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2021-12-16

SEC Floats Rules to Shore Up Money Markets, Curb Insider Trading<blockquote>美国证券交易委员会出台规则支撑货币市场、遏制内幕交易</blockquote>

Wall Street regulators moved forward on four plans, advancing far-reaching agenda under Chairman Gar

SEC Floats Rules to Shore Up Money Markets, Curb Insider Trading<blockquote>美国证券交易委员会出台规则支撑货币市场、遏制内幕交易</blockquote>

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{"i18n":{"language":"zh_CN"},"data":{"magic":2,"id":690013503,"tweetId":"690013503","gmtCreate":1639613137394,"gmtModify":1639613160061,"author":{"id":3582053708073909,"idStr":"3582053708073909","authorId":3582053708073909,"authorIdStr":"3582053708073909","name":"WeiChyi","avatar":"https://static.tigerbbs.com/1215c6c4b4962560ae3ef6fe8d752a11","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":50,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>Like</body></html>","htmlText":"<html><head></head><body>Like</body></html>","text":"Like","highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/690013503","repostId":1120514133,"repostType":4,"repost":{"id":"1120514133","kind":"news","pubTimestamp":1639610400,"share":"https://www.laohu8.com/m/news/1120514133?lang=zh_CN&edition=full","pubTime":"2021-12-16 07:20","market":"us","language":"en","title":"SEC Floats Rules to Shore Up Money Markets, Curb Insider Trading<blockquote>美国证券交易委员会出台规则支撑货币市场、遏制内幕交易</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1120514133","media":"The Wall Street Journal","summary":"Wall Street regulators moved forward on four plans, advancing far-reaching agenda under Chairman Gar","content":"Wall Street regulators moved forward on four plans, advancing far-reaching agenda under Chairman Gary Gensler<blockquote>华尔街监管机构推进了四项计划，在主席加里·詹斯勒的领导下推进了影响深远的议程</blockquote> <img src=\"https://static.tigerbbs.com/b3fe6cee065b92f8814d20c6ac8b4740\" tg-width=\"1290\" tg-height=\"859\" width=\"100%\" height=\"auto\">The SEC under Chairman Gary Gensler plans to offer changes to make the most-vulnerable subset of money-market funds less susceptible to investor runs.<blockquote>主席加里·詹斯勒(Gary Gensler)领导下的美国证券交易委员会(SEC)计划进行改革，使货币市场基金中最脆弱的部分不易受到投资者挤兑的影响。</blockquote> WASHINGTON—The Securities and Exchange Commission issued a raft of proposals Wednesday including measures aimed at shoring up money-market funds and curbing executives’ ability to trade their own companies’ stock.<blockquote>华盛顿——美国证券交易委员会周三发布了一系列提案，其中包括旨在支撑货币市场基金和限制高管交易自己公司股票能力的措施。</blockquote> The proposals, some of which surprised Wall Street executives with their scope, indicate that Chairman Gary Gensler is moving quickly to enact a policy agenda that observers have called the SEC’s most ambitious in decades. That stands in contrast to other financial regulators, for which President Biden has&nbsp;yet to fill key positions, and saw a nominee&nbsp;withdraw amid Senate skepticism&nbsp;during confirmation.<blockquote>这些提案的范围令华尔街高管感到惊讶，表明主席加里·詹斯勒正在迅速采取行动制定一项政策议程，观察人士称该议程是SEC几十年来最雄心勃勃的。这与其他金融监管机构形成鲜明对比，拜登总统尚未填补这些监管机构的关键职位，并且在确认过程中，一名被提名人因参议院的怀疑而退出。</blockquote> With a thin majority in Congress, Democrats are leaning on Mr. Gensler to advance progressive priorities such as fighting climate change and curbing the power of big business. The SEC’s authority to write rules for asset managers, publicly traded companies and the stock market provides powerful, if sometimes roundabout, tools for achieving such goals.<blockquote>凭借在国会的微弱多数，民主党人依靠詹斯勒来推进进步的优先事项，如应对气候变化和遏制大企业的权力。SEC有权为资产管理公司、上市公司和股票市场制定规则，这为实现这些目标提供了强大的（尽管有时是迂回的）工具。</blockquote> The proposals “will go a long way toward increasing corporate transparency and accountability,” Sen. Sherrod Brown (D., Ohio), chairman of the Senate Banking Committee, said, praising enhanced disclosures around stock buybacks. “The first step to workers getting their fair share is learning just how much corporate executives are spending on themselves.”<blockquote>参议院银行委员会（Senate Banking Committee）主席、俄亥俄州民主党参议员谢罗德·布朗（Sherrod Brown）表示，这些提议“将大大有助于提高企业透明度和问责制”，并赞扬了围绕股票回购加强披露。