Wall Street Faces Fresh Fight With SEC’s Gensler Over European Securities Rules

As a journalist, I can report that Wall Street is facing a fresh fight with the Securities and Exchange Commission (SEC) over European securities rules. The new SEC chairman, Gary Gensler, has been vocal about his concerns regarding the impact of European Union (EU) regulations on US markets.

Gensler has expressed his intention to review the EU’s MiFID II regulations, which were implemented in 2018 and require investment firms to disclose more information about the costs of trading and research. The SEC has previously criticized the regulations, arguing that they put US firms at a disadvantage and could harm market liquidity.

The SEC’s renewed focus on MiFID II has sparked concern among Wall Street firms, who fear that the regulator may seek to impose similar rules in the US. Some industry experts have warned that this could lead to a fragmentation of global markets and make it more difficult for investors to access liquidity.

However, supporters of the regulations argue that they have improved transparency and reduced conflicts of interest in the European market. They also point out that the rules have been adopted by other countries, including Australia and Hong Kong.

As a journalist, it is important to note that this is a developing story and that the SEC’s position on MiFID II may evolve over time. It will be interesting to see how Wall Street firms respond to the regulator’s renewed focus on European securities rules and whether this will lead to further regulatory clashes in the future.