News Centre

Dissenting Statement At Open Meeting On Use of Derivatives By Registered Investment Companies And Business Development Companies, CFTC Commissioner Michael S. Piwowar, Dec. 11, 2015

Date 11/12/2015

Thank you, Chair White. Today, we are considering a proposed new exemptive rule that addresses the use of derivatives and financial commitment transactions by registered investment companies and business development companies (collectively, “funds”). This proposal is the third in a series of initiatives aimed at ensuring that the Commission’s regulatory program fully addresses the increasingly complex portfolio composition and operations of the asset management industry.

CFTC Commitments Of Traders Reports Update

Date 11/12/2015

The current reports for the week of December 8, 2015 are now available.

SEC Proposes New Derivatives Rules For Registered Funds And Business Development Companies

Date 11/12/2015

 The Securities and Exchange Commission today voted to propose a new rule designed to enhance the regulation of the use of derivatives by registered investment companies, including mutual funds, exchange-traded funds (ETFs) and closed-end funds, as well as business development companies.  The proposed rule would limit funds’ use of derivatives and require them to put risk management measures in place which would result in better investor protections.

ISDA EMEA Credit Derivatives Determinations Committee: Abengoa S.A. Failure To Pay Credit Event

Date 11/12/2015

The International Swaps and Derivatives Association, Inc. (ISDA) today announced that its EMEA Credit Derivatives Determinations Committee resolved that a Failure to Pay Credit Event has occurred in respect of Abengoa S.A.

SEC Proposes Rules for Resource Extraction Issuers Under Dodd-Frank Act

Date 11/12/2015

The Securities and Exchange Commission today voted to propose rules that would require resource extraction issuers to disclose payments made to the U.S. federal government or foreign governments for the commercial development of oil, natural gas or minerals.  The proposed rules, mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act, are intended to further the statutory objective to advance U.S. policy interests by promoting greater transparency about payments related to resource extraction.

SIFMA Asset Management Group Statement On SEC Proposed Rules Regarding Fund Use Of Derivatives

Date 11/12/2015

SIFMA’s Asset Management Group today released a statement from Timothy Cameron, managing director and head of SIFMA’s Asset Management Group, after the Securities and Exchange Commission voted to propose new rules governing the use of derivatives by mutual funds and exchange-traded funds, closed-end funds, and business development companies: 

“SIFMA’s Asset Management Group believes the Securities and Exchange Commission (SEC), as the primary regulator of investment managers, is the appropriate agency to review and address risk in asset manager products and activities. As the SEC moves forward with its five expected rulemakings, including this proposal focused on the use of derivatives in investment funds, industry insight will be critical to crafting rules that modernize asset management regulation without unnecessarily impeding the ability of asset managers to help clients achieve their financial goals. SIFMA AMG will review the proposal in detail with our members and provide substantive comments to the SEC.” 

Statement At Open Meeting, SEC Chair Mary Jo White, Dec. 11, 2015

Date 11/12/2015

Good morning, everyone. This is an open meeting of the Securities and Exchange Commission on December 11, 2015 under the Government in the Sunshine Act.

ESMA Consults On Improved Access To Trade Repository Data

Date 11/12/2015

The European Securities and Markets Authority (ESMA) has published today a consultation paper which proposes to enhance the current functionalities offered by trade repositories (TRs) for data access under the European Market Infrastructure Regulation (EMIR). ESMA thinks that the current rules for TR access should be significantly improved as currently, the comparability of data is not sufficient.

Enhancing The Transparency Of Resource Extraction Revenue Payments, SEC Commissioner Luis A. Aguilar, Dec. 11, 2015

Date 11/12/2015

Today, as required by Section 1504 of the Dodd-Frank Act, the Commission re-proposes rules that would create a new disclosure regime for payments made to a government by oil, natural gas, and mining companies for the purpose of the commercial development of a country’s natural resources. This type of disclosure is consistent with an emerging global consensus to combat government corruption through greater transparency and accountability. Today’s re-proposed rules are consistent with those global efforts.

Wholesale Market Policy – A Year In Review - Speech By David Lawton, Director Of Markets Policy And International, FCA, Delivered At The ICI Global Trading And Market Structure Conference In London On 8 December 2015

Date 11/12/2015

Good afternoon. 

Today is 8 December, which means just 12 working days until Christmas and just over three weeks until the end of 2015.

I thought I would take the time today to reflect on what 2015 has meant for the regulation of wholesale markets, and the funds sector.