FOR IMMEDIATE RELEASE Tuesday, March 23, 2021 Contact: Pamela Russell at 202-618-6433 or [email protected] CNBC Posts Edited Video from House Financial Services’ GameStop Hearing, Deleting Dennis Kelleher’s Key Testimony Criticizing Citadel Washington, D.C. – Dennis M. Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement in response to revelations that CNBC […]
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FOR IMMEDIATE RELEASE Tuesday, March 16, 2021 Contact: Pamela Russell at 202-618-6433 or [email protected] WASHINGTON, D.C. — Dennis Kelleher, Co-founder, President and Chief Executive Officer, will testify Wednesday, March 17, before the U.S. House Committee on Financial Services at a hearing titled “Game Stopped? Who Wins and Loses When Short Sellers, Social Media, and Retail […]
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Better Markets has long recognized the myriad problems with the securities market structure1 and has repeatedly advocated for critical market reforms at the Securities and Exchange Commission, including testimony before the Equity Market Structure Advisory Committee2, in the courts, and before Congress. This advocacy has spanned a number of market structure issues. Better Markets has called […]
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FOR IMMEDIATE RELEASE Wednesday, March 3, 2021 Contact: Pamela Russell at 202-618-6433 or [email protected] Better Markets Urges U.S. Supreme Court to Consider Goldman Sachs’ Monumental Conflicts of Interest During the Financial Crisis as It Reviews Shareholder Lawsuit Washington, D.C. – Stephen Hall, Legal Director and Securities Specialist for Better Markets, issued the following statement on the amicus […]
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SEC Takes Meaningful First Step to Punish, Deter Lawbreakers Better Markets applauded the SEC for redelegating authority to its enforcement staff so they can act more swiftly to detect and stop ongoing frauds, preserve assets and protect investors. Why it matters: Providing broader investigative authority to the SEC’s enforcement staff is critical to identifying, investigating, […]
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Cutting Through the Clutter: GameStop Hearing, Fact Sheets and Committee Letters The frenzied trading in some stocks, like GameStop and Bed Bath & Beyond, pierced the public consciousness this month, resulting in lots of media coverage, a hearing on the Hill and even the White House press secretary fielding questions about it. These events have raised critical […]
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FOR IMMEDIATE RELEASE Tuesday, February 16, 2021 Contact: Pamela Russell at 202-618-6433 or [email protected] Better Markets Sends Letter to House Financial Services Committee on Key Issues for Thursday’s Hearing on GameStop Trading and the Role of Robinhood, Citadel, Reddit Washington, D.C. – Dennis M. Kelleher, President and Chief Executive Officer of Better Markets, issued […]
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FOR IMMEDIATE RELEASE Thursday, February 11, 2021 Contact: Pamela Russell at 202-618-6433 or [email protected] SEC’s Elimination of Automatic Waivers for Lawbreakers is a Good First Step in Reviving Meaningful Punishment and Deterrence to Protect Investors and Markets Washington, D.C. – Dennis M. Kelleher, President and Chief Executive Officer of Better Markets, issued the following […]
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FOR IMMEDIATE RELEASE Tuesday, February 9, 2021 Contact: Pamela Russell at 202-618-6433 or [email protected] Washington, D.C. – Dennis M. Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement in response to today’s action by the SEC to redelegate authority to enforcement staff to act more swiftly to detect and stop ongoing […]
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FOR IMMEDIATE RELEASE Wednesday, February 3, 2021 Contact: Pamela Russell at 202-618-6433 or [email protected] Better Markets’ Letter to Treasury Secretary and Financial Regulators Meeting on Issues Raised by Frenzied Trading in GameStop and Other Stocks Encourages Regulators to Aggressively Enforce the Laws While Investigating the Broad Range of Market Issues Highlighted by Recent Trading […]
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FOR IMMEDIATE RELEASE Monday, February 1, 2021 Contact: Pamela Russell at 202-618-6433 or [email protected] Key Issues for Investigation Regarding Robinhood, Reddit, GameStop and Rigged Markets Better Markets Issues a Fact Sheet for Investigators Washington, D.C. – Dennis M. Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement and the attached Fact […]
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A whistleblower advocate filed a lawsuit challenging the SEC’s recent amendments to its whistleblower program as contrary to law, irrational and procedurally flawed as we argued when the rule was proposed. As readers know from prior newsletters, Better Markets is a relentless advocate for a strong SEC whistleblower program, which we detailed as a “$2 […]
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Earlier this month, Better Markets filed a comment letter on an SEC proposal that would change the disclosures that mutual funds and exchange-traded funds are required to send to their investors. Why it matters. Investor disclosures are often technical, extremely long and poorly timed. Too often these important documents are unreadable and end up gathering […]
