality and investor choice.

Problems raised
  1. Investors need complete and truthful disclosure.
  2. Advisers may put their interests ahead of investors.
  3. Settlement cycles carry risk.
Solutions proposed
  1. Base disclosure rules on materiality.
  2. Address conflicts across investor interactions.
  3. Act on advice to shorten settlement.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiPrepared Remarks Before the 2024 SEC Investor Advocacy Clinic Summit

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler highlights how platforms may steer investors toward riskier products.

Problems raised
  1. Small investors lack legal help.
  2. Platforms may steer investors toward higher risk for profit.
  3. Conflicts can harm investors.
Solutions proposed
  1. Support investor advocacy clinics.
  2. Propose a rule on conflicts in investor interactions.
  3. Help investors recover losses.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiPrepared Remarks before the Small Business Capital Formation Advisory Committee

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler questions exceptions to disclosure for wealthy investors.

Problems raised
  1. Accredited investor exceptions weaken the basic bargain.
  2. SPAC investors lacked IPO-level protections.
  3. Alternative routes to market carry risks.
Solutions proposed
  1. Consider carefully when exceptions are appropriate.
  2. Apply new SPAC rules.
  3. Keep time-tested protections whatever the route.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiAI, Finance, Movies, and the Law - Prepared Remarks Before the Yale Law School

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler warns that AI-driven advice could put firms' interests ahead of investors.

Problems raised
  1. AI can create conflicts of interest.
  2. Advice based on bad data harms investors.
  3. Firms may put their interests first.
Solutions proposed
  1. Enforce advisers' and brokers' duties to investors.
  2. Propose rules on conflicts from data analytics.
  3. Ensure advice rests on accurate information.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission Wiki“Time is Money. Time is Risk” Prepared Remarks before the European Commission

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler urges European traders of US shares to be ready for next-day settlement.

Problems raised
  1. Slow settlement adds risk to markets.
  2. Some foreign participants want a delay.
  3. Firms trading in the US must prepare for T+1.
Solutions proposed
  1. Shorten settlement to one day.
  2. Urge foreign participants to be ready.
  3. Consider whether settlement could go even shorter.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiRemarks before the Financial Stability Oversight Council: 2023 Annual Report

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler warns that AI-driven analytics could create system-wide risks beyond single firms.

Problems raised
  1. New data analytics raise system-wide risks.
  2. Model risk guidance is outdated.
  3. Cyber risks threaten markets.
Solutions proposed
  1. Update model risk management guidance.
  2. Look beyond firm-level risks to system-wide risks.
  3. Improve private fund reporting and cybersecurity rules.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiPrepared Remarks before the Investor Advisory Committee

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler argues that disclosure alone does not remove conflicts in financial advice.

Problems raised
  1. Firms may put their interests ahead of investors.
  2. Disclosure alone does not remove a conflict.
  3. Complex products carry unique risks.
Solutions proposed
  1. Require firms to identify and address conflicts.
  2. Keep the duty to act in investors' best interest.
  3. Help investors understand complex products.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission Wiki“They Are Merely the Agents”: Prepared Remarks before the American Bar Association

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler reviews new proxy voting and beneficial ownership rules.

Problems raised
  1. Proxy voting records were not transparent enough.
  2. Information asymmetries raise the cost of capital.
  3. Reporting rules were outdated.
Solutions proposed
  1. Require more detailed proxy voting disclosure.
  2. Modernise beneficial ownership reporting.
  3. Require exchanges to adopt new listing standards.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission Wiki“Exorbitant Privilege: Responsibilities and Challenges”: Prepared Remarks before the Council on Foreign Relations

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler links the dollar's global role to the duty of keeping Treasury markets resilient.

Problems raised
  1. Dollar dominance brings real responsibilities.
  2. Treasury markets must remain a safe asset.
  3. Capital markets carry most corporate debt financing.
Solutions proposed
  1. Pursue reforms of the Treasury market.
  2. Keep US capital markets resilient.
  3. Treat dollar leadership as a responsibility.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiPrepared Remarks before the Small Business Capital Formation Advisory Committee

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler seeks advice on whether the accredited investor definition needs updating.

Problems raised
  1. The accredited investor definition may need updating.
  2. Exceptions weaken the disclosure bargain.
  3. Diversity in investing is limited.
Solutions proposed
  1. Seek the committee's views on the definition.
  2. Weigh when exceptions are appropriate.
  3. Discuss diversity practices and voluntary disclosure.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiRemarks Upon the 20th Anniversary of the Autorité des Marchés Financiers (AMF)

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler marks twenty years of the French regulator by stressing cooperation on new technology.

