News Centre

“Global Recovery And Global Cooperation: The Challenges Ahead” - By John Lipsky - Acting Managing Director, IMF

Date 25/05/2011

First of all, it’s a very great honor to be able to participate in the Niarchos Lecture Series. It’s very humbling to hear the very illustrious names that have gone before me, and of course, it goes without saying that I deeply regret the circumstances that brought me here today instead of Dominique Strauss-Kahn. However, first, as Fred Bergsten has said, the Fund is a deep, talented, and resilient institution. Dominique Strauss-Kahn in his years as managing director provided tremendous leadership, but it was leading an extremely competent and dedicated team that I now have the honor to lead until a new managing director is chosen. And I am completely confident that the institution will be able to fulfill all its obligations, responsibilities, and roles fully in such time as transpires until a new managing director is named. Parenthetically, I’m the third first managing director of the IMF. All three of us have spent some time as acting managing director. This seems to come with the territory.

Speech By SEC Commissioner Elisse B. Walter: Opening Statement — May 25, 2011 Open Meeting — Final Rules For Implementing The Whistleblower Provisions Of Section 21F Of The Securities Exchange Act Of 1934

Date 25/05/2011

I too would like to thank the staff for their long, hard, thoughtful and productive work relating to the recommendations before us today. You have gone to great lengths to consider carefully and address the important issues raised by the final rules and forms relating to our new whistleblower program, and especially the questions, comments, and concerns that each of us on the Commission has had about the program, as well as those expressed through the numerous comment letters on the proposals.

DTCC: Indemnification Provision In Dodd-Frank Could Create Unintended Negative Consequences - Provision Could Undermine Regulators’ Ability To See Unfragmented View Of Market Data

Date 25/05/2011

The Depository Trust & Clearing Corporation (DTCC) today cautioned in testimony before a House Agriculture subcommittee that the indemnification provision of Dodd-Frank could create unintended negative consequences, including undermining efforts to enhance transparency and mitigate systemic risk in the over-the-counter (OTC) derivatives market. The hearing was called to discuss global harmonization, extra-territoriality issues and technical concerns with the implementation of the Dodd-Frank Act.

Speech By SEC Commissioner Troy A. Paredes: Statement At Open Meeting To Adopt Final Rules For Implementing The Whistleblower Provisions Of Section 21F Of The Securities Exchange Act Of 1934

Date 25/05/2011

Section 21F of the Securities Exchange Act, which was added by the Dodd-Frank Act, provides for a new SEC whistleblower program. Under the program, the SEC is to pay a bounty to an eligible whistleblower who voluntarily provides the SEC with original information concerning a securities law violation that leads to a successful enforcement action. The bounty can be considerable: between 10 and 30 percent of the monetary sanctions awarded in the enforcement action to which the tips leads.

ISDA Welcomes European Parliament Progress On EMIR

Date 25/05/2011

The International Swaps and Derivatives Association, Inc. (ISDA) welcomes the adoption of amendments at committee stage by the Economic and Monetary Committee of the European Parliament on 24 May.

Speech By SEC Commissioner Troy A. Paredes: Statement At Open Meeting To Propose Rules Regarding Disqualification Of Felons And Other “Bad Actors” From Rule 506 Offerings

Date 25/05/2011

Thank you, Chairman Schapiro.

The recommendation before us is to disqualify felons and other “bad actors” from participating in offerings under Rule 506 of Regulation D. The proposal implements Section 926 of the Dodd-Frank Act.

IMF Executive Board Discusses Monitoring Financial Interconnectedness, Including The Data Template For Global Systemically Important Financial Institutions

Date 25/05/2011

On May 18, 2011, the Executive Board of the International Monetary Fund (IMF) discussed progress in closing the identified data gaps related to financial interconnectedness, particularly with reference to the data template for the global systemically important financial institutions (G - SIFIs).

Speech By SEC Commissioner Luis A. Aguilar: Incentivizing Whistleblowers To Bring Fraud To Light

Date 25/05/2011

Too often, we see frauds revealed only after the money is gone and investors are tragically harmed. In an attempt to systematically combat this, Congress mandated that the SEC promulgate rules so that whistleblowers would serve as an early warning system to detect fraud. Today, we are putting rules into place to achieve that goal.

Statement Of Jill E. Sommers Before The Subcommittee On General Farm Commodities And Risk Management, House Committee On Agriculture

Date 25/05/2011

Good morning Chairman Conaway, Ranking Member Boswell and members of the Subcommittee. Thank you for inviting me to today’s hearing on “Harmonizing Global Derivatives Reform: Impact on U.S. Competitiveness and Market Stability.” I am Jill Sommers. I have worked in the derivatives industry for over fifteen years and have been a Commissioner at the Commodity Futures Trading Commission since August of 2007. The views I present today are my own and not those of the Commission.

Speech By SEC Commissioner Luis A. Aguilar: Excluding Established Wrongdoers from Engaging In Rule 506 Transactions

Date 25/05/2011

Right now, anyone can participate in Rule 506 offerings. Even a convicted felon, fresh out of prison, could solicit millions of dollars from unsuspecting investors. This is a reality — convicted fraudsters really do participate in Rule 506 offerings. For example, last year, the SEC filed an emergency action to stop a convicted felon who was operating a multi-million dollar fraud in unregistered securities. Additionally, just two weeks ago the SEC sued a recidivist for defrauding investors in unregistered securities offerings.