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Lawsuit Challenging SEC Whistleblower Rule Is “On Target” Earlier this week, Jordan Thomas, a leading whistleblower attorney and former SEC Assistant Director of Enforcement, filed a lawsuit in federal court alleging that the SEC’s recent amendments to its whistleblower program are contrary to law, irrational and procedurally flawed. He’s seeking an order prohibiting implementation of the […]
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FOR IMMEDIATE RELEASE Wednesday, January 13, 2021 Contact: Pamela Russell at 202-618-6433 or [email protected] Better Markets Applauds Gary Gensler’s Reported Selection as SEC Chairman Washington, D.C. – Dennis M. Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement in response to reports that President-Elect Joe Biden has chosen former […]
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FOR IMMEDIATE RELEASE Wednesday, January 13, 2021 Contact: Pamela Russell at 202-618-6433 or [email protected] New Report on Wall Street’s Crime Spree From 1998-2020: 395 Major Legal Actions and $200 Billion in Fines/Settlements Lawbreaking by Six Largest Banks Proves It’s Time to Go After Bankers, Not Just Banks Washington, D.C. – Better Markets released […]
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FOR IMMEDIATE RELEASE Tuesday, December 29, 2020 Contact: Pamela Russell at 202-618-6433 or [email protected] Washington, D.C. – Senior Securities Policy Adviser Lev Bagramian issued the following statement after Better Markets filed a comment letter with the Securities and Exchange Commission on a proposed Financial Industry Regulatory Authority rule that fails to adequately protect unsuspecting […]
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FOR IMMEDIATE RELEASE Wednesday, December 9, 2020 Contact: Pamela Russell at 202-618-6433 or [email protected] SEC Approval of Market Data Rules Has Potential to Increase Access to Data Positive Step But More is Needed to Rid Conflicts-of-Interest Washington, D.C. – Lev Bagramian, Senior Securities Policy Advisor at Better Markets, issued the following statement in response […]
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FOR IMMEDIATE RELEASE Monday, Nov. 2, 2020 Contact: Pamela Russell at 202-618-6433 or [email protected] SEC’s Expansion of Dark Markets Will Harm Investors and Public Markets Washington, D.C. – Lev Bagramian, Senior Securities Policy Advisor at Better Markets, issued the following statement in response to the Securities and Exchange Commission’s approval of rules that will expand the ability […]
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FOR IMMEDIATE RELEASE Wednesday, October 28, 2020 Contact: Pam Russell at [email protected] Washington, D.C. – Joseph R. Cisewski, Senior Derivatives Consultant and Special Counsel for Better Markets, issued the following statement regarding the Securities and Exchange Commission’s (SEC) finalization of a new framework governing derivatives use by certain registered funds: “The 2008 financial crisis demonstrated […]
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Better Markets objected to a new SEC rule on shareholder resolutions that will take away the ability of shareholders to hold big corporations and their management responsible for their actions. One of the SEC’s favorite euphemisms to hide and disguise its anti-investor, pro-corporate agenda is “modernization,” which it again deploys here to claims its action […]
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The SEC’s recent approval of changes to its whistleblower program will weaken the program and deprive the agency of valuable information, according to Better Markets. Many supporters of the program, including Sen. Sherrod Brown, agree. More than two years after proposing them, the SEC has approved amendments that it claims will provide greater clarity to […]
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FOR IMMEDIATE RELEASE Wednesday, September 23, 2020 Contact: Pamela Russell at 202-618-6433 or [email protected] Washington, D.C. – Lev Bagramian, Senior Securities Policy Advisor at Better Markets, issued the following statement in response to the Securities and Exchange Commission’s vote on the changes to the Whistleblower Program: “Today, the Trump administration’s SEC—in a partisan vote and […]
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FOR IMMEDIATE RELEASE Wednesday, September 23, 2020 Contact: Pamela Russell at 202-618-6433 or [email protected] Washington, D.C. – Lev Bagramian, Senior Securities Policy Advisor at Better Markets, issued the following statement in response to the Securities and Exchange Commission’s partisan vote on a shareholder proposals’ rule: “Today, the Trump administration’s SEC once again fed the swamp […]
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The SEC recently approved two rules friendly to corporations and Wall Street. Better Markets’ Lev Bagramian gives an insider’s perspective of the changes and their possible negative implications for Main Street families. The SEC continued its pro-Wall Street and pro-corporate streak by allowing companies to reduce the information they disclose to investors and authorizing itself […]