Problems raised
  1. Technology is transforming how markets operate.
  2. AI and predictive analytics bring new challenges.
  3. Wider public participation needs protection.
Solutions proposed
  1. Keep the mission for investors and issuers.
  2. Match market change with investor protection.
  3. Cooperate with peer regulators such as the AMF.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission Wiki“Fall Feelings: Treasury Markets’ Efficiency and Resiliency” Remarks before SIFMA

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler explains why high-speed liquidity providers should register as dealers.

Problems raised
  1. Some de facto Treasury market makers are not registered.
  2. Much Treasury trading is not centrally cleared.
  3. Treasury markets need more resilience.
Solutions proposed
  1. Define dealers so liquidity providers register.
  2. Require clearing of repo and certain cash trades.
  3. Pursue efficiency and resilience reforms.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiRemarks before the Financial Stability Oversight Council: Financial Stability Guidance Regarding Non-Bank Financial Company Designations

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler supports restoring the power to designate risky non-banks.

Problems raised
  1. Systemic risk can come from non-bank firms.
  2. Past crises involved insurers and investment banks.
  3. Earlier designation guidance was weakened.
Solutions proposed
  1. Restore key elements of the 2012 designation guidance.
  2. Let FSOC designate risky non-banks.
  3. Each agency should strengthen resilience within its remit.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission Wiki“Partners of Honest Business and Prosecutors of Dishonesty”: Remarks Before the 2023 Securities Enforcement Forum

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler explains how cooperation can reduce penalties.

Problems raised
  1. Vulnerable investors suffer affinity fraud.
  2. Bad actors must be kept out of markets.
  3. Firms may hesitate to self-report.
Solutions proposed
  1. Hold violators accountable quickly.
  2. Seek penalties and preventive relief.
  3. Reward cooperation with lower penalties.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiTestimony Before the House Financial Services Committee

ContextOversight hearing before the House Financial Services Committee for the SEC, the agency that protects investors and keeps US markets fair, while its crypto and private-fund rules were contested.

Why it mattersGensler defends custody, analytics and disclosure rules before House members.

Problems raised
  1. Client assets held by advisers need stronger custody.
  2. Predictive data analytics can create conflicts.
  3. Investors need consistent climate and cyber disclosures.
Solutions proposed
  1. Expand the role of qualified custodians.
  2. Require firms to address analytics conflicts.
  3. Adopt issuer disclosure rules on climate and cyber risks.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiPrepared Remarks Before the Investor Advisory Committee

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler explains why money market fund rules now use liquidity fees.

Problems raised
  1. Bond funds faced stress in 2020.
  2. Money market funds need more liquidity.
  3. Fund liquidity tools were weak.
Solutions proposed
  1. Learn from the Fed's market interventions.
  2. Adopt money market fund reforms.
  3. Use liquidity fees instead of swing pricing.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiRemarks before the Small Business Capital Formation Advisory Committee

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler asks advisers how to help small firms raise capital.

Problems raised
  1. Small businesses struggle to raise capital.
  2. Entrepreneurs need help with the process.
  3. Small venture funds' investors face specific issues.
Solutions proposed
  1. Make capital markets work for firms of all sizes.
  2. Help small businesses navigate capital raising.
  3. Hear the committee on limited partners in small funds.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiTestimony Before the Senate Committee on Banking, Housing, and Urban Affairs

ContextWritten testimony to the Senate Banking Committee by the head of the SEC, the US investor-protection agency, while several of its new rules faced court challenges.

Why it mattersGensler defends custody, analytics and climate disclosure proposals before senators.

Problems raised
  1. Custody rules do not cover all client assets.
  2. Data analytics can put firms' interests first.
  3. Climate and cyber risk disclosures are inconsistent.
Solutions proposed
  1. Strengthen qualified custodian requirements.
  2. Propose rules on analytics conflicts.
  3. Adopt climate and cyber disclosure rules.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiOral Testimony Before the Senate Committee on Banking, Housing, and Urban Affairs

ContextOral statement to the Senate Banking Committee by the head of the SEC, the US investor-protection agency, during a busy rule-making agenda contested by the industry.

Why it mattersGensler tells senators most of his rule agenda has now been proposed.

