Washington, D.C., Sept. 25, 2009 — The Securities and Exchange Commission today announced the panelists for its September 29 and September 30 roundtable in Washington D.C. to discuss securities lending and short sale issues.
The roundtable will begin at 9:30 a.m. on both days with opening remarks from SEC Chairman Mary L. Schapiro.
"Securities lending was once thought to be a way to earn a few extra points of return, with little or no risk," said Chairman Schapiro. "Events of last year reveal the risk was present. As a result, we need to consider ways to enhance investor-oriented oversight of this multi-trillion dollar market."
Chairman Schapiro added, "We also must focus on a flip-side of securities lending — short selling. That's why the roundtable will also examine potential short sale pre-borrow and hard locate requirements and short sale disclosures."
Panel topics will include discussions of securities lending practices, possible short sale pre-borrowing requirements and additional short sale disclosures.
Roundtable participants will include representatives of corporate issuers, financial services firms, beneficial owner lenders, lending agents, borrowers of securities, self-regulatory organizations, international regulators and the academic community.
The roundtable will be held at the SEC's headquarters at 100 F Street NE in Washington, D.C., and will be open to the public with seating on a first-come, first-served basis. The roundtable also will be webcast on the SEC's Web site.
For additional information about the roundtable, contact the SEC's Division of Trading and Markets at (202) 551-5720.
9:30-9:40 a.m.
Opening Remarks from SEC Chairman Mary L.
Schapiro
9:40-10:50 a.m. - Panel 1
Overview of Securities Lending:
Participants; Process; Benefits and Pitfalls
10:50-11 a.m. - Break
11 a.m.-12:30 p.m. - Panel 2
Securities Lending and
Investor Protection Concerns: Cash Collateral Reinvestment; Default;
Lending Agent Compensation and Fee Splits; Proxy Voting
12:30-1:30 p.m. - Lunch Break
1:30-2:40 p.m. - Panel 3
Improving Securities Lending for
the Benefit of Investors: Transparency; Electronic Platforms; Central
Counterparties; Accountability
2:40-2:50 p.m. - Break
2:50-3:55 p.m. - Panel 4
The Future of Securities Lending
and Potential Regulatory Solutions: Market Evolution; SEC's Role;
Assessing any Regulatory Gaps
3:55-4 p.m.
Closing Remarks from SEC Chairman Mary L.
Schapiro
9:30-9:40 a.m.
Opening Remarks from SEC Chairman Mary L.
Schapiro
9:40-11 a.m. - Panel 1
Controls on "Naked" Short Selling:
Examination of Pre-Borrow and Hard Locate Requirements
11-11:10 a.m. - Break
11:10-12:25 p.m. - Panel 2
Making Short Sale Disclosure
More Meaningful: Public versus Non-Public Reporting; Consolidated Tape
Disclosure; Timeliness of Information
12:25-12:30 p.m.
Closing Remarks from SEC Chairman Mary L.
Schapiro