The US regulatory agenda 

During March 2023, Global Investor/ISF held the annual US Beneficial Owners’ Roundtable in New York with the help of EquiLend as the lead sponsor. The roundtable was moderated by Global Investor’s Managing Director who was joined by an esteemed group of speakers to discuss recent trends, developments and challenges in the securities finance space.

A portion of the 2023 US Beneficial Owners Roundtable is available in the video above. See below for a transcript of the highlights. 

Amélie Labbé, Managing Director, Global Investor Group: One topic that some of you touched on is the US regulatory agenda. So can I just turn to John and Amy to give us a very few high-level comments on some of the main regulatory things to look at and that you believe will impact the market or impacting the market currently.

Amy Dunn, Executive Director, Americas Head of Relationship Management, J.P. Morgan: The top three regulations that the industry is focused on would be: T+1, which is going to have a significant impact across the US, 10c-1, commonly referred to as US SFTR and Form N-PX which is focused on enhancing the reporting of proxy votes by 40 Act Funds.

John Templeton, Global Head of Sales and Relationship Management for Securities Finance, BNY  Mellon: Yes, I would definitely agree on those all being the top three. The other ones that we’re focused on are central clearing of U.S. treasuries, the changes to the U.S. capital rules (moving off of standardised RWA and into either revised comprehensive or advanced RWA metrics) and the bilateral repo transparency rules, which is going to require a number of our beneficial owners to start to report those transactions.