Problems raised
  1. Markets must serve investors and issuers.
  2. The SEC oversees $100 trillion in capital markets.
  3. Rules must keep up with change.
Solutions proposed
  1. Keep investors and issuers at the centre.
  2. Advance the unified rulemaking agenda.
  3. Update rules for modern markets.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiRemarks before the Financial Stability Oversight Council: LIBOR

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler warns that some LIBOR substitutes share its flaws.

Problems raised
  1. LIBOR had deep flaws.
  2. Some alternatives rely on thin markets.
  3. Thin rates are open to collapse and manipulation.
Solutions proposed
  1. Complete the move away from LIBOR.
  2. Avoid replacements with the same weaknesses.
  3. Favour rates backed by deep transactions.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiRemarks before the Financial Stability Oversight Council: Climate Risk Disclosure

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler notes that many issuers already disclose climate risks.

Problems raised
  1. Investors need climate risk information.
  2. Disclosures are not yet consistent.
  3. The basic disclosure bargain must hold.
Solutions proposed
  1. Build on climate disclosures issuers already make.
  2. Keep complete and truthful disclosure at the core.
  3. Let investors decide on risks with better information.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiRemarks for the SEC / DFI / NASAA Joint Public Roundtable

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler hears local investors who were victims of fraud.

Problems raised
  1. Local investors suffer fraud.
  2. Intermediaries must serve investors.
  3. Investors' voices are rarely heard directly.
Solutions proposed
  1. Hear investors and fraud investigators.
  2. Keep the SEC's three-part mission.
  3. Cooperate with state regulators.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiTestimony Before the Senate Appropriations Subcommittee on Financial Services and General Government

ContextBudget hearing before the Senate subcommittee that funds the SEC, the agency that polices US securities markets, as it sought resources to oversee crypto and complex trading.

Why it mattersGensler asks senators for more staff for enforcement and examinations.

Problems raised
  1. Enforcement faces larger, more complex cases.
  2. Vulnerable investors need protection.
  3. Thousands of registrants must be examined.
Solutions proposed
  1. Add enforcement staff.
  2. Conduct examinations on legal duties to clients.
  3. Strengthen fund and adviser oversight.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission Wiki“Isaac Newton to AI” Remarks before the National Press Club

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler warns that AI could create system-wide risks if many firms use similar models.

Problems raised
  1. AI can create conflicts in investor interactions.
  2. Company AI claims can mislead investors.
  3. AI could create system-wide risks.
Solutions proposed
  1. Ask staff to recommend rules on conflicts.
  2. Require accurate AI disclosures.
  3. Look beyond firm-level model risk management.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiPrepared Remarks before the Investor Advisory Committee

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler warns about leveraged single-stock ETFs for retail investors.

Problems raised
  1. Private funds may hide geopolitical risks abroad.
  2. Digital engagement practices can nudge investors.
  3. Leveraged single-stock ETFs are risky for retail.
Solutions proposed
  1. Discuss disclosure of overseas risks.
  2. Review digital engagement practices.
  3. Enforce conduct standards for complex products.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiPrepared Remarks before the Small Business Capital Formation Advisory Committee

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler discusses funding gaps for underrepresented founders.

Problems raised
  1. Underrepresented founders face funding gaps.
  2. Underserved communities lack capital access.
  3. Markets must serve everyone.
Solutions proposed
  1. Discuss ways to close funding gaps.
  2. Facilitate capital formation in all communities.
  3. Keep markets serving investors and issuers.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiWe’ve Seen This Story Before - remarks before the Piper Sandler Global Exchange & Fintech Conference

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler compares crypto lending and staking to past cases that required registration.

Problems raised
  1. Crypto platforms ignore securities laws.
  2. Lending and staking offerings lack disclosure.
  3. Investors are put at risk.
Solutions proposed
  1. Require these offerings to register.
  2. Provide proper disclosures to investors.
  3. Keep enforcing as in past cases.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission Wiki“Bear in the Woods” Remarks before the Investment Company Institute

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler questions liquidity rules for bank-supervised collective funds.

Problems raised
  1. Bank-supervised collective funds are very large.
  2. Their rules lack liquidity limits.
  3. Rules were last revised in 2012.
Solutions proposed
  1. Compare them with SEC-regulated funds.
  2. Add limits on illiquid assets.
  3. Coordinate with bank regulators.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission Wiki“Honest and Unbiased Investment Management”: Remarks before the Inaugural Conference on Emerging Trends in Asset Management

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler extends custody protections to all client assets.

