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Robert W. Cook, President And Chief Executive Officer, FINRA, Statement Before the Subcommittee On Capital Markets Of The U.S. House Of Representatives’ Financial Services Committee

Date 12/12/2023

Chairman Wagner, Ranking Member Sherman and Members of the Subcommittee:

Thank you for the opportunity to appear today to discuss the important work that the Financial Industry Regulatory Authority, or FINRA, is doing to fulfill our mission under the federal securities laws to protect investors and safeguard market integrity while facilitating vibrant capital markets.

SIFMA Testimony On The Department Of Labor Rule On Retirement Savings Advice

Date 12/12/2023

Today, SIFMA’s Lisa Bleier, Head of Wealth Management, Retirement and State Government Relations delivered testimony at a virtual hearing before the Department of Labor (DOL) regarding the Notice of Proposed Rulemaking, “Retirement Security Rule: Definition of an Investment Advice Fiduciary,” and related proposed prohibited transaction exemption amendments, expressing strong concern with the proposal and the resulting possible negative impacts on retirement savers.

New York Attorney General James Secures More Than $22 Million From Cryptocurrency Platform For Operating Illegally - KuCoin Required To Refund New York Users, Cease New York Operations, And Pay $5.3 Million Penalty

Date 12/12/2023

New York Attorney General Letitia James today secured more than $22 million from KuCoin, one of the largest cryptocurrency trading platforms, for failing to register as a securities and commodities broker-dealer and for falsely representing itself as a crypto exchange. Today’s consent order resolves Attorney General James’ lawsuit against KuCoin and requires the company to refund over 150,000 New York investors more than $16.7 million and pay more than $5.3 million to the state. KuCoin is also banned from trading securities and commodities in New York and is prohibited from making its platform available to New Yorkers. This consent order continues Attorney General James’ work to increase oversight and regulation of cryptocurrency companies and protect New York investors, which has recovered more than $500 million from predatory cryptocurrency platforms to date.

U.S. Department Of Justice: Two Men Charged For Operating $25M Cryptocurrency Ponzi Scheme

Date 12/12/2023

A superseding indictment was unsealed yesterday charging an Australian national and a California man with operating a cryptocurrency Ponzi scheme that defrauded victims of more than $25 million.

Canadian Joint Forum Of Financial Market Regulators’ Continue To Enhance Collaborative Infrastructure

Date 12/12/2023

The Joint Forum of Financial Market Regulators (Joint Forum) held its annual meeting on November 20th, 2023, virtually, bringing together members of the Canadian Securities Administrators (CSA), the Canadian Council of Insurance Regulators (CCIR), the Canadian Association of Pension Supervisory Authorities (CAPSA) and representatives from the Canadian Insurance Services Regulatory Organizations (CISRO), as well as the Mortgage Broker Regulators’ Council of Canada (MBRCC).

US Office Of The Comptroller Of The Currency Reports Mortgage Performance For Third Quarter Of 2023

Date 12/12/2023

The Office of the Comptroller of the Currency (OCC) reported on the performance of first-lien mortgages in the federal banking system during the third quarter of 2023.

Climate Bonds Standard Expands To Add Flexibility And Support The Financing Of Clean Technology Innovation - Now Open For Public Consultation

Date 12/12/2023

Climate Bonds announces a number of usability improvements to the global Certification Scheme under the Climate Bonds Standard (CBS) v4.1, including an expanded definition for Research and Development (R&D) expenditure and a flexibility pocket of 5% for the Use of proceeds assessment framework. Reflecting a commitment to rigorous environmental integrity and innovation, these updates are now open for public consultation, inviting stakeholders to partake in shaping the future of green investment.

The EU Banking Sector Remains Resilient Despite Pockets Of Risk Stemming From The Change In Interest Rates

Date 12/12/2023

The European Banking Authority (EBA) today published its annual risk assessment of the European banking system. The Report is accompanied by the publication of the 2023 EU-wide transparency exercise, which provides detailed information, in a comparable and accessible format, for 123 banks from 26 countries across the European Union (EU) and the European Economic Area (EEA).

Opening Statement Of CFTC Commissioner Kristin N. Johnson Before The Market Risk Advisory Committee Meeting

Date 12/12/2023

Good morning, I am excited to welcome you to the third Market Risk Advisory Committee (MRAC) meeting of 2023. On March 8, 2023, MRAC held a first-of-its kind convening in the wake of one of the most concerning cyber attacks in our markets in recent years. The entity at the center of the cyber incident, ION, is not a CFTC-registered market participant; rather ION is a mission critical third-party service provider.

EBA Issues Revised List Of ITS Validation Rules

Date 12/12/2023

The European Banking Authority (EBA) issued today a revised list of validation rules in its Implementing Technical Standards (ITS) on supervisory reporting, highlighting those, which have been deactivated either for incorrectness or for triggering IT problems. Competent Authorities throughout the EU are informed that data submitted in accordance with these ITS should not be formally validated against the set of deactivated rules.