News Centre

In Service Of The Investor: Statement On Outsourcing By Investment Advisers, SEC Commissioner Caroline A. Crenshaw, Oct. 26, 2022

Date 26/10/2022

I am happy to support today’s proposed rule, which would establish certain minimum standards to which an adviser must adhere when they outsource core advisory duties to third parties. Outsourcing, a trend which appears to cross a variety of services and functions in the asset management space, can introduce efficiencies in an adviser’s ability to carry out its functions. For example, service providers may give the adviser or its clients access to certain specializations that the adviser otherwise does not have in-house. Outsourcing may also have associated cost savings that can be passed along to investors.

CFTC Chairman Behnam To Participate In A Conversation At The AIMA Global Policy & Regulatory Forum 2022

Date 26/10/2022

ISDA Crypto Forum 2022, October 26, 2022, Opening Remarks, Scott O’Malia, ISDA Chief Executive

Date 26/10/2022

Good morning, and welcome to the ISDA Crypto Forum. Thank you for joining us today, and a special thanks to all our sponsors for supporting this event.

Statement On Listing Standards For Recovery Of Erroneously Awarded Compensation, SEC Commissioner Caroline A. Crenshaw, Oct. 26, 2022

Date 26/10/2022

This rulemaking is straightforward and long awaited. It was over a decade ago when Congress mandated that the Commission promulgate rules related to the recovery, by issuers from its executives, of erroneously awarded incentive based compensation.

Simplicity Is A Goal Unto Itself: Statement On Tailored Shareholder Reports For Mutual Funds And Exchange Traded Funds; Fee Information In Investment Company Advertising, SEC Commissioner Caroline A. Crenshaw, Oct. 26, 2022

Date 26/10/2022

Throughout history, some of the world’s greatest minds have extolled the virtues of simplicity. Fryderyk Chopin is credited with saying, “Simplicity is the highest goal, achievable when you have overcome all difficulties.” Brevity is the soul of wit,” Shakespeare told us through Polonius in the second act of Hamlet. And, of course, there is Occam’s razor, which stands for the principle that a simpler explanation is preferable to one that is more complex.

CFTC Exempts Additional European Union Multilateral Trading Facilities And Organised Trading Facilities From SEF Registration Requirements

Date 26/10/2022

The Commodity Futures Trading Commission today announced that it has unanimously approved an amended order that exempts two multilateral trading facilities (MTFs) and two organised trading facilities authorized within the European Union (EU) from CFTC swap execution facility (SEF) registration requirements. The exempted MTFs are Financial & Risk Transaction Services Ireland Limited (Ireland) and TRAD-X MTF (France). The exempted OTFs are Market Securities OTF (France) and Tradition España OTF (Spain). 

CFTC Exempts Additional Singapore Recognized Market Operators From SEF Registration Requirements

Date 26/10/2022

The Commodity Futures Trading Commission today announced it has unanimously approved an amended order that exempts three Recognized Market Operators (RMOs) authorized within Singapore from CFTC swap execution facility (SEF) registration requirements. The exempted RMOs are Bloomberg Tradebook Singapore Pte Ltd, SGX FX Markets Pte. Ltd., and Synoption Pte. Ltd.

US Office Of The Comptroller Of The Currency To Host Symposium On Bank Mergers

Date 26/10/2022

The Office of the Comptroller of the Currency (OCC) will host a symposium on bank mergers at its headquarters in Washington, D.C., on February 10, 2023.

MIAX Option: Change To The Live Quote Window Time For he SPIKES Settlement Auction

Date 26/10/2022

Beginning on November 16, 2022, MIAX Options will change the Live Quote Window (“LQW”) opening time to 8:30:00 AM ET for SPY options used in calculating the SPIKES Settlement Price.

Outsourcing Fiduciary Duty To the Commission: Statement On Proposed Outsourcing By Investment Advisers, SEC Commissioner Hester M. Peirce Oct. 26, 2022

Date 26/10/2022

Thank you Chair Gensler. Investment advisers are fiduciaries to their clients, so why are we giving them step-by-step instructions on how to do their jobs? If we think Congress got it wrong—that investment advisers cannot, absent regulatory handholding, serve their clients faithfully—then we should tell Congress. The approach we are taking—incrementally displacing their judgment with our own—is neither statutorily grounded nor protective of investors. I could have supported Commission guidance highlighting the importance of an adviser’s ongoing obligations to its clients when it has engaged a service provider. I cannot support repackaging existing fiduciary obligations into a new set of prescriptions for investment advisers.