“让员工获得公平份额的第一步是了解企业高管在自己身上花了多少钱。”</blockquote> Mr. Gensler’s agenda reflects political divisions. Three of the four proposals garnered party-line votes from the SEC’s five commissioners. Republicans Hester Peirce and Elad Roisman supported only a plan to tighten rules on how and when corporate insiders can sell their companies’ stocks. The agency is independent of the Biden administration.<blockquote>詹斯勒的议程反映了政治分歧。四项提案中的三项获得了SEC五名委员的党派投票。共和党人赫斯特·皮尔斯(Hester Peirce)和埃拉德·罗斯曼(Elad Roisman)只支持一项收紧公司内部人士出售公司股票的方式和时间规则的计划。该机构独立于拜登政府。</blockquote> The other proposals “are a partisan overreach that will likely diminish investment opportunities, economic growth and capital formation,” Sen. Pat Toomey (R., Penn.), the top Republican on the Senate Banking Committee, said.<blockquote>参议院银行委员会共和党领袖帕特·图米（Pat Toomey）表示，其他提案“是党派越权行为，可能会减少投资机会、经济增长和资本形成”。</blockquote> Two of the proposals put forward Wednesday seek to make the financial system more stable by reducing panicked investors’ tendency to flee money-market funds and by&nbsp;regulating opaque derivatives known as “swaps.”The other two rules would seek to enhance fairness and transparency in the stock market. They would introduce new restrictions on corporate executives’ trading and heighten disclosure requirements around share buybacks by publicly traded companies.<blockquote>周三提出的两项提案旨在通过减少恐慌的投资者逃离货币市场基金的倾向以及监管被称为“掉期”的不透明衍生品，使金融体系更加稳定。另外两项规则将寻求提高股市的公平性和透明度。他们将对公司高管的交易引入新的限制，并提高上市公司股票回购的披露要求。</blockquote> The new rules for money-market mutual funds aim to prevent episodes that occurred during the past two recessions, in 2008 and 2020, when the Federal Reserve was&nbsp;forced to backstop the funds&nbsp;after they were hit with a wave of redemption requests that caused credit markets to seize up.<blockquote>货币市场共同基金的新规则旨在防止2008年和2020年过去两次经济衰退期间发生的事件，当时美联储在这些基金受到导致信贷市场崩溃的赎回请求浪潮的打击后被迫为其提供支持。</blockquote> Money markets are typically used by corporate treasurers, pension funds and millions of individual investors as a safe place to park cash and earn a higher return than they could obtain in a bank account. They provide companies with liquidity for short-term loans, called “commercial paper,” to cover immediate expenses like payroll.<blockquote>货币市场通常被企业财务主管、养老基金和数百万个人投资者用作存放现金的安全场所，并获得比银行账户更高的回报。它们为公司提供短期贷款（称为“商业票据”）的流动性，以支付工资等直接费用。</blockquote> But money-market funds aren’t regulated like banks, which must meet minimum capital requirements and offer deposit insurance. Regulators say this makes them&nbsp;more susceptible to runs when markets are under severe stress, creating broader risks to the financial system.<blockquote>但货币市场基金不像银行那样受到监管，银行必须满足最低资本要求并提供存款保险。监管机构表示，这使得它们在市场面临严重压力时更容易出现挤兑，给金融体系带来更广泛的风险。</blockquote> “This is about resiliency,” Mr. Gensler said in an interview, noting that Americans have roughly $5 trillion invested in money markets. “Though there have been reforms in 2010 and 2014, we found again in 2020 some instability…with the dash for cash.”<blockquote>“这与弹性有关，”詹斯勒在接受采访时表示，他指出美国人在货币市场投资了大约5万亿美元。“尽管2010年和2014年进行了改革，但我们在2020年再次发现了一些不稳定……随着对现金的追逐。”</blockquote> The SEC’s proposed changes include a measure called “swing pricing” that firms including&nbsp;BlackRock&nbsp;Inc.&nbsp;and&nbsp;Federated Hermes&nbsp;Inc.&nbsp;have warned could destroy a subset of the industry that holds short short-term corporate debt and caters to institutional investors. The measure would require these funds to adopt policies for adjusting their share prices by a “swing factor” on days when they have net redemptions. The factor would be determined by transaction costs and the market impact of selling a slice of the fund’s portfolio.<blockquote>SEC提议的变化包括一项名为“摇摆定价”的措施，包括贝莱德公司和Federated Hermes Inc.在内的公司警告称，该措施可能会摧毁持有短期公司债务并迎合机构投资者的行业子集。该措施将要求这些基金采取政策，在净赎回日通过“波动因素”调整股价。该因素将由交易成本和出售部分基金投资组合的市场影响决定。</blockquote> The goal is to protect investors who remain in the fund from dilution by investors who redeem their shares, Mr. Gensler said.<blockquote>詹斯勒表示，目标是保护留在基金中的投资者免受赎回股票的投资者的稀释。