Problems raised
  1. Not all client assets get custody protections.
  2. Cyber threats endanger customer data.
  3. Small investors need unbiased management.
Solutions proposed
  1. Expand qualified custodian rules.
  2. Strengthen cybersecurity and data protection.
  3. Build on the 1940 Acts' vision.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiLessons From Mrs. O’Leary’s Cow: Remarks Before the Atlanta Federal Reserve Financial Markets Conference

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler warns about elevated hedge fund leverage after the spring bank failures.

Problems raised
  1. Financial networks are both robust and fragile.
  2. Leverage and funding risks remain high.
  3. Hedge fund leverage is elevated.
Solutions proposed
  1. Close regulatory gaps as after past crises.
  2. Monitor valuation, leverage and funding risks.
  3. Strengthen resilience before a crisis spreads.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiRemarks before the Municipal Securities Disclosure Conference

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler reminds underwriters of their duty to ensure ongoing disclosure for municipal bonds.

Problems raised
  1. Municipal investors need ongoing information.
  2. Trust depends on full disclosure.
  3. Disclosure must be easy to find.
Solutions proposed
  1. Apply Rule 15c2-12 on continuous disclosure.
  2. Have underwriters confirm issuer commitments.
  3. Make disclosures available in designated places.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiThe Next “Century of Progress": Remarks before the International Swaps and Derivatives Association Annual Meeting

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler wants more broker-dealers under FINRA oversight.

Problems raised
  1. Some broker-dealers escape FINRA oversight.
  2. Treasury market clearing is incomplete.
  3. Cross-market trading needs oversight.
Solutions proposed
  1. Require broker-dealers to join FINRA.
  2. Expand central clearing.
  3. Strengthen oversight of firms trading across markets.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiPrepared Remarks before the 10th Annual Conference on Financial Market Regulation

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler praises the SEC's economic analysis staff.

Problems raised
  1. Markets and risks need daily monitoring.
  2. Investors must be protected.
  3. Rules need sound economic analysis.
Solutions proposed
  1. Rely on the Division of Economic and Risk Analysis.
  2. Keep markets working for investors and issuers.
  3. Ground policy in research.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission Wiki“The ‘90s: Rom-coms, the Spice Girls, & MFA:” Remarks Before the Managed Funds Association

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler cites Archegos to justify disclosure of large swap positions.

Problems raised
  1. Large hidden swap positions caused losses at Archegos.
  2. Excessive leverage can threaten the system.
  3. Problems at one firm can spread.
Solutions proposed
  1. Require prompt disclosure of large swap positions.
  2. Strengthen protection in security-based swaps.
  3. Improve resilience across the system.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiPrepared Remarks Before the 2023 42nd Annual Small Business Forum

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler links efficient markets to lower costs for small firms.

Problems raised
  1. Capital raising costs weigh on businesses.
  2. Investor returns can be improved.
  3. Entrepreneurial ecosystems need support.
Solutions proposed
  1. Make markets more efficient and resilient.
  2. Lower costs for firms raising capital.
  3. Collect policy ideas from the forum.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiRemarks before the Financial Stability Oversight Council Financial Stability Risks & Guidance on Nonbank Determinations

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler backs updated guidance on designating risky non-banks.

Problems raised
  1. Excessive leverage creates systemic risk.
  2. Non-bank firms can spread crises.
  3. Past crises came from banks and non-banks.
Solutions proposed
  1. Update guidance on non-bank designations.
  2. Watch leverage closely.
  3. Treat non-banks as possible sources of risk.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiTestimony Before the House Financial Services Committee

ContextOversight hearing before the House Financial Services Committee for the SEC, the US investor-protection agency, weeks after the failure of Silicon Valley Bank.

Why it mattersGensler defends his fund liquidity proposals before House members.

Problems raised
  1. Money market and open-end funds have structural weaknesses.
  2. Liquidity risk management is weak.
  3. Treasury clearing needs improvement.
Solutions proposed
  1. Propose money market fund reforms.
  2. Enhance open-end fund liquidity management.
  3. Expand central clearing.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiTestimony Before the House Appropriations Subcommittee on Financial Services and General Government

ContextBudget hearing before the House subcommittee that funds the SEC, the agency that protects investors, in the middle of the March 2023 bank turmoil.

Why it mattersGensler asks House appropriators for more enforcement staff.

Problems raised
  1. Enforcement faces complex misconduct.
  2. Seniors need protection.
  3. Funds and advisers hold millions of savings.
Solutions proposed
  1. Add staff to speed enforcement.
  2. Examine registrants' duties to customers.
  3. Strengthen oversight of funds and advisers.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiOpening Remarks before the SEC 2023 Investor Advocacy Clinic

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler encourages law students to help small investors recover from fraud.