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Better Markets Senior Securities Policy Advisor Lev Bagramian was part of the Senate team that crafted the legislation creating the SEC’s successful whistleblower program, which has returned billions to defrauded investors; now he says that program is under threat. In a recent Q&A blog post, Bagramian discusses the SEC Whistleblower Protection and Rewards Program, one of […]
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FOR IMMEDIATE RELEASE Thursday, August 27, 2020 Contact: Pamela Russell at 202-618-6433 or [email protected] Washington, D.C. – Lev Bagramian, Senior Securities Policy Advisor at Better Markets, issued the following statement in response to the Securities and Exchange Commission’s approval of the proposed Discretionary Limit, or D-Limit, order type from exchange operator IEX Group: “The Investors […]
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FOR IMMEDIATE RELEASE Wednesday, August 26, 2020 Contact: Pamela Russell at 202-618-6433 or [email protected] Washington, D.C. – Lev Bagramian, Senior Securities Policy Advisor at Better Markets, issued the following statement in response to the Securities and Exchange Commission’s approval of two rules friendly to corporations and Wall Street—Regulation S-K modernization and “accredited investor” definition: “”The […]
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The SEC Whistleblower Protection and Rewards Program, one of the most successful programs established by the Dodd-Frank Act, is under threat following proposed changes by the SEC that would discourage whistleblowers from reporting illegal activity, which is costing hardworking American investors billions of dollars. The proposal, if passed, would make significant amendments to the current […]
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On June 26, 2020, investor protection advocates were disappointed to see the decision of the Second Circuit rejecting a well-founded legal challenge to the SEC’s weak and misleading rule that will do little to protect investors from conflicted investment advice. In June last year, the SEC adopted its so-called “Regulation Best Interest,” proclaiming that it […]
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In a party-line vote, the SEC approved a rule that will suppress the voices of independent proxy advisory firms that tens of millions of investors depend on. Better Markets says the rule will weaken an important check on corporate power. Lev Bagramian, Senior Securities Policy Advisor for Better Markets, says the rule will harm investors and give […]
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FOR IMMEDIATE RELEASE Wednesday, July 22, 2020 Contact: Pamela Russell at 202-618-6433 or [email protected] Washington, D.C. – Lev Bagramian, Senior Securities Policy Advisor for Better Markets, issued the following statement regarding the Securities and Exchange Commission’s final vote today on a proxy advisory firm rule that will negatively impact investors. “Today, in what has now become […]
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FOR IMMEDIATE RELEASE Thursday, June 25, 2020 Contact: Pamela Russell at 202-618-6433 or [email protected] Washington, D.C. – Joseph R. Cisewski, Senior Derivatives Consultant and Special Counsel for Better Markets, issued the following statement with respect to the Federal Deposit Insurance Corporation’s (FDIC) final rulemaking to amend the Volcker Rule’s covered funds provisions: “The Volcker Rule […]
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The Supreme Court issued a ruling this week upholding the SEC’s right to obtain disgorgement from those who violate the securities laws and defraud investors. This is a major win for the SEC and investors everywhere, says Steve Hall, legal director and securities specialist. “The ability to recover money stolen by scam artists has long […]
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The D.C. Circuit Court ruled on June 16 that the SEC doesn’t have the authority to implement a pilot program that would gather data on trading fees and rebates used by U.S. stock exchanges to attract trading volume. The court held that the SEC had acted outside its rulemaking authority, primarily because it had failed […]
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In a letter to SEC Chairman Jay Clayton, Lev Bagramian of Better Markets and seven other public advocates urged the commission to rethink its deregulatory agenda in light of the economic disruptions currently shaking the foundations of the American economy. With millions of Americans out of work and an untold number of businesses closing their doors for […]
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Better Markets joined nearly 100 organizations this month in urging the SEC to institute new disclosure requirements for public companies in an effort to protect investors and workers during the COVID-19 pandemic. In a letter to SEC Chair Jay Clayton, the organizations said the agency should “require all public companies to disclose comprehensive information about […]
