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SEC Proposes Rule to Prohibit Conflicts of Interest in Certain Securitizations
January 25, 2023--The Securities and Exchange Commission today proposed a rule to implement Section 27B of the Securities Act of 1933, a provision added by Section 621 of the Dodd-Frank Act. The rule is intended to prevent the sale of asset-backed securities (ABS) that are tainted by material conflicts of interest.
Specifically, the rule would prohibit securitization participants from engaging in certain transactions that could incentivize a securitization participant to structure an ABS in a way that would put the securitization participant's interests ahead of those of ABS investors. The Commission originally proposed a rule to implement Section 27B in September 2011.
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Source: SEC.gov
CBO-The Demographic Outlook: 2023 to 2053
January 24, 2023--In CBO's projections, the U.S. population increases from 336 million people in 2023 to 373 million people in 2053. Population growth is increasingly driven by net immigration which accounts for all population growth beginning in 2042.
Summary
The size of the U.S. population, as well as its age and sex composition, affects the economy and the federal budget. For example, the size of the population ages 25 to 54 affects the number of people employed; likewise, the size of the population age 65 or older affects the number of beneficiaries of federal programs such as Social Security and Medicare.
In this report, the Congressional Budget Office describes its population projections, which underlie the agency's baseline budget projections and economic forecast that will be published later this year.
Population. In CBO's projections, the Social Security area population-the relevant population for calculating Social Security payroll taxes and benefits and the measure of population used in this report-increases from 336 million people in 2023 to 373 million people in 2053. As growth of the population age 65 or older outpaces growth of younger age groups, the population is projected to continue to become older.
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Source: CBO (congressional Budget Office)
SEC-Fee Rate Advisory #2 For Fiscal Year 2023
January 23, 2023--The Securities and Exchange Commission today announced that, starting on February 27, 2023, the fee rates applicable to most securities transactions will be set at $8.00 per million dollars.
Consequently, each self-regulatory organization will continue to pay the Commission a rate of $22.90 per million dollars for covered sales occurring on charge dates through February 26, 2023, and a rate of $8.00 per million dollars for covered sales occurring on charge dates on or after February 27, 2023.
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Source: SEC.gov
Happy 30th birthday to the ETF*
January 22, 2023-As the asterisk hints, the headline is not quite correct. One of the ETF industry's favourite supposedly obscure but actually pretty well-known factoids is that the first ETF was born in Canada, on March 9, 1990.
But the almost $10tn ETFs industry's true progenitor is unquestionably the SPDR S&P 500 ETF Trust, which was born with $6.5mn of seed money three decades ago today (and first started trading a week later, on Jan 29).
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Source: ft.com
PIMCO Launches New Preferred and Capital Securities Active Exchange-Traded Fund (PRFD)
January 19, 2023--The fund will invest primarily in Preferred and Capital Securities, which may provide investors diversification, favorable tax treatment, and opportunity for attractive yields.
PIMCO, one of the world's premier fixed income investment managers, is expanding its actively managed exchange-traded fund suite with the addition of a new ETF that aims to deliver attractive levels of income and total return.
The PIMCO Preferred and Capital Securities Active ETF (PRFD) aims to find compelling opportunities in the preferred and capital securities markets where investments may offer equity-like total returns with significantly less volatility-less than half, historically-compared with the traditional stock market.
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Source: PIMCO
U.S. Nears Debt Ceiling, Begins Extraordinary Measures to Avoid Default
January 19, 2023--Maneuvers give Congress five months to pass legislation raising or suspending the debt limit
The Treasury,Department began taking special measures to keep paying the government's bills on Thursday as the U.S. bumped up against its borrowing limit, kicking off a potentially lengthy and difficult debate in Congress over raising the debt ceiling.
With the federal government constrained by the roughly $31.4 trillion debt limit, the Treasury Department began deploying so-called extraordinary measures. Those accounting maneuvers, which include suspending investments for certain government accounts, will allow the Treasury to keep paying obligations to bondholders, Social Security recipients and others until at least early June, the department said last week.
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Source: wsj.com
Federal Reserve Beige Book
January 18, 2023--National Summary
Overall Economic Activity
Overall economic activity was relatively unchanged since the previous report. Five Districts reported slight or modest increases in overall activity, six noted no change or slight declines, and one cited a significant decline. On balance, contacts generally expected little growth in the months ahead. Consumer spending increased slightly, with some retailers reporting more robust sales over the holidays.
Other retailers noted that high inflation continued to reduce consumers' purchasing power, particularly among low- and moderate-income households.
Auto sales were flat on average, but some dealers noted that increased vehicle availability had boosted sales. Tourism contacts reported moderate to robust activity augmented by strong holiday travel. Manufacturers indicated that activity declined modestly on average, and, in many Districts, reported that supply chain disruptions had eased. Housing markets continued to weaken, with sales and construction declining across Districts. Commercial real estate activity slowed slightly, on average, with more notable weakening in the office market. Nonfinancial services firms experienced stable demand on balance. Most bankers reported that residential mortgage demand remained weak, and some said higher borrowing costs had begun to dampen commercial lending. Energy activity continued to increase moderately, and agriculture conditions were generally unchanged or improving.
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Source: federalreserve.gov
KraneShares Launches China Internet Covered Call ETF (Ticker: KLIP) on the New York Stock Exchange
January 12, 2022--Krane Funds Advisors, LLC ("KraneShares"), an asset management firm known for its China-focused exchange-traded funds (ETFs) and innovative investment strategies, announced the launch of the KraneShares China Internet & Covered Call Strategy ETF (ticker: KLIP) on the New York Stock Exchange.
KLIP seeks to provide current income by following a "covered call" or "buy-write" strategy. KLIP buys shares of the KraneShares CSI China Internet ETF (ticker: KWEB) and "writes" or "sells" corresponding call options on KWEB. KWEB is one of the world's leading China region ETFs with more than nine years of track record and over $7.5 billion in assets under management.1 KWEB offers exposure to companies within China’s rapidly growing internet sector. Top holdings include, Alibaba, Tencent, Meituan, and JD.com.2
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Source: kraneshares.com
SEC Charges Genesis and Gemini for the Unregistered Offer and Sale of Crypto Asset Securities through the Gemini Earn Lending Program
January 12, 2023--January 12, 2023--The Securities and Exchange Commission today charged Genesis Global Capital, LLC and Gemini Trust Company, LLC for the unregistered offer and sale of securities to retail investors through the Gemini Earn crypto asset lending program.
Through this unregistered offering, Genesis and Gemini raised billions of dollars' worth of crypto assets from hundreds of thousands of investors. Investigations into other securities law violations and into other entities and persons relating to the alleged misconduct are ongoing.
According to the complaint, in December 2020, Genesis, part of a subsidiary of Digital Currency Group, entered into an agreement with Gemini to offer Gemini customers, including retail investors in the United States, an opportunity to loan their crypto assets to Genesis in exchange for Genesis' promise to pay interest.
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Source: SEC.gov
USCF Announces Launch of the USCF Sustainable Battery Metals Strategy Fund (Ticker: ZSB)
January 11, 2023--USCF today announced it has launched the USCF Sustainable Battery Metals Strategy Fund (ZSB). ZSB seeks total return by investing primarily in metals derivative instruments and, to a lesser extent in the equity securities of companies that are economically tied to
the metals that are necessary for "Electrification".
ZSB is an actively managed exchange traded fund (ETF).
"The energy transition is here and we believe that demand for certain metals should increase as the global economy undergoes a
process known as "Electrification" said John Love, President and CEO of USCF.
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Source: uscfinvestments.com
