News Centre

SEC Charges Andeavor For Inadequate Controls Around Authorization Of Stock Buyback Plan - Company To Pay $20 Million Penalty

Date 15/10/2020

The Securities and Exchange Commission today announced settled charges against Andeavor LLC for controls violations relating to a stock buyback plan it implemented while it was in discussions to be acquired by Marathon Petroleum Corp. in 2018. Andeavor agreed to pay a $20 million penalty to settle the charges.

Statement Of CFTC Commissioner Dawn D. Stump Regarding Final Rule: Position Limits For Derivatives

Date 15/10/2020

Overview

With all that has transpired in our country and in our lives this year, it feels like ages ago that we gathered together in person to consider proposing amendments to update the Commission’s rules regarding position limits back at the end of January.  At the time, I said that there were three guideposts by which I would evaluate that proposal: First, is it reasonable in design?  Second, is it balanced in approach?  And third, is it workable in practice for both market participants and for the Commission?

Modernizing And Strengthening CRA Regulations: A Conversation With Minority Depository Institutions, Federal Reserve Governor Lael Brainard To The National Bankers Association (Via Webcast)

Date 15/10/2020

I want to thank Kim Saunders and Kenneth Kelly for inviting me to join members of the National Bankers Association (NBA) for a conversation today.

Statement Of CFTC Commissioner Dan M. Berkovitz Regarding Final Rule To Amend Exemptions For Foreign Persons Acting As Commodity Pool Operators Of Offshore Commodity Pools

Date 15/10/2020

I am voting for the final rule amending regulation 3.10(c) (Final Rule).  Regulation 3.10(c) provides an exemption from registration to foreign persons who operate commodity pools (CPO) located outside of the United States.  The Final Rule makes pragmatic adjustments to certain conditions for claiming the exemption that will allow the Commission to focus its limited resources on protecting U.S. persons who participate in commodity pools, rather than on commodity pools operated outside the U.S. in which non-U.S. persons participate.

Office Of The Comptroller Of The Currency - Regulatory Capital Rule: Temporary Changes To And Transition For The Community Bank Leverage Ratio Framework

Date 15/10/2020

Summary

The Office of the Comptroller of the Currency (OCC), along with the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation (collectively, the agencies), published a final rule in the Federal Register on October 9, 2020, that adopts without change two interim final rules: “Temporary Changes to the Community Bank Leverage Ratio Framework” and “Transition for the Community Bank Leverage Ratio Framework.”

Opening Statement Of CFTC Commissioner Rostin Behnam Before The Meeting Of The Commodity Futures Trading Commission

Date 15/10/2020

The last time we gathered as a Commission to discuss position limits I used some of my time to speak a bit about the award winning movie, Ford v Ferrari.  At that point, we were nearing the airing of the 92nd Academy Awards and this action-packed drama had earned four nominations—not to mention the distinction of being one of the few films I actually saw in a theater.  For those of you who have not found it in one of your quarantine movie queues, Ford v Ferrari tells the true story of American car designer Carroll Shelby and British-born driver Ken Miles who built a race car for Ford Motor Company—the GT40—and competed with Enzo Ferrari’s dominating, iconic red racing cars at the 1966 24 Hours of Le Mans.  I used the film and racing metaphors throughout my speaking and written statements to highlight serious concerns that the proposed amendments to the CFTC rules addressing position limits (the Proposal) signified yet one more instance where the Commission seemed to be comfortable with deferring core, congressionally mandated duties to others and calling it a victory.

Superintendent Lacewell Announces New York State Department Of Financial Services To Host First-Ever Techsprint To Advance The Department’s Regulator Of The Future Vision - Digital Regulatory Reporting For Virtual Currency Companies Selected As Focus For Techsprint - DFS Will Collaborate With The Conference Of State Bank Supervisors And Alliance For Innovative Regulation To Produce Techsprint

Date 15/10/2020

Superintendent of Financial Services Linda A. Lacewell today announced DFS’ first-ever techsprint, an initiative to convene regulators and industry stakeholders to work towards a common goal of Digital Regulatory Reporting (DRR), which aims to give regulators instant access to data provided by firms under their supervision.  This effort comes in the context of a trend by global financial regulators to employ techsprints as a mechanism to rapidly prototype technology solutions to key supervisory problems.   

Statement Of CFTC Chairman Heath P. Tarbert In Support Of Amending The Registration Exemption For Foreign CPOs

Date 15/10/2020

When the Commission considered the proposal to amend the registration exemption for foreign commodity pool operators (CPOs), I noted that, in his second inaugural address in 1893, President Grover Cleveland remarked “[u]nder our scheme of government the waste of public money is a crime against the citizen.”  The CFTC is a taxpayer-funded agency, and Congress expects us to deploy our resources to serve the needs of American taxpayers.  That is why as Chairman and Chief Executive, I have sought to revisit our agency’s regulations where there does not appear to be a clear connection to furthering the interests of the United States or our citizens.

SEC Appoints PCAOB Chief Auditor Megan Zietsman To PCAOB Board

Date 15/10/2020

The Securities and Exchange Commission today announced the appointment of Megan Zietsman as a Board member of the Public Company Accounting Oversight Board (PCAOB) for a term ending in October 2025. Ms. Zietsman has been the Chief Auditor and Director of Professional Standards of the PCAOB since February 2019.

Supporting Statement Of CFTC Commissioner Brian Quintenz Regarding Final Rule Further Extending The Compliance Schedule For Initial Margin Requirements For Firms With Smaller Swap Portfolios

Date 15/10/2020

I support today’s final rule that extends the last phase of compliance for initial margin requirements to September 1, 2022.  In light of the unprecedented economic and social impacts of COVID-19 and the potential market disruption that could result from a large number of entities coming into scope on September 1, 2021, I strongly support an additional one year deferral for these firms.  As I have noted previously, given the large number of firms covered by the final compliance phases, the estimated 7,000 initial margin relationships that need to be negotiated, and the small overall percentage of swap activity these firms represent, a one year delay for these firms is appropriate in order to facilitate an efficient, orderly transition for the market into the uncleared margin regime.  In addition, today’s final rule also ensures the Commission is consistent with the BCBS-IOSCO recommended margin framework and with actions taken by U.S. prudential regulators to extend the margin compliance schedule.