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A new SEC proposal to expand exempt offerings in the private market is a “dangerous change” that would weaken investor protection. Better Markets has called on the SEC to safeguard public markets and protect retail investors and market integrity by retracting recent actions that would make securities markets less transparent and less accountable and expose […]
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The SEC Whistleblower Protection and Rewards Program, one of the most successful programs established by the Dodd-Frank Act, is under threat following proposed changes by the SEC that would discourage whistleblowers from reporting illegal activity. Better Markets is fighting to preserve the successful program. Since the start of the whistleblower program in 2011, the SEC […]
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FOR IMMEDIATE RELEASE Monday, June 22, 2020 Contact: Pamela Russell at 202-618-6433 or [email protected] Washington, D.C. – Dennis M. Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement in response to the reports that SEC Chairman Jay Clayton is going to be nominated to be the U.S. Attorney for the Southern […]
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FOR IMMEDIATE RELEASE Monday, June 22, 2020 Contact: Pamela Russell at 202-618-6433 or [email protected] Washington, D.C. – Stephen W. Hall, Legal Director and Securities Specialist for Better Markets, issued the following statement on the SEC’s victory before the U.S. Supreme Court upholding the agency’s right to obtain disgorgement from those who violate the securities laws […]
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FOR IMMEDIATE RELEASE Tuesday, June 16, 2020 Contact: Pamela Russell at 202-618-6433 or [email protected] Washington, D.C. – Stephen W. Hall, Legal Director and Securities Specialist for Better Markets, issued the following statement on the decision from the U.S. Court of Appeals for the D.C. Circuit in NYSE V. SEC, which struck down the “maker-taker” pilot […]
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FOR IMMEDIATE RELEASE Thursday, June 4, 2020 Contact: [email protected] or 202-618-6433 Washington, D.C. – Dennis Kelleher, President and CEO of Better Markets, issued the following statement in response to today’s announcement by the Securities and Exchange Commission (SEC) of a record whistleblower award of almost $50 million to a single individual: “Today’s record award by the Securities […]
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FOR IMMEDIATE RELEASE Wednesday, June 3, 2020 Contact: [email protected] or 202-618-6433 Washington, D.C. – Lev Bagramian, Senior Securities Policy Advisor with Better Markets, issued the following statement on Better Markets’ comment letter about the Securities and Exchange Commission’s latest efforts to further deregulate capital markets: “The SEC’s proposal would enable foreign companies—including companies domesticated in […]
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Better Markets has filed a comment letter urging the SEC to approve a proposal that would give investors and asset managers access to “timely, content-rich and affordable market data.” In its comment letter, Better Markets’ Lev Bagramian wrote that without this data, investors and asset managers cannot serve the needs of their clients: retirees, investors, […]
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Predatory high-frequency traders cost investors billions a year. By exploiting technical quirks in the systems individuals use to trade stocks, they are able to turn huge profits at the expense of savers, retirees, and institutional investors without adding anything to the marketplace. IEX has proposed a new order type that will help investors fight […]
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New evidence indicates that inflated credit ratings are once again contributing to chaos in the financial markets. Steve Hall, Legal Director and Securities Specialist for Better Markets, notes that credit rating downgrades have been appearing almost daily as the pandemic roils markets and the economy. And the evidence suggests that many of those ratings were inflated […]
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Earlier this month, Better Markets called on regulators to “finish the job of regulating money market funds so they are no longer so vulnerable to crisis and dependent on taxpayer bailouts.” Better Markets’ demand was in response to an interim final rule announced by federal bank regulatory agencies on March 18 to encourage banks to […]
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FOR IMMEDIATE RELEASE Wednesday, May 20, 2020 Contact: Pamela Russell, 202-618-6433 or [email protected] SEC’s Investor Advisory Committee Must Press for Reforms that Finally Address Conflicts of Interest Among Credit Rating Agencies Ongoing Financial Turmoil Supplies Fresh Evidence of the Need for Action WASHINGTON, D.C. — Stephen W. Hall, Legal Director and Securities Specialist for Better Markets, issued […]
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FOR IMMEDIATE RELEASE Friday, May 8, 2020 Contact: Pamela Russell, 202-618-6433 or [email protected] Washington, D.C. – Dennis M. Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement on Better Markets’ comment letter calling on regulators to finish the job of regulating money market funds (MMFs) so they are no longer so […]
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