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Allston Appoints Nancy Laethem Stern As General Counsel, Jay Biondo As Chief Compliance Officer

Date 18/09/2013

Chicago-based Allston Holdings LLC, parent of one of the nation’s leading proprietary electronic trading firms, today announced that Nancy Laethem Stern has joined the firm as Executive Vice President, General Counsel and Corporate Secretary, and that Jay A. Biondo has joined as Chief Compliance Officer.
Providing Context for Executive Compensation Decisions By SEC Commissioner Luis A. Aguilar, SEC Open Meeting, Washington, D.

Date 18/09/2013

Today, the Commission takes an important step to comply with the Dodd-Frank Act’s requirements for better disclosure and accountability regarding executive compensation decisions at public companies.
Issuer-Level Corporate Actions From SIX Financial Information Enhance Joss Technology’s Entity Data Master

Date 18/09/2013

SIX Financial Information and Joss Technology bring a new ability for financial institutions to capture and process corporate actions at the entity level, directly benefiting compliance, risk and operations.
Enhancing Oversight Of Municipal Advisors To Prevent Further Abuses In The Municipal Finance Market And Protect Investors By SEC Commissioner Luis A. Aguilar, SEC Open Meeting, Washington, D.C.

Date 18/09/2013

There is much that has been said about the need to increase the investor protections in the $3 trillion municipal securities market. It is well established that the municipal securities market is subject to less supervision than corporate securities markets, and that market participants are at a disadvantage because they generally have less information upon which to base investment decisions.

European Commission: Proposal For A Regulation On Indices Used As Benchmarks In Financial Instruments And Financial Contracts – Frequently Asked Questions

Date 18/09/2013

General questions

1. What are indices and benchmarks and how are they used in financial markets?

An index is a statistical measure, typically of a price or quantity, calculated from a representative set of underlying data. When this index is used as a reference price for a financial instrument or financial contract it becomes a benchmark. Notable examples are the London Interbank Offered Rate (LIBOR) and the Euro Interbank Offered Rate (EURIBOR) which serve as benchmarks for interest rates. The manipulation of LIBOR and EURIBOR has sparked concerns about the integrity of benchmarks around the world.

Benchmarks determine the value of many financial instruments and payments under many financial contracts as well as being used to measure the performance of investment funds; e.g. the interest rate paid on a mortgage can be set by reference to an interest rate benchmark, and the investment and pension funds in which many citizens invest use benchmarks. Estimates suggest that the value of financial instruments and contracts referenced by benchmarks exceeds 1 000 trillion euro. If benchmarks do not reflect accurately what they are meant to measure, the price or payments will not be fair. Benchmarks can fail to measure what they are meant to when they are manipulated or are not representative. Confidence in their use may also be undermined when they are not robust and reliable.

Statement By SEC Chair Mary Jo White At The SEC Open Meeting, Washington, D.C.

Date 18/09/2013

Good morning. This is an open meeting of the U.S. Securities and Exchange Commission on September 18, 2013, under the Government in the Sunshine Act.
IOSCO And IFRS Foundation Agree Joint Protocols To Enhance Consistency In The Implementation Of IFRS Globally

Date 18/09/2013

The International Organization of Securities Commissions (IOSCO) and the IFRS Foundation today announced that they have agreed on a set of protocols under which the two organisations will deepen their cooperation in support of their shared commitment to the highest standards of financial reporting globally.
Statement By SEC Commissioner Michael S. Piwowar At Open Meeting Regarding Municipal Advisors And Pay Ratio Disclosure

Date 18/09/2013

Thank you, Chair White.
IOSCO Reinforces Standard On Cross-Border Cooperation

Date 18/09/2013

The International Organization of Securities Commissions (IOSCO) today adopted measures to encourage non-signatory members to sign the IOSCO Multilateral Memorandum of Understanding on cooperation and exchange of information. Established in 2002, the MMoU is the instrument used by securities regulators around the world to fight the cross-border financial services misconduct that can weaken global markets and undermine investor confidence.
SEC Charges N.Y.-Based Hedge Fund Adviser With Breaching Fiduciary Duty By Participating In Conflicted Principal Transaction

Date 18/09/2013

The Securities and Exchange Commission today charged the adviser to a New York-based hedge fund with breaching his fiduciary duty by engineering an undisclosed principal transaction in which he had a financial conflict of interest.