</blockquote> The SEC’s timing caught money-market fund managers off guard, said John Tobin, investment chief at Dreyfus Cash Investment Strategies, which oversees $350 billion in money funds. Many didn’t expect to see the new proposed rules until next spring, he said.<blockquote>管理着3500亿美元货币基金的Dreyfus Cash Investment Strategies投资主管约翰·托宾(John Tobin)表示，SEC的时机让货币市场基金经理措手不及。他说，许多人预计要到明年春天才能看到新的拟议规则。</blockquote> The swing-pricing proposal is likely to draw universal industry opposition, said Mr. Tobin, whose business is a unit of&nbsp;Bank of New York Mellon&nbsp;Corp.He said the rule would create operational challenges and could encourage institutional investors to head for the exits before a fund executes any swing-price decision.<blockquote>托宾的业务是纽约梅隆银行的一个部门，他表示，波动定价提案可能会引起业界的普遍反对。他表示，该规则将带来运营挑战，并可能鼓励机构投资者在基金执行任何波动价格决定之前退出。</blockquote> “It’s definitely a shot across the bow,” he said. “This is a watershed moment.”<blockquote>“这绝对是一次过弓的射击，”他说。“这是一个分水岭。”</blockquote> The SEC also proposed significant restrictions on arrangements, known as 10b5-5 plans, by which corporate officers and directors schedule stock trades ahead of time to avoid running afoul of insider-trading rules. Among other changes, the agency would require executives to wait 120 days before buying or selling their employer’s stock after setting up or modifying the plans.<blockquote>SEC还提议对被称为10b5-5计划的安排进行重大限制，根据该计划，公司高管和董事提前安排股票交易，以避免违反内幕交易规则。除其他变化外，该机构将要求高管在制定或修改计划后等待120天才能买卖雇主的股票。</blockquote> That proposal follows academic research&nbsp;suggesting the arrangements are being abused&nbsp;as company leaders&nbsp;cash in at historic levels on their companies’ shares.<blockquote>该提议是在学术研究表明，随着公司领导人以历史水平从公司股票中获利，这些安排正在被滥用。</blockquote> “The core issue is that these insiders regularly have material information that the public doesn’t have,” Mr. Gensler said in a statement. Wednesday’s proposed changes seek to ensure their stock trading is done “in a way that’s fair to the marketplace,” he added.<blockquote>詹斯勒在一份声明中表示：“核心问题是这些内部人士经常掌握公众没有的重要信息。”他补充说，周三提议的变化旨在确保他们的股票交易“以对市场公平的方式”进行。</blockquote> Commissioners also voted 3-2 along party lines to propose increased disclosures around public companies’ stock buybacks, which&nbsp;are also hitting records this year.<blockquote>委员们还以3比2的投票结果提议增加上市公司股票回购的披露，今年的股票回购也创下了纪录。</blockquote> Repurchases support stock prices by reducing the number of shares outstanding in a company, lifting the firm’s earnings per share. Like dividends, they enable companies to return cash to investors. But critics, including many Democrats, say buybacks give executives who are partly paid in equity or options a roundabout way of boosting their own compensation, at the expense of workers’ wages or productive investments.<blockquote>回购通过减少公司已发行股票数量、提高公司每股收益来支撑股价。与股息一样，它们使公司能够向投资者返还现金。但包括许多民主党人在内的批评者表示，回购为部分通过股权或期权获得报酬的高管提供了一种间接方式来提高自己的薪酬，而牺牲了工人的工资或生产性投资。</blockquote> The SEC’s proposal would require stock-buyback disclosures to be more detailed and more frequent. Rather than disclosing monthly aggregate share repurchases once a quarter, companies would have to report buybacks on the next business day. They would also have to indicate whether any executives bought or sold shares within 10 business days of a buyback program’s announcement.<blockquote>美国证券交易委员会的提议将要求股票回购披露更详细、更频繁。公司必须在下一个工作日报告回购情况，而不是每季度披露一次每月股票回购总额。他们还必须表明是否有任何高管在回购计划宣布后的10个工作日内买卖了股票。</blockquote> “Companies may determine to allocate capital towards share repurchases for a number of different reasons,” Democratic SEC Commissioner Allison Lee said. “But one of those reasons should not be for the opportunistic, short-term benefit of executives.”<blockquote>民主党SEC专员艾莉森·李(Allison Lee)表示：“公司可能出于多种不同原因决定分配资本用于股票回购。”“但其中一个原因不应该是为了高管的机会主义、短期利益。”</blockquote> The SEC’s chief economist, Jessica Wachter, said during the meeting that the costs of complying with the increased disclosure requirements might discourage some companies from buying back stock. Ms. Peirce and Mr. Roisman issued strong dissents against the rule.