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New Zealand Financial Markets Authority Appoints KPMG Restructuring Services As Temporary Manager Following Removal Of Fund Managers Otago
Date 03/11/2020
The Financial Markets Authority (FMA) has appointed a temporary manager to manage three schemes previously operated by Fund Managers Otago Limited (FMO).
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Statement Of CFTC Commissioner Dan M. Berkovitz Regarding Swap Clearing Requirement Exemptions: Final Rule Amendments
Date 02/11/2020
I am voting for the final rule codifying certain limited exemptions from the swap clearing requirement that currently exist through Commission guidance or staff no action relief. The exemptions are consistent with longstanding Commission policies. Analysis of available historical data shows that the number and notional amount of swaps that would be exempted are relatively limited and not likely to materially impact systemic risk. Furthermore, the swaps exempted from clearing will be subject to uncleared swap margin requirements, if applicable, thereby mitigating the risks of not clearing these swaps.
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CFTC Exempts Additional Singapore Recognized Market Operators From SEF Registration Requirements
Date 02/11/2020
The Commodity Futures Trading Commission today announced that it unanimously approved an amended order that exempts eight Recognized Market Operators (RMOs) authorized within Singapore from CFTC swap execution facility (SEF) registration requirements. The exempted RMOs are BGC Partners (Singapore) Ltd., Euronext Markets Singapore Pte Ltd., GFI Group Pte Ltd., ICAP (Singapore) Pte Ltd., Nittan Capital Singapore Pte Ltd., Refinitiv Transaction Services Pte Ltd., TFS Currencies Pte Ltd., and Tullett Prebon (Singapore) Limited.
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Statement Of CFTC Chairman Heath P. Tarbert in Support Of Final Amendments To The Part 50 Clearing Requirements
Date 02/11/2020
I am pleased to support today’s final rule amending the CFTC’s Part 50 rules, which implement the swap clearing requirement of section 2(h)(1) of the Commodity Exchange Act (the Clearing Requirement). The final rule concurrently achieves two ends—it demonstrates the CFTC’s evolving philosophy on comity and deference towards our international counterparts while alleviating unnecessary regulatory burdens on small domestic institutions that look nothing like Wall Street banks.
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CFTC Expands Its Part 30 Exemptive Program To Improve Global Market Access For U.S. Customers
Date 02/11/2020
The Commodity Futures Trading Commission today issued multiple orders as part of its longstanding Part 30 exemptive program of international cooperation and regulatory deference. Orders have been issued to the Bombay Stock Exchange (BSE), the National Stock Exchange International Financial Service Centre Limited (NSE IFC), the Montreal Exchange (MX), NZX Limited (NZX), and UBS AG (UBS).
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Office Of The Comptroller Of The Currency Releases CRA Evaluations For 22 National Banks And Federal Savings Associations
Date 02/11/2020
The Office of the Comptroller of the Currency (OCC) today released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of October 1, 2020 through October 31, 2020. The list contains only national banks, federal savings associations, and insured federal branches of foreign banks that have received ratings. The possible ratings are outstanding, satisfactory, needs to improve, and substantial noncompliance.
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Updated: CFTC Approves Amendments To Swap Clearing Requirement Exemptions
Date 02/11/2020
The Commodity Futures Trading Commission at its open meeting today approved final rules exempting swaps entered into by certain financial institutions from the Commission’s swap clearing requirement under the Commodity Exchange Act (CEA).
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UK Financial Conduct Authority Announces Further Proposals To Support Mortgage Borrowers Impacted By Coronavirus
Date 02/11/2020
In September, the FCA announced tailored support for borrowers affected by coronavirus (Covid-19) after 31 October, which it would keep under review as the pandemic evolved.
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Supporting Statement Of CFTC Commissioner Brian D. Quintenz Regarding Swap Clearing Requirement Exemptions
Date 02/11/2020
I am pleased to support this final rule, which codifies existing relief from the Commission’s requirement that certain commonly traded interest rate swaps and credit default swaps be cleared following their execution. The new exemptions may be elected by several classes of counterparties that may enter into these swaps, namely: sovereign nations; central banks; “international financial institutions” of which sovereign nations are members; bank holding companies, and savings and loan holding companies, whose assets total no more than $10 billion; and community development financial institutions recognized by the U.S. Treasury Department. Today’s final rule notes that many of these entities have actually relied on existing relief, electing not to clear swaps that are generally subject to the clearing requirement. I strongly support the policy of international “comity” described in the final rule, recognizing that sovereign nations and their instrumentalities should generally not be subject to the Commission’s regulations. I trust that by issuing this rule, the United States, the Federal Reserve, and other U.S. government instrumentalities will receive the same treatment in foreign jurisdictions.
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CFTC Approves Amendments To Swap Clearing Requirement Exemptions
Date 02/11/2020
The Commodity Futures Trading Commission at its open meeting today approved final rules exempting swaps entered into by certain financial institutions from the Commission’s swap clearing requirement under the Commodity Exchange Act (CEA).
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