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Readout: US Financial Stability Oversight Council Meeting On June 11, 2021

Date 11/06/2021

U.S. Treasury Secretary Janet L. Yellen today convened a meeting of the Financial Stability Oversight Council (Council) in executive and open sessions by videoconference.

SEC Announces Annual Regulatory Agenda

Date 11/06/2021

The Office of Information and Regulatory Affairs today released the Spring 2021 Unified Agenda of Regulatory and Deregulatory Actions. The report, which includes contributions related to the Securities and Exchange Commission, lists short- and long-term regulatory actions that administrative agencies plan to take.

Financial Stability Oversight Council Meeting

Date 11/06/2021

On Friday, June 11, Secretary Yellen presided over a meeting of the Financial Stability Oversight Council (Council) via videoconference.

US Department Of Justice: U.S. Entertainer/Businessman And Malaysian National Charged With Back-Channel Lobbying Campaign To Drop 1MDB Investigation And Remove Chinese Dissident From U.S..

Date 11/06/2021

A federal grand jury in the District of Columbia returned a superseding indictment Thursday charging a U.S. entertainer and businessman and a Malaysian national with orchestrating an unregistered, back-channel campaign beginning in or about 2017 to influence the then-administration of the President of the United States and the Department of Justice both to drop the investigation of Jho Low and others in connection with the international strategic and development company known as 1Malaysia Development Berhad (1MDB), and to send a Chinese dissident back to China.

Statement By The Acting Comptroller Of The Currency At The Financial Stability Oversight Council

Date 11/06/2021

Acting Comptroller of the Currency Michael J. Hsu made the following statement today at the meeting of the Financial Stability Oversight Council (FSOC) with respect to the LIBOR transition:

Thank you, Madam Secretary, and thank you for your leadership of this body as I join colleagues in the Council for the first time today. The Council’s financial stability mission is one I regard as critical for our nation’s financial system and I look forward to contributing meaningfully to our discussions as Acting Comptroller.

Federal Court Sanctions Australian Trader For Spoofing And Engaging In A Manipulative And Deceptive Scheme

Date 11/06/2021

The Commodity Futures Trading Commission today announced that the U.S. District Court for the Northern District of Illinois entered a consent order on June 4, resolving CFTC charges that Jiongsheng Zhao, a trader based in Australia, engaged in spoofing and manipulation in the Chicago Mercantile Exchange E-mini S&P 500 futures market in violation of the Commodity Exchange Act (CEA) and CFTC regulations.

Prepared Remarks Before The Financial Stability Oversight Council, SEC Chair Gary Gensler, June 11, 2021: LIBOR Statement

Date 11/06/2021

Thank you. I’d like to discuss the transition from the London Interbank Offered Rate (LIBOR).

I’d also like to talk about Hans Christian Andersen and Warren Buffet. Now you might be wondering why I’m thinking about these two men — born 125 years and an ocean apart — in the context of LIBOR. I’ll get to that in a minute.

CFTC Commitments Of Traders Update

Date 11/06/2021

The current reports for the week of June 08, 2021 are now available.

Remarks By US Secretary Of The Treasury Janet L. Yellen To The Financial Stability Oversight Council On LIBOR Transition

Date 11/06/2021

The Council first discussed the importance of reference rate reform in 2012, and a great deal of progress has been made since then.  The Alternative Reference Rates Committee, or ARRC, has worked to identify and address transition issues, including analysis of potential alternative rates and the recommendation to use the Secured Overnight Financing Rate, or SOFR.  SOFR provides a robust rate, suitable for use in most products and with underlying transaction volumes that are unmatched by other LIBOR alternatives. 

Prepared Remarks Before The Financial Stability Oversight Council, SEC Chair Gary Gensler, June 11, 2021 - Money Market Funds Statement

Date 11/06/2021

Thank you. I am honored to be here rejoining the Financial Stability Oversight Council meeting, today for the first time as Chair of the Securities and Exchange Commission. I believe in this Council’s mission to identify and respond to financial stability risks and to better promote market discipline. Financial stability is also a part of my remit as Chair of the SEC.