<blockquote>SEC首席经济学家Jessica Wachter在会议期间表示，遵守增加的披露要求的成本可能会阻止一些公司回购股票。Peirce女士和Roisman先生对该规则表示强烈反对。</blockquote> “Say ‘dividend,’ and nobody gets angry, but say ‘share buyback,’ and the rage boils over,” Ms. Peirce said. “Today’s proposal channels some of that rage against repurchases in a way that only a regulator can: through painfully granular, unnecessarily frequent disclosure obligations.”<blockquote>“说‘股息’，没有人会生气，但说‘股票回购’，愤怒就会沸腾，”皮尔斯女士说。“今天的提案以只有监管机构才能做到的方式疏导了一些反对回购的愤怒：通过痛苦的细化、不必要的频繁披露义务。”</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>SEC Floats Rules to Shore Up Money Markets, Curb Insider Trading<blockquote>美国证券交易委员会出台规则支撑货币市场、遏制内幕交易</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSEC Floats Rules to Shore Up Money Markets, Curb Insider Trading<blockquote>美国证券交易委员会出台规则支撑货币市场、遏制内幕交易</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nThe Wall Street Journal2021-12-16 07:20\n\n</h4>\n</header>\n<article>\nWall Street regulators moved forward on four plans, advancing far-reaching agenda under Chairman Gary Gensler<blockquote>华尔街监管机构推进了四项计划，在主席加里·詹斯勒的领导下推进了影响深远的议程</blockquote> <img src=\"https://static.tigerbbs.com/b3fe6cee065b92f8814d20c6ac8b4740\" tg-width=\"1290\" tg-height=\"859\" width=\"100%\" height=\"auto\">The SEC under Chairman Gary Gensler plans to offer changes to make the most-vulnerable subset of money-market funds less susceptible to investor runs.<blockquote>主席加里·詹斯勒(Gary Gensler)领导下的美国证券交易委员会(SEC)计划进行改革，使货币市场基金中最脆弱的部分不易受到投资者挤兑的影响。</blockquote> WASHINGTON—The Securities and Exchange Commission issued a raft of proposals Wednesday including measures aimed at shoring up money-market funds and curbing executives’ ability to trade their own companies’ stock.<blockquote>华盛顿——美国证券交易委员会周三发布了一系列提案，其中包括旨在支撑货币市场基金和限制高管交易自己公司股票能力的措施。</blockquote> The proposals, some of which surprised Wall Street executives with their scope, indicate that Chairman Gary Gensler is moving quickly to enact a policy agenda that observers have called the SEC’s most ambitious in decades. That stands in contrast to other financial regulators, for which President Biden has&nbsp;yet to fill key positions, and saw a nominee&nbsp;withdraw amid Senate skepticism&nbsp;during confirmation.<blockquote>这些提案的范围令华尔街高管感到惊讶，表明主席加里·詹斯勒正在迅速采取行动制定一项政策议程，观察人士称该议程是SEC几十年来最雄心勃勃的。这与其他金融监管机构形成鲜明对比，拜登总统尚未填补这些监管机构的关键职位，并且在确认过程中，一名被提名人因参议院的怀疑而退出。</blockquote> With a thin majority in Congress, Democrats are leaning on Mr. Gensler to advance progressive priorities such as fighting climate change and curbing the power of big business. The SEC’s authority to write rules for asset managers, publicly traded companies and the stock market provides powerful, if sometimes roundabout, tools for achieving such goals.<blockquote>凭借在国会的微弱多数，民主党人依靠詹斯勒来推进进步的优先事项，如应对气候变化和遏制大企业的权力。SEC有权为资产管理公司、上市公司和股票市场制定规则，这为实现这些目标提供了强大的（尽管有时是迂回的）工具。</blockquote> The proposals “will go a long way toward increasing corporate transparency and accountability,” Sen. Sherrod Brown (D., Ohio), chairman of the Senate Banking Committee, said, praising enhanced disclosures around stock buybacks. “The first step to workers getting their fair share is learning just how much corporate executives are spending on themselves.”<blockquote>参议院银行委员会（Senate Banking Committee）主席、俄亥俄州民主党参议员谢罗德·布朗（Sherrod Brown）表示，这些提议“将大大有助于提高企业透明度和问责制”，并赞扬了围绕股票回购加强披露。“让员工获得公平份额的第一步是了解企业高管在自己身上花了多少钱。”</blockquote> Mr. Gensler’s agenda reflects political divisions. Three of the four proposals garnered party-line votes from the SEC’s five commissioners. Republicans Hester Peirce and Elad Roisman supported only a plan to tighten rules on how and when corporate insiders can sell their companies’ stocks. The agency is independent of the Biden administration.<blockquote>詹斯勒的议程反映了政治分歧。四项提案中的三项获得了SEC五名委员的党派投票。共和党人赫斯特·皮尔斯(Hester Peirce)和埃拉德·罗斯曼(Elad Roisman)只支持一项收紧公司内部人士出售公司股票的方式和时间规则的计划。该机构独立于拜登政府。</blockquote> The other proposals “are a partisan overreach that will likely diminish investment opportunities, economic growth and capital formation,” Sen. Pat Toomey (R., Penn.), the top Republican on the Senate Banking Committee, said.