News Centre

SIFMA, SIFMA AMG Submit Comments On Swing Pricing And Open-End Fund Liquidity Risk Management Programs

Date 14/02/2023

SIFMA and SIFMA Asset Management Group (SIFMA AMG) today filed comment letters expressing strong concern with the Securities and Exchange Commission’s (the Commission) proposals to make certain revisions to liquidity risk management programs and to require swing pricing for open-end mutual funds. SIFMA submitted a comment letter on behalf of mutual fund intermediary members with respect to the proposed swing pricing and hard close. SIFMA AMG submitted two comments letters – one addressing the swing pricing and hard close aspects of the proposal, and a separate letter on liquidity risk management programs and related disclosures.

SEC Proposes Revision To Privacy Act Rule

Date 14/02/2023

The Securities and Exchange Commission today proposed a rule that would revise the Commission’s regulations under the Privacy Act. The Privacy Act is the principal law governing the handling of personal information in the federal government. The current rules provide procedures for making Privacy Act requests, including requests for access to and amendment of records pertaining to the individual making the request. The revisions will clarify, update, and streamline the language of several procedural provisions.

Bahamas International Securities Exchange Chief Operating Officer Speaks To International School Of Business Entrepreneurship And Technology Bahamas Grade 12 Personal Finance Class

Date 14/02/2023

The Bahamas International Securities Exchange (BISX) spent the afternoon of Monday 30 January 2023 with the 12th Grade Personal Finance class of the International School of Business Entrepreneurship and Technology (“ISBET”). Speaking to the students was BISX Chief Operating Officer, Mr. Holland Grant. Mr. Grant spoke about BISX and gave insight into the operations of the Exchange. He also elaborated on items from the student’s Personal Finance curriculum, and tied in stock exchange principles to their curriculum.

Nadex Product Schedule For The President's Day Holiday On Monday, February 20, 2023

Date 14/02/2023

The Exchange will open at its regular time at 6:00pm ET on Sunday evening for trade date Monday, February 20, 2023. The Exchange will list a limited offering of contracts and will close at 5:00pm ET. Contracts will be listed as follows:

SEC Charges Former CEO Of Slync In $67 Million Offering Fraud - Defendant Kirchner Misappropriated More Than $28 Million Of Investor Proceeds To Fund His Lavish Lifestyle

Date 14/02/2023

The Securities and Exchange Commission today charged Christopher S. Kirchner, the co-founder and former CEO of Slync, Inc., a privately-held Texas-based software company, with fraudulently offering and selling more than $67 million of securities to multiple investors, more than $28 million of which he misappropriated for personal benefit.

MIAX Exchange Group - Options & Equities Markets - Amendment To Rule 1308, Supervision Of Accounts, To Extend The Temporary Remote Inspection Relief For Members To Complete Their Branch Office Inspections

Date 14/02/2023

MIAX Options, MIAX Pearl and MIAX Emerald have amended Rule 1308, Supervision of Accounts. The change to Rule 1308(d) would provide that Members have the option to conduct remotely those inspections described in Rule 1308(d)(5) through the earlier of the effective date of the FINRA pilot program on remote inspections if approved, or December 31, 2023.

Cicely LaMothe Named Deputy Director, Disclosure Operations, For The Division Of Corporation Finance

Date 14/02/2023

The Securities and Exchange Commission today announced that Cicely LaMothe was named Deputy Director, Disclosure Operations, for the Division of Corporation Finance, effective Feb. 12, 2023. Ms. LaMothe served as the Acting Deputy Director for Disclosure Operations since August 2022.

Accounting Standard Setting In A Rapidly Evolving Business Environment: A Focus On The Timely Delivery of Investor Priorities, Paul Munter, SEC Chief Accountant, Feb. 14, 2023

Date 14/02/2023

Introduction

One year ago, we issued a statement stressing the importance of the Financial Accounting Foundation (“FAF”) and Financial Accounting Standards Board’s (“FASB”) efforts to improve accounting standards and the standard-setting process, including the vital investor outreach performed through the FASB’s 2021 Agenda Consultation. Since then, the FASB’s technical and research agendas were reprioritized, largely to focus on investor and other stakeholder priorities identified through the agenda consultation process. Recently, the FASB has made progress on many reprioritized projects, such as disaggregation of income statement expenses; accounting for and disclosure of crypto assets; improvements, including further disaggregation, to income tax disclosures; and segment reporting. Completion of these and other reprioritized projects in a timely manner is critical to the quality of accounting standards and the resulting quality of financial reporting. As FASB standard-setting projects move forward, we believe there are continued opportunities for improvement to the standard-setting process, and that constructive collaboration by preparers, investors, auditors, and other stakeholders, with a focus on timely solutions that meet investor financial reporting needs, is key to the development of high-quality accounting standards for the benefit of the financial reporting system, investors, and issuers.

CFTC’s Energy And Environmental Markets Advisory Committee To Meet February 28

Date 14/02/2023

CFTC Commissioner Summer K. Mersinger, sponsor of the Energy and Environmental Markets Advisory Committee (EEMAC), today announced the EEMAC will hold a public meeting from 10:30 a.m. to 3:00 p.m. (CT) on Tuesday, February 28 in Nashville, Tennessee at the Nashville Public Library. Members of the public may also attend the meeting virtually and if space permits, in person.

EBA Updates Some Important Q&As In The Area Of Own Funds And Eligible Liabilities

Date 14/02/2023

The European Banking Authority (EBA) has updated some of its existing Q&As on own funds and eligible liabilities to ensure consistency with the revised final draft Regulatory Technical Standards (RTS) on own funds and eligible liabilities submitted to the European Commission in May 2021. While the latter have not been finally adopted yet, the EBA deemed it important to already provide clarity to institutions and market participants on some undisputed aspects related to the RTS that are particularly relevant for their practical implementation of the Capital Requirements Regulation (CRR) and the RTS.