Problems raised
  1. Everyday investors face frauds and Ponzi schemes.
  2. Small investors lack legal help.
  3. Microcap scams are common.
Solutions proposed
  1. Support investor advocacy clinics.
  2. Train students to represent investors.
  3. Help investors recover from frauds.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiPrepared Remarks Before the Investor Advisory Committee

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler proposes extending custody protections to all assets, including crypto.

Problems raised
  1. Advisers manage over $125 trillion in assets.
  2. Custody rules cover only funds and securities.
  3. Some client assets lack protection.
Solutions proposed
  1. Propose a new safeguarding rule.
  2. Extend custody protections to all client assets.
  3. Use the authority Congress gave in 2010.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiPrepared Remarks Before the Small Business Capital Formation Advisory Committee

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler defends fee and performance reporting for private funds.

Problems raised
  1. Small firms rely on bank and venture capital funding.
  2. Private fund investors lack fee and performance information.
  3. Equity research on small firms is scarce.
Solutions proposed
  1. Discuss funding alternatives for small companies.
  2. Require detailed reporting from private fund advisers.
  3. Consider the role of research for smaller firms.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiPrepared Remarks Before the Financial Stability Oversight Council: LIBOR

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler reminds firms to prepare for the end of LIBOR in June.

Problems raised
  1. LIBOR is ending.
  2. Some alternatives share its flaws.
  3. Thin markets are open to manipulation.
Solutions proposed
  1. Prepare registrants for the June transition.
  2. Avoid rates based on thin markets.
  3. Favour robust reference rates.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiPrepared Remarks Before the Financial Stability Oversight Council: Annual Report

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler highlights crypto non-compliance in the year of FTX's collapse.

Problems raised
  1. War, commodities and tightening raise uncertainty.
  2. Crypto markets are speculative and volatile.
  3. Much of crypto does not comply with the law.
Solutions proposed
  1. Monitor risks in the FSOC annual report.
  2. Bring crypto into compliance.
  3. Protect investors from crypto risks.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiRemarks Before the Investor Advisory Committee

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler warns about leveraged single-stock ETFs.

Problems raised
  1. Investors want more tax information by country.
  2. Single-stock ETFs carry unique risks.
  3. Retail investors may misunderstand them.
Solutions proposed
  1. Hear the committee on tax disclosure.
  2. Warn investors about levered single-stock ETFs.
  3. Explain how they differ from holding the stock.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission Wiki“The Beatles and the Treasury Market”: Remarks Before the U.S. Treasury Market Conference

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler draws lessons from the UK gilt crisis for US Treasuries.

Problems raised
  1. Clearinghouse governance has conflicts of interest.
  2. Recovery and wind-down plans are incomplete.
  3. UK gilt stress showed sovereign market fragility.
Solutions proposed
  1. Strengthen clearinghouse governance.
  2. Recommend rules on recovery and wind-down.
  3. Build resilience in US sovereign debt markets.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission Wiki“Good Counsellors”: Remarks Before the Investment Adviser/Investment Company National Seminar: Compliance Outreach Program

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler presents new valuation and derivatives rules for funds.

Problems raised
  1. Fund valuation practices needed updating.
  2. Fund derivative use carries risks.
  3. Compliance teams face new rules.
Solutions proposed
  1. Apply the updated valuation rule.
  2. Apply derivative risk limits and programmes.
  3. Support compliance outreach.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission Wiki“This Law and Its Effective Administration”: Remarks Before the Practising Law Institute’s 54th Annual Institute on Securities Regulation

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler rewards firms that self-report misconduct.

Problems raised
  1. Misconduct occurs in companies.
  2. Firms may hide problems.
  3. Enforcement must stay effective.
Solutions proposed
  1. Encourage firms to come forward.
  2. Reward cooperation, sometimes without penalty.
  3. Expect remediation of misconduct.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission Wiki“Competition and the Two SECs” Remarks Before the SIFMA Annual Meeting

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler presents reforms to widen access to Treasury clearing.

Problems raised
  1. Customer clearing in Treasuries is limited.
  2. Treasury markets lack competition.
  3. Private fund investors lack information.
Solutions proposed
  1. Propose reforms to ease customer clearing.
  2. Broaden central clearing.
  3. Pursue the private fund adviser proposal.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiRemarks Before the Small Business Capital Formation Advisory Committee

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler reviews comments on his SPAC proposal.