<blockquote>参议院银行委员会共和党领袖帕特·图米（Pat Toomey）表示，其他提案“是党派越权行为，可能会减少投资机会、经济增长和资本形成”。</blockquote> Two of the proposals put forward Wednesday seek to make the financial system more stable by reducing panicked investors’ tendency to flee money-market funds and by&nbsp;regulating opaque derivatives known as “swaps.”The other two rules would seek to enhance fairness and transparency in the stock market. They would introduce new restrictions on corporate executives’ trading and heighten disclosure requirements around share buybacks by publicly traded companies.<blockquote>周三提出的两项提案旨在通过减少恐慌的投资者逃离货币市场基金的倾向以及监管被称为“掉期”的不透明衍生品，使金融体系更加稳定。另外两项规则将寻求提高股市的公平性和透明度。他们将对公司高管的交易引入新的限制，并提高上市公司股票回购的披露要求。</blockquote> The new rules for money-market mutual funds aim to prevent episodes that occurred during the past two recessions, in 2008 and 2020, when the Federal Reserve was&nbsp;forced to backstop the funds&nbsp;after they were hit with a wave of redemption requests that caused credit markets to seize up.<blockquote>货币市场共同基金的新规则旨在防止2008年和2020年过去两次经济衰退期间发生的事件，当时美联储在这些基金受到导致信贷市场崩溃的赎回请求浪潮的打击后被迫为其提供支持。</blockquote> Money markets are typically used by corporate treasurers, pension funds and millions of individual investors as a safe place to park cash and earn a higher return than they could obtain in a bank account. They provide companies with liquidity for short-term loans, called “commercial paper,” to cover immediate expenses like payroll.<blockquote>货币市场通常被企业财务主管、养老基金和数百万个人投资者用作存放现金的安全场所，并获得比银行账户更高的回报。它们为公司提供短期贷款（称为“商业票据”）的流动性，以支付工资等直接费用。</blockquote> But money-market funds aren’t regulated like banks, which must meet minimum capital requirements and offer deposit insurance. Regulators say this makes them&nbsp;more susceptible to runs when markets are under severe stress, creating broader risks to the financial system.<blockquote>但货币市场基金不像银行那样受到监管，银行必须满足最低资本要求并提供存款保险。监管机构表示，这使得它们在市场面临严重压力时更容易出现挤兑，给金融体系带来更广泛的风险。</blockquote> “This is about resiliency,” Mr. Gensler said in an interview, noting that Americans have roughly $5 trillion invested in money markets. “Though there have been reforms in 2010 and 2014, we found again in 2020 some instability…with the dash for cash.”<blockquote>“这与弹性有关，”詹斯勒在接受采访时表示，他指出美国人在货币市场投资了大约5万亿美元。“尽管2010年和2014年进行了改革，但我们在2020年再次发现了一些不稳定……随着对现金的追逐。”</blockquote> The SEC’s proposed changes include a measure called “swing pricing” that firms including&nbsp;BlackRock&nbsp;Inc.&nbsp;and&nbsp;Federated Hermes&nbsp;Inc.&nbsp;have warned could destroy a subset of the industry that holds short short-term corporate debt and caters to institutional investors. The measure would require these funds to adopt policies for adjusting their share prices by a “swing factor” on days when they have net redemptions. The factor would be determined by transaction costs and the market impact of selling a slice of the fund’s portfolio.<blockquote>SEC提议的变化包括一项名为“摇摆定价”的措施，包括贝莱德公司和Federated Hermes Inc.在内的公司警告称，该措施可能会摧毁持有短期公司债务并迎合机构投资者的行业子集。该措施将要求这些基金采取政策，在净赎回日通过“波动因素”调整股价。该因素将由交易成本和出售部分基金投资组合的市场影响决定。</blockquote> The goal is to protect investors who remain in the fund from dilution by investors who redeem their shares, Mr. Gensler said.<blockquote>詹斯勒表示，目标是保护留在基金中的投资者免受赎回股票的投资者的稀释。</blockquote> The SEC’s timing caught money-market fund managers off guard, said John Tobin, investment chief at Dreyfus Cash Investment Strategies, which oversees $350 billion in money funds. Many didn’t expect to see the new proposed rules until next spring, he said.<blockquote>管理着3500亿美元货币基金的Dreyfus Cash Investment Strategies投资主管约翰·托宾(John Tobin)表示，SEC的时机让货币市场基金经理措手不及。他说，许多人预计要到明年春天才能看到新的拟议规则。</blockquote> The swing-pricing proposal is likely to draw universal industry opposition, said Mr. Tobin, whose business is a unit of&nbsp;Bank of New York Mellon&nbsp;Corp.He said the rule would create operational challenges and could encourage institutional investors to head for the exits before a fund executes any swing-price decision.