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Statement Of CFTC Commissioner Dan M. Berkovitz On Final Rule To Make Permanent Certain Anti-Evasion Measures For Inter-Affiliate Swaps

Date 25/06/2020

I support today’s final rule making permanent the alternative compliance frameworks for certain swaps involving the foreign affiliates of U.S. firms and their non-U.S. counterparties. The final rule upholds the Dodd-Frank Act’s clearing mandate, deters evasion, and protects against systemic risk from swaps executed overseas by foreign affiliates. The final rule, which adopts the rule as proposed, [1] codifies existing practice and addresses anti-evasion provisions governing inter-affiliate swaps that the Commission first issued in 2013 and later extended through staff no-action letters.
Autorité Des Marchés Financiers Unveils Its 2020-2021 Annual Statement Of Priorities

Date 25/06/2020

The Autorité des marchés financiers (AMF) today unveiled its 2020-2021 annual statement of priorities in the particular context of the COVID-19 pandemic and its repercussions on the Québec economy and the financial services industry.
Statement Of CFTC Chairman Heath P. Tarbert In Support Of Final Rule On Alternative Compliance For The Inter-Affiliate Swap Clearing Exemption

Date 25/06/2020

I am pleased to support our final rule codifying the alternative compliance framework for the Commission’s inter-affiliate swap clearing exemption, which has been in place via the CFTC’s staff no-action relief since 2014. As I previously stated in connection with the proposed rule, codifying this relief is good policy and good government.
Statement Of CFTC Chairman Heath P. Tarbert In Support Of The Proposed Rule On Electronic Trading Risk Principles

Date 25/06/2020

The mission of the CFTC is to promote the integrity, resilience, and vibrancy of U.S. derivatives markets through sound regulation. We cannot achieve this mission if we rest on our laurels—particularly in relation to the ever evolving technology that makes U.S. derivatives markets the envy of the world. What is sound regulation today may not be sound regulation tomorrow.
Federal Reserve Board Releases Results Of Stress Tests For 2020 And Additional Sensitivity Analyses Conducted In Light Of The Coronavirus Event

Date 25/06/2020

The Federal Reserve Board on Thursday released the results of its stress tests for 2020 and additional sensitivity analyses that the Board conducted in light of the coronavirus event.

Dissenting Statement Of CFTC Commissioner Rostin Behnam Regarding Revisions To The Volcker Rule

Date 25/06/2020

I respectfully dissent as to the Commission’s decision to finalize additional revisions to the Volcker Rule. As we approach the ten year anniversary of the Dodd-Frank Act,[1] and cautiously begin mapping a path out of the current pandemic, I believe it is a good time to reflect on the lessons learned from the 2008 financial crisis, the efficacy of our responses, and whether our objectives have changed, or just our perspective. One of the many critically important provisions of the Dodd-Frank Act is the Volcker Rule. The Volcker Rule, in simple terms, contains two basic prohibitions: (1) banking entities may not engage in proprietary trading; and (2) banking entities cannot have an ownership interest in, sponsor, or have certain relationships with a covered fund.
SEC Charges Issuer, CEO, And Lobbyist With Defrauding Investors In AML BitCoin

Date 25/06/2020

The Securities and Exchange Commission today charged NAC Foundation, its Chief Executive Officer Marcus Andrade, and political lobbyist Jack Abramoff with conducting a fraudulent, unregistered offering of AML BitCoin, a digital asset security the defendants claimed was a new and improved version of bitcoin.
Statement Of CFTC Chairman Heath P. Tarbert In Support Of The Final Rule To Revise The Volcker Rule

Date 25/06/2020

As I have previously remarked, the Volcker Rule is “among the most well-intentioned but poorly designed regulations in the history of American finance.” While today’s final rule does not fix the fundamental flaws of the Volcker Rule—only congressional action can do that—it at least represents a more accurate reading of the law Congress actually passed and brings us a step closer to a reasonable implementation of the rule.
US Department Of Justice: Novartis Hellas S.A.C.I. And Alcon Pte Ltd Agree To Pay Over $233 Million Combined To Resolve Criminal FCPA Cases - Novartis AG, Novartis Hellas S.A.C.I., And Alcon Pte Ltd Agree To Pay Over $345 Million Combined To Resolve FCPA Matters With The Government

Date 25/06/2020

Novartis Hellas S.A.C.I. (Novartis Greece), a subsidiary of Novartis AG, a Switzerland-based global pharmaceutical company, and Alcon Pte Ltd, a former subsidiary of Novartis AG and current subsidiary of Alcon Inc., a multinational eye care company, have agreed to pay a combined total of more than $233 million in criminal monetary penalties to resolve the department’s investigation into violations of the Foreign Corrupt Practices Act (FCPA).
Joint Statement Of CFTC Chairman Heath P. Tarbert, Commissioner Rostin Behnam, And Commissioner Dan M. Berkovitz In Support Of Final Rule Restricting Post-Trade Name Give-Up

Date 25/06/2020

As we have previously stated, it is a fundamental principle of exchange-style trading systems that the buyer and seller of a given financial instrument have no reason to know—and do not know—one another’s identity. This levels the playing field for counterparties of all sizes and types by allowing traders to enter and exit the market without exposing their trading positions and strategies. As a result, markets with pre- and post-trade anonymity are generally not only fairer, but also feature greater liquidity, a more diverse set of market participants, and greater competition.