Problems raised
  1. War, pandemic and tightening create uncertainty.
  2. SPACs raise investor protection issues.
  3. Small firms need capital in hard times.
Solutions proposed
  1. Consider the committee's SPAC comments.
  2. Review all public comments on the proposal.
  3. Support capital formation in transitional times.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiStatement on Financial Stability Oversight Council’s Report on Digital Asset Financial Stability Risks and Regulation Before the Financial Stability Oversight Council Open Meeting

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler wants market regulators to keep authority over stablecoin conduct.

Problems raised
  1. Crypto investors lack time-tested protections.
  2. The playing field is not fair.
  3. Stablecoin oversight is unclear.
Solutions proposed
  1. Work with market participants on compliance.
  2. Keep market regulators' conduct authority.
  3. Coordinate with bank regulators on stablecoins.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiRemarks to the Investor Advisory Committee

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler presents rules to back ESG fund claims with information.

Problems raised
  1. Investors weigh climate and cyber risks.
  2. ESG labels may be unsupported.
  3. Investors cannot see behind fund claims.
Solutions proposed
  1. Propose ESG disclosure rules for funds and advisers.
  2. Require information behind ESG labels.
  3. Improve climate and cyber disclosures.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiTestimony Before Senate Committee on Banking, Housing, and Urban Affairs

ContextWritten testimony to the Senate Banking Committee by the head of the SEC, the agency that protects investors and polices US markets, as crypto lenders were collapsing.

Why it mattersGensler presents updates to the fund Names Rule.

Problems raised
  1. The Names Rule has gaps.
  2. Fund names may not match strategies.
  3. Advisers and funds face cyber risks.
Solutions proposed
  1. Modernise the 21-year-old Names Rule.
  2. Align fund names with characteristics.
  3. Require stronger cybersecurity practices.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiOpening Remarks to the Institute for Inclusion in the Legal Profession

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler discusses diversity in the legal profession.

Problems raised
  1. Investors need full and material information.
  2. Diversity in the profession remains limited.
  3. Public engagement must be broad.
Solutions proposed
  1. Ensure fair and full disclosure.
  2. Plan the next diversity and inclusion strategy.
  3. Engage with the public and the legal profession.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiOral Testimony Before the Senate Committee on Banking, Housing, and Urban Affairs

ContextOral statement to the Senate Banking Committee by the head of the SEC, whose mission is to protect investors, as it extended its oversight to crypto platforms and private funds.

Why it mattersGensler links his rule agenda to lower capital costs.

Problems raised
  1. Weak competition raises the cost of capital.
  2. SPACs, insider plans and fund names lack integrity.
  3. Crypto investors lack protections.
Solutions proposed
  1. Promote competition in markets.
  2. Propose rules on SPACs, 10b5-1 plans and fund names.
  3. Bring crypto under time-tested protections.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiPrepared Remarks of Gary Gensler “Kennedy and Crypto” At SEC Speaks

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler wants crypto platforms to split their conflicting roles into separate entities.

Problems raised
  1. Crypto intermediaries mix many functions.
  2. This creates conflicts of interest.
  3. Investors are exposed to risks.
Solutions proposed
  1. Register each function separately.
  2. Split functions into separate entities if needed.
  3. Apply the investment contract framework.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiPrepared Remarks Before the Small Business Capital Formation Advisory Committee

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler asks advisers about capital formation in uncertain times.

Problems raised
  1. War, pandemic and tightening create uncertainty.
  2. Small businesses need capital.
  3. Investors need protection.
Solutions proposed
  1. Hear the committee's views.
  2. Promote investor protection.
  3. Facilitate capital formation.
Read full speech on sec.gov ↗Open Dark Majestic article
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiRemarks at Financial Stability Oversight Council Meeting

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler reports thousands of comments on his climate disclosure proposal.

Problems raised
  1. Climate disclosures lack consistency.
  2. ESG fund claims are hard to compare.
  3. Investors need decision-useful information.
Solutions proposed
  1. Propose consistent climate disclosure rules.
  2. Propose ESG disclosure rules for funds and advisers.
  3. Consider thousands of public comments.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiPrepared Remarks at Center for Audit Quality “Sarbanes-Oxley at 20: The Work Ahead”

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler marks twenty years of Sarbanes-Oxley by calling for updated audit standards.

Problems raised
  1. Some audit standards are decades old.
  2. Going concern standards miss current risks.
  3. Investors need reliable audits.
Solutions proposed
  1. Update PCAOB auditing standards.
  2. Revisit going concern requirements.
  3. Build on Sarbanes-Oxley's legacy.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiRemarks Before the Investor Advisory Committee

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler highlights the billions older Americans lose to scams.