<blockquote>托宾的业务是纽约梅隆银行的一个部门，他表示，波动定价提案可能会引起业界的普遍反对。他表示，该规则将带来运营挑战，并可能鼓励机构投资者在基金执行任何波动价格决定之前退出。</blockquote> “It’s definitely a shot across the bow,” he said. “This is a watershed moment.”<blockquote>“这绝对是一次过弓的射击，”他说。“这是一个分水岭。”</blockquote> The SEC also proposed significant restrictions on arrangements, known as 10b5-5 plans, by which corporate officers and directors schedule stock trades ahead of time to avoid running afoul of insider-trading rules. Among other changes, the agency would require executives to wait 120 days before buying or selling their employer’s stock after setting up or modifying the plans.<blockquote>SEC还提议对被称为10b5-5计划的安排进行重大限制，根据该计划，公司高管和董事提前安排股票交易，以避免违反内幕交易规则。除其他变化外，该机构将要求高管在制定或修改计划后等待120天才能买卖雇主的股票。</blockquote> That proposal follows academic research&nbsp;suggesting the arrangements are being abused&nbsp;as company leaders&nbsp;cash in at historic levels on their companies’ shares.<blockquote>该提议是在学术研究表明，随着公司领导人以历史水平从公司股票中获利，这些安排正在被滥用。</blockquote> “The core issue is that these insiders regularly have material information that the public doesn’t have,” Mr. Gensler said in a statement. Wednesday’s proposed changes seek to ensure their stock trading is done “in a way that’s fair to the marketplace,” he added.<blockquote>詹斯勒在一份声明中表示：“核心问题是这些内部人士经常掌握公众没有的重要信息。”他补充说，周三提议的变化旨在确保他们的股票交易“以对市场公平的方式”进行。</blockquote> Commissioners also voted 3-2 along party lines to propose increased disclosures around public companies’ stock buybacks, which&nbsp;are also hitting records this year.<blockquote>委员们还以3比2的投票结果提议增加上市公司股票回购的披露，今年的股票回购也创下了纪录。</blockquote> Repurchases support stock prices by reducing the number of shares outstanding in a company, lifting the firm’s earnings per share. Like dividends, they enable companies to return cash to investors. But critics, including many Democrats, say buybacks give executives who are partly paid in equity or options a roundabout way of boosting their own compensation, at the expense of workers’ wages or productive investments.<blockquote>回购通过减少公司已发行股票数量、提高公司每股收益来支撑股价。与股息一样，它们使公司能够向投资者返还现金。但包括许多民主党人在内的批评者表示，回购为部分通过股权或期权获得报酬的高管提供了一种间接方式来提高自己的薪酬，而牺牲了工人的工资或生产性投资。</blockquote> The SEC’s proposal would require stock-buyback disclosures to be more detailed and more frequent. Rather than disclosing monthly aggregate share repurchases once a quarter, companies would have to report buybacks on the next business day. They would also have to indicate whether any executives bought or sold shares within 10 business days of a buyback program’s announcement.<blockquote>美国证券交易委员会的提议将要求股票回购披露更详细、更频繁。公司必须在下一个工作日报告回购情况，而不是每季度披露一次每月股票回购总额。他们还必须表明是否有任何高管在回购计划宣布后的10个工作日内买卖了股票。</blockquote> “Companies may determine to allocate capital towards share repurchases for a number of different reasons,” Democratic SEC Commissioner Allison Lee said. “But one of those reasons should not be for the opportunistic, short-term benefit of executives.”<blockquote>民主党SEC专员艾莉森·李(Allison Lee)表示：“公司可能出于多种不同原因决定分配资本用于股票回购。”“但其中一个原因不应该是为了高管的机会主义、短期利益。”</blockquote> The SEC’s chief economist, Jessica Wachter, said during the meeting that the costs of complying with the increased disclosure requirements might discourage some companies from buying back stock. Ms. Peirce and Mr. Roisman issued strong dissents against the rule.<blockquote>SEC首席经济学家Jessica Wachter在会议期间表示，遵守增加的披露要求的成本可能会阻止一些公司回购股票。Peirce女士和Roisman先生对该规则表示强烈反对。</blockquote> “Say ‘dividend,’ and nobody gets angry, but say ‘share buyback,’ and the rage boils over,” Ms. Peirce said. “Today’s proposal channels some of that rage against repurchases in a way that only a regulator can: through painfully granular, unnecessarily frequent disclosure obligations.”<blockquote>“说‘股息’，没有人会生气，但说‘股票回购’，愤怒就会沸腾，”皮尔斯女士说。“今天的提案以只有监管机构才能做到的方式疏导了一些反对回购的愤怒：通过痛苦的细化、不必要的频繁披露义务。