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Commentary by Steven Lofchie

The SEC proposed (i) amendments to current requirements on clearing agencies’ risk-based margin systems and (ii) a new rule on the content of clearing agencies' recovery and wind-down plans. On May 24, representatives from J.P. Morgan, Wells Fargo, Sia Partners and Fried Frank will address the implications of this rulemaking and the SEC's separate proposal on mandatory central clearing.

Commentary by Steven Lofchie

House Financial Services Committee members urged the SEC to withdraw its proposed rule on “Safeguarding Advisory Client Assets.” The legislators argued that the proposal (i) deviates from traditional custody practices, (ii) increases the cost of custodial services and (iii) lacks a comprehensive economic analysis.