News Centre

New York State Department Of Financial Service Superintendent Lacewell Announces AIG To Pay $12 Million To NY For Unlicensed Pension Risk Transfer Business - AIG’s Pension Risk Transfer Business Solicited Business In New York And Placed Group Annuity Contracts With American General, An Unlicensed AIG Subsidiary - Part of Ongoing, Industry-Wide Investigation of Pension Risk Transfers Deals In NY

Date 01/02/2021

Superintendent of Financial Services Linda A. Lacewell announced today that AIG will pay a $12 million penalty to New York State for New York Insurance Law violations related to its subsidiary American General Life Insurance Company (AGL) and that company’s pension risk transfer (PRT) business. A New York State Department of Financial Services (DFS) investigation uncovered that AGL solicited and did insurance business in New York without a license.

ISDA -The Swap Episode 7: Brexit: Moving To Strategic Rivalry

Date 01/02/2021

What has the end of the Brexit transition period meant for derivatives markets, and how will the priorities of EU and UK regulators shift now that Brexit is finally done? Are the EU and UK entering into a new era of strategic rivalry in financial services? Donald Ricketts, head of financial services at FleishmanHillard, gives his thoughts.

FINRA Publishes 2021 Report On FINRA’s Examination And Risk Monitoring Program - Report Combines And Replaces Annual Exam And Risk Monitoring Findings Report, Priorities Letter

Date 01/02/2021

FINRA today published the 2021 Report on FINRA’s Examination and Risk Monitoring Program to inform member firms’ compliance programs by providing annual insights from FINRA’s Examinations and Risk Monitoring programs. The Report combines and replaces two previously published annual reports, the Report on Examination Findings and Observations and the Risk Monitoring and Examination Program Priorities Letter.

Montréal Exchange: Call For Interest: Asian Trading Hours Market Making Program

Date 01/02/2021

As stated in circular 135-20 published on the Montréal Exchange’s (the Bourse) website on August 5th 2020, the Bourse proposes to extend its trading hours further into the Asian time zone by opening its market at 8:00 pm ET (t-1) rather than the current 2:00 am ET open. This initiative is in line with the Bourse’s mission to be a client focused and globally recognized leading derivatives exchange, as it will allow domestic and international clients to manage their exposure to Canadian markets during non-regular Canadian business hours.

SEC Acting Chair Allison Herren Lee Announces Executive Staff

Date 01/02/2021

The Securities and Exchange Commission today released a roster of the executive staff for Acting Chair Allison Herren Lee. The executive staff is responsible for advising the Chair on matters before the Commission, working closely with agency staff, and helping the Chair perform all day-to-day operations needed to fulfill the SEC’s mission.

Federal Reserve: The October 2020 Senior Loan Officer Opinion Survey on Bank Lending Practices

Date 01/02/2021

The October 2020 Senior Loan Officer Opinion Survey on Bank Lending Practices addressed changes in the standards and terms on, and demand for, bank loans to businesses and households over the past three months, which generally correspond to the third quarter of 2020.

Joint BETTER FINANCE And CFA Institute Statement: EU Authorities Should Prioritise The Long Overdue Full PRIIPs Regulation Review, And The UCITS Funds’ Exemption Should Be Extended Until This Review Is Completed, As Intended By EU Law

Date 01/02/2021

The organisations representing individual, non-professional investors and financial analysts advise the European Commission, the European Supervisory Authorities (ESAs) and the EU co-legislators against further delaying the long overdue full Level 1 review of the regime on key information documents (KID) for Packaged Retail and Insurance-based Investment Products (PRIIPs).

SEC: Satyam Khanna Named Senior Policy Advisor For Climate And ESG

Date 01/02/2021

The Securities and Exchange Commission announced today that Satyam Khanna will serve as Senior Policy Advisor for Climate and ESG in the office of Acting Chair Allison Herren Lee. In this new role, Mr. Khanna will advise the agency on environmental, social, and governance matters and advance related new initiatives across its offices and divisions.

Cboe Options Exchange To List Mini-Russell 2000 Index Options (MRUT) Beginning March 1

Date 01/02/2021

• Smaller contract at one-tenth the size of standard Russell 2000 Index options
• Designed to provide greater flexibility and precision for U.S. small-cap equity trading strategies
• An alternative to comparable ETF options providing exposure to U.S. small-cap equities
• Cash-settled (no unwanted delivery of physical shares) and European-style (no early exercise)
• MRUT Weeklys include Monday, Wednesday and Friday expiries

SEC: John Coates Named Acting Director Of The Division Of Corporation Finance

Date 01/02/2021

The Securities and Exchange Commission announced today that John Coates will serve as Acting Director of the agency’s Division of Corporation Finance.