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.wsj.com/articles/sec-floats-money-market-fund-rules-to-deter-investor-runs-11639579017?mod=hp_lead_pos3\">The Wall Street Journal</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.wsj.com/articles/sec-floats-money-market-fund-rules-to-deter-investor-runs-11639579017?mod=hp_lead_pos3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120514133","content_text":"Wall Street regulators moved forward on four plans, advancing far-reaching agenda under Chairman Gary Gensler\nThe SEC under Chairman Gary Gensler plans to offer changes to make the most-vulnerable subset of money-market funds less susceptible to investor runs.\nWASHINGTON—The Securities and Exchange Commission issued a raft of proposals Wednesday including measures aimed at shoring up money-market funds and curbing executives’ ability to trade their own companies’ stock.\nThe proposals, some of which surprised Wall Street executives with their scope, indicate that Chairman Gary Gensler is moving quickly to enact a policy agenda that observers have called the SEC’s most ambitious in decades. That stands in contrast to other financial regulators, for which President Biden has yet to fill key positions, and saw a nominee withdraw amid Senate skepticism during confirmation.\nWith a thin majority in Congress, Democrats are leaning on Mr. Gensler to advance progressive priorities such as fighting climate change and curbing the power of big business. The SEC’s authority to write rules for asset managers, publicly traded companies and the stock market provides powerful, if sometimes roundabout, tools for achieving such goals.\nThe proposals “will go a long way toward increasing corporate transparency and accountability,” Sen. Sherrod Brown (D., Ohio), chairman of the Senate Banking Committee, said, praising enhanced disclosures around stock buybacks. “The first step to workers getting their fair share is learning just how much corporate executives are spending on themselves.”\nMr. Gensler’s agenda reflects political divisions. Three of the four proposals garnered party-line votes from the SEC’s five commissioners. Republicans Hester Peirce and Elad Roisman supported only a plan to tighten rules on how and when corporate insiders can sell their companies’ stocks. The agency is independent of the Biden administration.\nThe other proposals “are a partisan overreach that will likely diminish investment opportunities, economic growth and capital formation,” Sen. Pat Toomey (R., Penn.), the top Republican on the Senate Banking Committee, said.\nTwo of the proposals put forward Wednesday seek to make the financial system more stable by reducing panicked investors’ tendency to flee money-market funds and by regulating opaque derivatives known as “swaps.”The other two rules would seek to enhance fairness and transparency in the stock market. They would introduce new restrictions on corporate executives’ trading and heighten disclosure requirements around share buybacks by publicly traded companies.\nThe new rules for money-market mutual funds aim to prevent episodes that occurred during the past two recessions, in 2008 and 2020, when the Federal Reserve was forced to backstop the funds after they were hit with a wave of redemption requests that caused credit markets to seize up.\nMoney markets are typically used by corporate treasurers, pension funds and millions of individual investors as a safe place to park cash and earn a higher return than they could obtain in a bank account. They provide companies with liquidity for short-term loans, called “commercial paper,” to cover immediate expenses like payroll.\nBut money-market funds aren’t regulated like banks, which must meet minimum capital requirements and offer deposit insurance. Regulators say this makes them more susceptible to runs when markets are under severe stress, creating broader risks to the financial system.\n“This is about resiliency,” Mr. Gensler said in an interview, noting that Americans have roughly $5 trillion invested in money markets. “Though there have been reforms in 2010 and 2014, we found again in 2020 some instability…with the dash for cash.”