News Centre

SEC Charges CVS With Misleading Investors And Committing Accounting Violations

Date 08/04/2014

The Securities and Exchange Commission today charged CVS Caremark Corp. with misleading investors about significant financial setbacks and using improper accounting that artificially boosted its financial performance.

Statement Of CFTC Commissioner Scott D. O’Malia - Fiscal Year 2013 Report To Congress On The Commission’s Whistleblower Program And Customer Education Initiatives

Date 08/04/2014

I believe the Commission has missed a great opportunity to develop a much more proactive strategy to protect customers with the funds established by the Dodd-Frank Act. I would like to see the Commission develop a more comprehensive and technologically-savvy customer protection program as part of its pending strategic plan.

FIA Launches SEF Tracker To Measure Swap Trading Activity

Date 08/04/2014

FIA today is launching SEF Tracker, a periodic report on trading activity taking place on swap execution facilities. FIA has developed this report to provide the public with a better understanding of these new venues for the trading of over-the-counter derivatives.

CFTC Orders California, Florida, And Nevada Companies And Their Owners To Pay More Than $940,000 In Restitution To Defrauded Customers For Offering Illegal, Off-Exchange Precious Metals Transactions - California Resident Charles Victoria And His Companies PGS Capital Wealth Management And PGS Capital Credit, Inc., And Florida Resident Frank O. Davies And His Company Rockwell Asset Management, Inc. Charged In Separate CFTC Orders

Date 08/04/2014

The U.S. Commodity Futures Trading Commission (CFTC) filed and settled charges against three companies and their owners (collectively, Respondents) for engaging in illegal, off-exchange precious metals transactions, and requires that the Respondents jointly pay more than $940,000 in restitution to their defrauded precious metals customers.

TheCityUK Puts Global Expansion Of Trade In Financial And Related Professional Services At Top Of WTO London Agenda

Date 08/04/2014

As the WTO’s Director General, Roberto Azevedo, meets international business leaders in London today (Tuesday 8 April), TheCityUK welcomes the new emphasis being given to tackling three pressing  trade themes in the drive to reduce international trade barriers and promote global growth:

• a forward WTO work programme that gives services full and equal weight with goods and agriculture;
• express recognition by the international community of the complementary contributions of bilateral, plurilateral and multilateral approaches to global market-opening; and
• implementation by WTO's members of the Bali trade facilitation package - potentially worth US$1trillion to the world economy.

EGX Issued A Decision To Start Working With The Regulations For ETFs And Market Maker

Date 08/04/2014

The Egyptian Exchange (EGX) issued an executive decision to start applying the regulations for both ETFs and market maker activity.  The new regulations for market maker stressed on its providing an endorsement stating separation between the activities of market-making and brokerage activity.  It also defined the technical infrastructure for information systems that should be applied by the market maker to connect with EGX.  The regulations also required a market maker to take all measures to ensure liquidity on documents in circulation.  New restrictions has been put for borrowed stocks of the index or certificates in accordance with the clearing system and settlement certificates of index funds prepared.

Financial Stability Board Publishes Reports On Implementation Of OTC Derivatives Market Reforms

Date 08/04/2014

The Financial Stability Board (FSB) published today the  seventh of the FSB’s semi-annual progress reports on implementation of OTC derivatives market reforms.

NASAA And The SEC: Presenting A United Front To Protect Investors, SEC Commissioner Luis A. Aguilar, North American Securities Administrators Association, Annual NASAA/SEC 19(d) Conference, Washington, D.C., April 8, 2014

Date 08/04/2014

Good morning.  Thank you for that kind introduction.  I have been NASAA’s liaison since I was asked by NASAA to take on that role early in my tenure at the SEC, and it is truly a pleasure to continue our dialogue with my fifth appearance here at the 19(d) conference.  This conference, as required by Section 19(d) of the Securities Act, is held jointly by the North American Securities Administrators Association (“NASAA”) and the U.S. Securities and Exchange Commission (“SEC” or “Commission”).  Before I begin my remarks, however, let me issue the standard disclaimer that the views I express today are my own, and do not necessarily reflect the views of the SEC, my fellow Commissioners, or members of the staff.

Market Structure Expert Adam Sussman Joins Liquidnet - Global Role Focused On Market Structure Analysis And Strengthening Relationships With Industry Participants

Date 08/04/2014

Liquidnet, the global institutional trading network, announced today that Adam Sussman has joined the company as Head of Market Structure and Liquidity Partnerships. In this global role, Adam will serve as a senior advisor on market structure issues providing insight and guidance on industry developments, technological trends, and financial industry dynamics to Liquidnet’s community of buy side Members and customers. He will also advance Liquidnet’s efforts in identifying new ways to bring in additional sources of unique, safe and actionable block liquidity by building and strengthening partnerships with a broad spectrum of industry participants. Adam will be based in New York, reporting to Liquidnet’s Head of US Equities, Brennan Warble, and will work closely with leadership across all regions.

Testimony By Scott G. Alvarez, Federal Reserve General Counse:, Regulatory Rulemakings - Before The Committee On Financial Services, U.S. House Of Representatives, Washington, D.C., April 8, 2014

Date 08/04/2014

Chairman Hensarling, Ranking Member Waters, and other members of the committee, I appreciate the opportunity to testify on recent rulemakings and other actions by the Federal Reserve. In my testimony, I will discuss some of the actions that the Federal Reserve has completed or has under way to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) and other reforms to promote a stable financial system and to strengthen the resiliency of banking organizations.