Godot is still waiting. . . – Company / commercial law


United States: Godot is still waiting. . .

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Last month, the Securities and Exchange Commission announcement that he was proposing a new rule under the Exchange Act. In an accompaniment “fact sheet“, the SEC said it was doing so” to increase transparency and efficiency in the dark securities lending market by requiring anyone who lends a security on their own behalf or on behalf of another person to report certain important terms of these loans and related information about the securities that the person has on loan and available to lend to a national registered securities association (RNSA), such as the Financial Industry Regulatory Authority ”.

The SEC announcement reminded me of an investigation I first did over nine years ago. It looks like the giant California pension fund, CalPERS, is making money through securities lending transactions. Article 7603 of the Government Code requires that the agreement form be approved by the Commissioner for Enterprise Supervision (now known as the Commissioner for Financial Protection and Innovation). For years, I have sought in vain to obtain proof that CalPERS has obtained the required approval. Recently, I submitted another public records law requesting a copy of the approval required by section 7603 and received the following response:

After a diligent search of our records, our staff determined that there was no document responding to your request. We therefore do not have to produce anything in response to your request.

Like Vladimer and Estragon, I continue to wait.

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