\nThe SEC’s proposed changes include a measure called “swing pricing” that firms including BlackRock Inc. and Federated Hermes Inc. have warned could destroy a subset of the industry that holds short short-term corporate debt and caters to institutional investors. The measure would require these funds to adopt policies for adjusting their share prices by a “swing factor” on days when they have net redemptions. The factor would be determined by transaction costs and the market impact of selling a slice of the fund’s portfolio.\nThe goal is to protect investors who remain in the fund from dilution by investors who redeem their shares, Mr. Gensler said.\nThe SEC’s timing caught money-market fund managers off guard, said John Tobin, investment chief at Dreyfus Cash Investment Strategies, which oversees $350 billion in money funds. Many didn’t expect to see the new proposed rules until next spring, he said.\nThe swing-pricing proposal is likely to draw universal industry opposition, said Mr. Tobin, whose business is a unit of Bank of New York Mellon Corp.He said the rule would create operational challenges and could encourage institutional investors to head for the exits before a fund executes any swing-price decision.\n“It’s definitely a shot across the bow,” he said. “This is a watershed moment.”\nThe SEC also proposed significant restrictions on arrangements, known as 10b5-5 plans, by which corporate officers and directors schedule stock trades ahead of time to avoid running afoul of insider-trading rules. Among other changes, the agency would require executives to wait 120 days before buying or selling their employer’s stock after setting up or modifying the plans.\nThat proposal follows academic research suggesting the arrangements are being abused as company leaders cash in at historic levels on their companies’ shares.\n“The core issue is that these insiders regularly have material information that the public doesn’t have,” Mr. Gensler said in a statement. Wednesday’s proposed changes seek to ensure their stock trading is done “in a way that’s fair to the marketplace,” he added.\nCommissioners also voted 3-2 along party lines to propose increased disclosures around public companies’ stock buybacks, which are also hitting records this year.\nRepurchases support stock prices by reducing the number of shares outstanding in a company, lifting the firm’s earnings per share. Like dividends, they enable companies to return cash to investors. But critics, including many Democrats, say buybacks give executives who are partly paid in equity or options a roundabout way of boosting their own compensation, at the expense of workers’ wages or productive investments.\nThe SEC’s proposal would require stock-buyback disclosures to be more detailed and more frequent. Rather than disclosing monthly aggregate share repurchases once a quarter, companies would have to report buybacks on the next business day. They would also have to indicate whether any executives bought or sold shares within 10 business days of a buyback program’s announcement.\n“Companies may determine to allocate capital towards share repurchases for a number of different reasons,” Democratic SEC Commissioner Allison Lee said. “But one of those reasons should not be for the opportunistic, short-term benefit of executives.”\nThe SEC’s chief economist, Jessica Wachter, said during the meeting that the costs of complying with the increased disclosure requirements might discourage some companies from buying back stock. Ms. Peirce and Mr. Roisman issued strong dissents against the rule.\n“Say ‘dividend,’ and nobody gets angry, but say ‘share buyback,’ and the rage boils over,” Ms. Peirce said. “Today’s proposal channels some of that rage against repurchases in a way that only a regulator can: through painfully granular, unnecessarily frequent disclosure obligations.”","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":2977,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"hasMoreComment":false,"orderType":2}