Problems raised
  1. Older adults lose billions to scams.
  2. Investors need advocacy.
  3. Trust must be earned.
Solutions proposed
  1. Recommend better protection for older Americans.
  2. Promote investor advocacy clinics.
  3. Meet investors where they are.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission Wiki“Market Structure and the Retail Investor:” Remarks Before the Piper Sandler Global Exchange Conference

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler questions how retail orders are routed and priced.

Problems raised
  1. Wholesalers may keep savings from retail orders.
  2. The NBBO has gaps.
  3. Retail investors may not get a level field.
Solutions proposed
  1. Review retail market structure.
  2. Improve price competition for orders.
  3. Increase short position reporting.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiTestimony Before the House Appropriations Subcommittee on Financial Services and General Government

ContextBudget hearing before the House subcommittee that funds the SEC, the investor-protection agency, which wanted more staff to supervise fast-growing markets.

Why it mattersGensler asks appropriators for resources as robo-advice expands.

Problems raised
  1. Adviser clients grew 70 percent in five years.
  2. Robo-advisers expand quickly.
  3. Geopolitics challenges markets.
Solutions proposed
  1. Adapt oversight to algorithmic advice.
  2. Enhance efficiency, resilience and transparency.
  3. Secure resources for the SEC.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission Wiki“Investor Protection in a Digital Age," Remarks Before the 2022 NASAA Spring Meeting & Public Policy Symposium

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler argues that platforms handling billions of tokens a day must comply with existing law.

Problems raised
  1. Crypto platforms trade huge volumes daily.
  2. Many crypto tokens are securities.
  3. Investors lack protection.
Solutions proposed
  1. Apply securities law to investment contracts.
  2. Bring platforms into compliance.
  3. Cooperate with state regulators.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission Wiki“A ‘New’ New Era:” Prepared Remarks Before the International Swaps and Derivatives Association Annual Meeting

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler cites valuation fraud cases to press for transparency in derivatives.

Problems raised
  1. Some cases involve bad valuations and fraud.
  2. Manipulation harms investors.
  3. Products carry risks.
Solutions proposed
  1. Use all enforcement tools.
  2. Promote transparency initiatives.
  3. Urge investors to weigh risks carefully.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiRemarks Before the Small Business Capital Formation Advisory Committee

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler explains how the climate disclosure proposal treats small firms.

Problems raised
  1. Investors need consistent climate information.
  2. Issuers face different rules.
  3. Disclosure must remain fair.
Solutions proposed
  1. Build climate disclosures on tradition.
  2. Treat like cases alike.
  3. Keep full and fair disclosure.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiPrepared Remarks Before the Annual Conference on Financial Market Regulation - "A Century with a Gold Standard"

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler links the 2020 fund stress to his reform agenda.

Problems raised
  1. Money market and bond funds showed fragility in 2020.
  2. The Treasury market faced challenges.
  3. Geopolitics adds pressure.
Solutions proposed
  1. Strengthen fund resilience.
  2. Expand Treasury central clearing.
  3. Enhance efficiency and transparency.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiClosing Remarks to the Older Investor Roundtable

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler commits to closing protection gaps for older investors.

Problems raised
  1. Older investors face specific risks.
  2. New technologies create protection gaps.
  3. Fraud targets seniors.
Solutions proposed
  1. Hear older investors' concerns.
  2. Close gaps from new technology.
  3. Work with NASAA and AARP.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission Wiki“The Name’s Bond:" Remarks at City Week

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler proposes oversight of large Treasury trading platforms.

Problems raised
  1. Funds saw large outflows in March 2020.
  2. The Treasury market faced stress.
  3. Trading platforms lack oversight.
Solutions proposed
  1. Strengthen fund liquidity.
  2. Bring large Treasury platforms under systems rules.
  3. Increase Treasury market resilience.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission Wiki"Working On ‘Team Cyber’" - Remarks Before the Joint Meeting of the Financial and Banking Information Infrastructure Committee (FBIIC) and the Financial Services Sector Coordinating Council (FSSCC)

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler presents cybersecurity proposals to financial sector partners.

Problems raised
  1. Cyber incidents can stop critical operations.
  2. Clients lack information on cyber risks.
  3. Cyber hygiene is uneven.
Solutions proposed
  1. Propose cybersecurity reforms for registrants.
  2. Improve incident disclosure.
  3. Give the SEC more insight into cyber risks.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiRemarks Before the Reuters Events’ Responsible Business USA 2022

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler defends the climate disclosure proposal.

