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Testimony Before Senate Committee on Banking, Housing, and Urban Affairs

· Gary Gensler, Chair of the U.S. Securities and Exchange Commission (United States)

Summary written by Dark Majestic in its own words · topics: technology, ai and cyber risk

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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.
Read full speech on sec.gov ↗

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