News Centre

US Financial Stability Oversight Council Meeting

Date 31/03/2021

On Wednesday, March 31, Secretary Yellen presided over a meeting of the Financial Stability Oversight Council (Council) via videoconference.

SEC Staff Statement On Select Issues Pertaining To Special Purpose Acquisition Companies - Division of Corporation Finance[1]

Date 31/03/2021

This staff statement addresses certain accounting, financial reporting and governance issues that should be carefully considered before a private operating company undertakes a business combination with a special purpose acquisition company (a “SPAC”). 

BOX Exchange: Penny Program Class Removals

Date 31/03/2021

The permanent Penny Interval Program for options (the “Penny Program”), was adopted on July 1, 2020 by BOX Exchange LLC (“BOX”) and includes provisions for an Annual Review to remove of any option class that falls outside the 425 most actively traded multiply listed option classes, based on National Cleared Volume from June 1 through November 30 of the prior year. Any option class added during the year because of activity following initial listing will remain in the Penny Program for one full calendar year.

Financial Reporting And Auditing Considerations of Companies Merging With SPACs, Paul Munter, SEC Acting Chief Accountant, March 31, 2021

Date 31/03/2021

Introduction

In recent years, we have seen significant market developments and innovation in our capital markets, with a variety of structures being utilized to raise capital and facilitate taking private companies public. 

Remarks By US Treasury Secretary Janet L. Yellen At The Open Session Of The Meeting Of The Financial Stability Oversight Council

Date 31/03/2021

I would like to call this meeting of the Council to order.

Almost exactly one year ago, the pandemic’s outbreak caused significant stress in the economy and in the financial system. In response to the deep uncertainty, investors sought safety in the form of cash and short-term government securities. Bond markets became illiquid.

Opening Remarks At The Diversifying Opportunity In Venture Capital Series, Martha Miller, SEC Advocate For Small Business Capital Formation, March 31, 2021

Date 31/03/2021

Thank you, Jessica [McKinney], for welcoming us today and for being the leader behind this emerging managers series of events. For those who are joining us live, I am thrilled you are choosing to spend your valuable time in the first of our three-part series exploring the role of emerging fund managers and their investors in funding underestimated founders across the country and empowering a new generation of investment decision-makers. Before I begin, I will give the standard SEC disclaimer that the views you hear today from SEC staff, including myself, represent only our own.

Driving Privileges At Risk For Those Who Don’t Pay British Columbia Securities Commission Penalties

Date 31/03/2021

The British Columbia Securities Commission (BCSC or Commission) will be able to block the issuance or renewal of a driver’s licence and vehicle licences and vehicle plates to anyone who has not fully paid a BCSC-imposed sanction for investment misconduct.

IIROC Issues Fundamentals Of Technology Risk Management Guidance

Date 31/03/2021

This Guide was developed as a high-level document, through independent research, discussions and consultations with various firms1 . The objective of this guide is to help mainly small and medium-sized IIROC firms take the first steps towards assessing and managing technology risk. For larger IIROC firms, technology risk management is generally incorporated within a formalized enterprise risk management (ERM) framework that includes an internal audit function to validate the firm’s governance, risk and controls.

BOX Options Market: April Fee Change – QOO Rebate Cap

Date 31/03/2021

Effective April 1, 2021,¹ BOX Options Market LLC (“BOX”) is amending Section II.C of the BOX Fee Schedule (QOO Order Rebate) to reinstate the monthly rebate cap of $30,000 per month per Broker Dealer. BOX is not making any other changes to the QOO Order Rebate.

British Columbia Securities Commission Wins Two Legal Victories In Efforts To Collect Financial Sanctionsins Two Legal Victories In Efforts To Collect Financial Sanctions

Date 31/03/2021

The British Columbia Securities Commission (BCSC) has won two legal victories in their efforts to collect $40.7 million in financial sanctions.