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Prepared Remarks Before The Investor Advisory Committee, SEC Chair Gary Gensler, Washington D.C., Sept. 19, 2024
Date 19/09/2024
Good morning. I am pleased to speak with the Investor Advisory Committee. As is customary, I’d like to note that my views are my own as Chair of the Securities and Exchange Commission, and I am not speaking on behalf of my fellow Commissioners or the staff.
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SEC Charges Advisory Firm Macquarie Investment Management Business Trust With Fraud - Firm To Pay Nearly $80 Million In Connection With Overvaluing Assets And Engaging In Unlawful Cross Trades
Date 19/09/2024
The Securities and Exchange Commission today announced registered investment adviser Macquarie Investment Management Business Trust (MIMBT) will pay a total of $79.8 million to settle charges for overvaluing approximately 4,900 largely illiquid collateralized mortgage obligations (CMOs) held in 20 advisory accounts, including 11 retail mutual funds, and for executing hundreds of cross trades between advisory clients that favored certain clients over others.
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Canadian Securities Administrators Propose Amendments To Modernize Continuous Disclosure Regime For Investment Funds
Date 19/09/2024
The Canadian Securities Administrators (CSA) have published for comment a series of proposed amendments aimed at modernizing the continuous disclosure regime for investment funds. These proposals are designed to provide investors with more focused and valuable disclosure while reducing the regulatory burden on investment fund managers.
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ISDA Publishes Results Of DC Review Consultation
Date 19/09/2024
ISDA has published the results of a market-wide consultation on proposed changes to the structure and governance of the Credit Derivatives Determinations Committees (DCs).
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Canadian Securities Regulators Propose Amendments To Mandatory Central Counterparty Clearing Of Derivatives
Date 19/09/2024
The Canadian Securities Administrators (CSA) today published a CSA Notice of Consultation on proposed amendments to National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives.
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SEC Charges Advisory Firm Inspire Investing With Misleading Investors Regarding Its Investment Strategy
Date 19/09/2024
The Securities and Exchange Commission today charged Idaho-based investment adviser Inspire Investing LLC with making misleading statements and for compliance failures related to the execution of its “biblically responsible investing” strategy.
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Pirum Strengthens The EMEA Sales Team With The Hiring Of Jonathan Hodder
Date 19/09/2024
Pirum, a trusted automation and connectivity partner for securities finance and collateral management, today announced the hire of Jonathan Hodder, to join the company’s origination sales in EMEA.
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Bank Of England - Asset Purchase Facility: Gilt Sales – Market Notice 19 September 2024
Date 19/09/2024
Market Notice
At its September 2024 meeting, the MPC voted to reduce the stock of gilts held in the APF by £100 billion over the period from October 2024 to September 2025, to a total of £558 billion.
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Catalysing Productivity And Growth: A Change In Mindset On Financial Inclusion - Speech By Nikhil Rathi, UK Financial Conduct Authority Chief Executive, Delivered At StepChange Connected 2024
Date 19/09/2024
Highlights
- Financial inclusion and growth need not be mutually exclusive.
- There cannot be genuine financial inclusion without digital inclusion.
- This will require a change in mindset, a different conversation about risk and innovation, and a systemwide effort - not just for government and regulators, but also for employers and schools.
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Net Interest Margin Of EU/EEA Banks Slightly Decreased On A Quarterly Basis
Date 19/09/2024
The European Banking Authority (EBA) today published its Q2 2024 quarterly Risk Dashboard (RDB), which discloses aggregated statistical information for the largest EU/EEA institutions.
- EU/EEA banks’ return on equity (RoE) remained nearly unchanged on a yearly basis, reaching 10.9%, 10bps lower than one year ago. On a quarterly basis the RoE increased by 30bps, mainly driven by a rise in other operating income.
- The net interest margin (NIM) declined slightly (1.68% in Q2 vs. 1.69% in Q1, 1.60% one year ago), indicating that it might have reached its peak in Q1 2024. As volume growth could not compensate for the negative impact from the NIM, net interest income declined slightly on a quarterly basis.
- EU/EEA banks’ common equity tier 1 (CET1) ratio rose on a fully loaded basis by 10bps to 16.1% in Q2 2024. The liquidity coverage ratio (LCR) and net stable funding ratio (NSFR) similarly rose in the second quarter (from 161.7% to 163.2% and from 127.3% to 127.8%, respectively). In the LCR’s numerator, the share of cash and reserves held by EU/EEA banks further decreased, while the share of central government assets increased.
- Loans to households and non-financial corporates slightly increased over the quarter. Sovereign exposures increased since the end of last year by around EUR 200bn (+5.5%), accompanied by a rise of the share of exposures recognised at fair value, and a rise of the share of shorter-term maturities. The non-performing loan (NPL) ratio remained stable at 1.9%, with material divergences across segments.
