CREFC’s DC symposium provides amazing SEC access
My highlight from last month’s CREFC DC Symposium was an interview with Hester Peirce, one of five SEC commissioners. She was appointed by President Donald J. Trump to the U.S. Securities and Exchange Commission and was sworn in on January 11, 2018.
Hester M. Peirce
Peirce spoke about the current SEC under Gary Gensler. She differs on his approach, especially when it comes to crypto currencies. She says the SEC should focus on making sure the disclosures given for the trading of assets are robust enough for buyers to value the assets. In her view, the SEC should be a disclosure agency and not opine on whether crypto currencies (or any assets) have any worth. The SEC, she believes, should only make sure buyers know what they are buying.
I agree on her philosophy when it comes to CMBS. For the most part, the CMBS industry makes adequate disclosures with one major deficiency: the rent roll.
I have long advocated for tenant level disclosures for public CMBS deals. During the 2014 public comment period for Reg AB II, I stated such on the record.
After Peirce finished speaking, I introduced myself and explained what I called the CMBS’s industry’s “dirty little secret” of not disclosing rent rolls, including legitimate reasons to resist tenant-level disclosures. Her thoughtful response showed she understands both sides of the issue.
I’m not sure anything will come of it, but I plan to follow up — and kudos to CREFC for organizing such a great event.
SEC Commissioner Hester M. Peirce – U.S. Securities and Exchange Commission profile page
SEC Finalizes Reg AB Rules: open XML, no rent rolls – My blog post from 2014
Goose
I always look for live music when traveling and was lucky enough to see Goose for the first time at the Anthem in DC. Great venue and band!
Short video: Goose covers The Who’s Eminence Front
About CMBS.com
Founded in 2000, CMBS.com provides commercial real estate valuation, pipeline, loan origination, asset management, and securitization management software. The firm’s flagship platform, Backshop, is the leading CRE loan origination, management and servicing platform supporting a range of CRE market participants. CMBS.com is also an authorized third-party data provider to the CMBS industry.
Contact
Jim Flaherty
Founder & CEO, Backshop
jim@cmbs.com
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