SEC Staff Publishes Report on Access to Capital and Market Liquidity
No fraud or misconduct is described; the SEC’s DERA published a congressionally mandated, data-driven report analyzing securities issuance and market liquidity trends without any allegations, charges, or legal outcomes.
The SEC’s Division of Economic and Risk Analysis (DERA) released a congressionally requested report examining trends in primary securities issuance and secondary market liquidity, focusing on debt, equity, asset-backed securities, Treasuries, corporate bonds, credit default swaps, and bond funds. The analysis incorporated academic literature, public databases, and non-public regulatory filings, with particular attention to unregistered offerings under Regulation D and Regulation Crowdfunding. No fraud, enforcement actions, financial penalties, or misconduct were identified—only research findings and recommendations for future analytical work.
The SEC’s Division of Economic and Risk Analysis (DERA) published a congressionally mandated report analyzing trends in primary securities issuance and secondary market liquidity, as part of the FY2016 appropriations process. The report evaluated data on debt, equity, asset-backed securities, U.S. Treasuries, corporate bonds, single-name credit default swaps, and bond funds, with special focus on unregistered offerings such as those under Regulation D and Regulation Crowdfunding. It synthesized findings from academic literature, publicly available databases, and non-public regulatory filings to assess the impact of post-crisis regulatory reforms. The analysis was purely research-oriented, with no allegations of fraud, misconduct, or enforcement actions. DERA emphasized the importance of data-driven insights to inform regulatory policy and identify areas needing further study. Acting Director Scott Bauguess highlighted the report’s role in providing a current view of market health and guiding future analytical priorities. The report concluded with recommendations for future research, not legal or regulatory action, and was intended solely to support informed policymaking.
Exhibits & Attached Documents (1)
Extracted insights
- person scott bauguess ×2
- organization Congress
- person dera acting director
- organization Division Of Economic And Risk Analysis
- company issuance of debt, equity, and asset-backed securities
- agency sec division of economic and risk analysis
- organization Securities and Exchange Commission
- SEC Division Of Economic And Risk Analysis published report describing trends in primary securities issuance and secondary market liquidity
- report was requested by Congress
- report examines issuance of debt, equity, and asset-backed securities
- report examines activity and liquidity in U.S. Treasuries, corporate bonds, single-name credit default swaps, and bond funds
- report identifies trends for unregistered offerings under Regulation D and Regulation Crowdfunding
- Scott Bauguess is DERA Acting Director
The SEC Division of Economic and Risk Analysis (DERA) today published a report describing trends in primary securities issuance and secondary market liquidity, and assessing how those trends relate to post-crisis regulatory reforms. The report was requested by Congress as part of the FY2016 appropriations process. The report includes a survey and analysis of recent academic literature, as well as original analyses drawn from publicly available databases and non-public regulatory filings. The report examines the issuance of debt, equity, and asset-backed securities, as well as activity and liquidity in U.S. Treasuries, corporate bonds, single-name credit default swaps, and bond funds. Specifically, the report identifies trends for unregistered offerings, such as those under Regulation D and Regulation Crowdfunding, as well as fixed income transactions, fixed income quotations, and broker-dealer financial positions. "The health of our primary and secondary markets is critical, and it is important for the SEC, as a key regulator of these markets, to engage in data-driven analysis of market trends and the range of issues that may be influencing those trends. This report both provides a current view of these topics, based on available data, as well as highlighting areas where future analysis could be warranted," said DERA Acting Director Scott Bauguess. For more information about the study, and its findings, analyses and conclusions, follow DERA on Twitter, @SEC_DERA.
The SEC Division of Economic and Risk Analysis (DERA) today published a report describing trends in primary securities issuance and secondary market liquidity, and assessing how those trends relate to post-crisis regulatory reforms. The report was requested by Congress as part of the FY2016 appropriations process. The report includes a survey and analysis of recent academic literature, as well as original analyses drawn from publicly available databases and non-public regulatory filings. The report examines the issuance of debt, equity, and asset-backed securities, as well as activity and liquidity in U.S. Treasuries, corporate bonds, single-name credit default swaps, and bond funds. Specifically, the report identifies trends for unregistered offerings, such as those under Regulation D and Regulation Crowdfunding, as well as fixed income transactions, fixed income quotations, and broker-dealer financial positions. "The health of our primary and secondary markets is critical, and it is important for the SEC, as a key regulator of these markets, to engage in data-driven analysis of market trends and the range of issues that may be influencing those trends. This report both provides a current view of these topics, based on available data, as well as highlighting areas where future analysis could be warranted," said DERA Acting Director Scott Bauguess. For more information about the study, and its findings, analyses and conclusions, follow DERA on Twitter, @SEC_DERA.