Problems raised
  1. Climate risks can hurt companies financially.
  2. Investors lack reliable climate information.
  3. Forward-looking statements carry liability concerns.
Solutions proposed
  1. Propose climate-related disclosures.
  2. Meet strong investor demand for this information.
  3. Apply safe harbours for forward-looking statements.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission Wiki“Building Upon a Long Tradition” - Remarks before the Ceres Investor Briefing

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler presents the climate proposal to investors.

Problems raised
  1. Investors need reliable climate risk data.
  2. Climate risks are financial risks.
  3. Disclosures vary in quality.
Solutions proposed
  1. Build on the tradition of disclosure.
  2. Propose consistent climate rules.
  3. Apply safe harbours where conditions are met.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiPrepared Remarks Before the 2022 41st Annual Small Business Forum

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler presents plain-language resources for small firms.

Problems raised
  1. Small businesses find capital raising complex.
  2. Jargon makes rules hard to understand.
  3. Small business investors need a voice.
Solutions proposed
  1. Offer the Capital Raising Hub's resources.
  2. Publish a plain-language glossary.
  3. Represent small business interests in policymaking.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiPrepared Remarks of Gary Gensler on Crypto Markets at Penn Law Capital Markets Association Annual Conference

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler wants crypto platforms to offer exchange-level protections.

Problems raised
  1. Crypto platforms lack exchange protections.
  2. Retail investors are exposed.
  3. Market integrity is weak.
Solutions proposed
  1. Apply exchange protections to crypto platforms.
  2. Protect investors and markets.
  3. Bring platforms under the rules.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiPrepared Remarks Before the 2022 SEC Investor Advocacy Clinic Summit

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler announces guidance on account recommendations.

Problems raised
  1. Account recommendations may not serve retail investors.
  2. Crypto and complex products carry risks.
  3. Robo-advice raises new questions.
Solutions proposed
  1. Issue a staff bulletin on account recommendations.
  2. Apply securities laws to all products.
  3. Give every investor time-tested safeguards.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiPrepared Remarks before the Investor Advisory Committee

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler discusses bias in digital engagement practices.

Problems raised
  1. Digital engagement raises conflicts and bias.
  2. Cyber risks threaten advisers and funds.
  3. Regulatory gaps expose retail investors to fraud.
Solutions proposed
  1. Hear the committee on conflicts and bias.
  2. Propose cybersecurity rules for advisers and funds.
  3. Close gaps that allow fraud.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiRemarks Before the Small Business Capital Formation Advisory Committee

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler questions whether the accredited investor definition still fits.

Problems raised
  1. Private offerings to accredited investors face few rules.
  2. The accredited investor definition may be outdated.
  3. Market transparency suffers.
Solutions proposed
  1. Review the accredited investor definition.
  2. Weigh which investors need registration protections.
  3. Keep market integrity in mind.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiStatement before the Financial Stability Oversight Council on Money Market Funds, Open-End Bond Funds, and Hedge Funds

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler reviews fund liquidity after the 2020 stress.

Problems raised
  1. Money market funds showed fragility.
  2. Bond fund liquidity mismatches matter under stress.
  3. Hedge funds may pose risks.
Solutions proposed
  1. Reform money market funds.
  2. Review the fund liquidity rule.
  3. Improve pricing and resilience in stress events.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiRemarks on Cybersecurity and Securities Laws at the Northwestern University Pritzker School of Law

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler argues that hacking incidents at brokers and funds are a matter for market regulators.

Problems raised
  1. Cyber incidents threaten critical operations.
  2. Investors lack cyber risk information.
  3. Cyber hygiene is uneven.
Solutions proposed
  1. Propose cyber rules for registrants.
  2. Improve disclosure to clients and investors.
  3. Give the SEC insight into cyber risks.
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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiPrepared Remarks: “Dynamic Regulation for a Dynamic Society” Before the Exchequer Club of Washington, D.C.

ContextSpeech by Gary Gensler, Chair of the U.S. Securities and Exchange Commission.

Why it mattersGensler argues that disclosure rules must evolve with investor demand.

Problems raised
  1. Investors want information on climate, staff and cyber.
  2. Existing disclosures fall short.
  3. Rules must adapt to a changing society.
Solutions proposed
  1. Update disclosure rules dynamically.
  2. Keep full, fair and truthful disclosure.
  3. Respond to investor demand.
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