News Centre

Monetary Authority Of Singapore: 14 Digital Bank Applicants Eligible For Next Stage Of Assessment

Date 18/06/2020

The Monetary Authority of Singapore (MAS) announced today that 14 of the 21 digital bank applications have met the eligibility criteria required for the application to be considered. These eligible applicants, comprising five digital full bank (DFB) applicants and nine digital wholesale bank (DWB) applicants, will progress to the next stage of assessment.

Scam Alert: ASIC Sees A Rise In Crypto Scams

Date 18/06/2020

• An increased number of Australians have reported crypto-asset (or cryptocurrency) scams to ASIC.
• Most crypto ‘investment opportunities’ reported to ASIC appear to be outright scams.
• Offenders are difficult to catch and lost money can be difficult to recover, especially when offenders operate outside of Australia and all contact has been online.
• Australian investors may lose all of the money they invest in fake crypto-assets.

Insurance Company And Former CFO Charged With Faulty Loss Reserves Disclosures - Defendants To Pay $10.5 Million To Settle SEC Charges

Date 17/06/2020

The Securities and Exchange Commission today charged international insurance company AmTrust Financial Services Inc. and its former CFO Ronald E. Pipoly Jr. with failing to disclose material facts about how the company estimated its insurance losses and reserves.  They have agreed to pay a combined $10.5 million to settle the SEC’s charges.

CFTC Swaps Report Update

Date 17/06/2020

CFTC's Weekly Swaps Report has been updated, and is now available.

SEC: Statement On The Passing Of Martin P. Dunn - William H. Hinman, Director, Division Of Corporation Finance, Shelley E. Parratt, Deputy Director, Division Of Corporation Finance

Date 17/06/2020

On behalf of the current and former staff of the SEC’s Division of Corporation Finance, we mourn the passing and honor the life of Marty Dunn, former Deputy Director and Chief Counsel.  As a gifted securities lawyer, Marty rose through the ranks of the staff to successfully lead the Division’s work to fulfill the Commission’s mission.  He dedicated his professional life to the Corp Fin staff and the work of the Commission, and made a tremendous impact on the lives of staff members.  Marty selflessly shared his time and knowledge with the staff, spending countless hours over the years educating attorneys and accountants on the federal securities laws.  We remember his sharp intellect, wicked sense of humor, unwavering commitment to the staff and his thoughtful application of the securities laws.  Marty leaves a lasting legacy on the Division and our securities laws.  We will miss him.

Ontario Securities Commission Announces Leadership Of New Office Of Economic Growth And Innovation - OSC’s Pat Chaukos To Lead The Office; Entrepreneur And Financial Industry Veteran Doug Steiner Joins The OSC In Senior Advisory Role

Date 17/06/2020

The Ontario Securities Commission (OSC) today announced the leadership of its newly-established Office of Economic Growth and Innovation (Office). A central part of the Ontario Government’s five-point capital markets plan, the new office focuses on accelerating innovation, bolstering capital formation and reducing regulatory burden in Ontario’s capital markets.

Nadex Product Schedule For The China Holidays On June 25 And 26, 2020

Date 17/06/2020

Due to the China holiday on Thursday, June 25, and Friday, June 26, 2020, the China 50 contracts will have a modified trading schedule. Please refer to the Holiday Product Schedule Guidelines for specific product trading hours.

Exchange Traded Funds In Volatile Markets - Understanding The Disconnect Between Price & Net Asset Value, By Mark Heckert, Chief Product Officer, ICE Data Services, June 2020

Date 17/06/2020

The ETF industry has blown away the growth expectations of its creators in the 1990s. While equities were the initial beneficiaries of investor appetite, bond ETF assets have surged since the 2008 financial crisis. Now bond ETFs - which give broad exposure to fixed income via a single exchange listed instrument - have highlighted challenges within the bond market structure.

EBA Publishes Its First Peer Review Of The Stress Tests And The Resilience Of Deposit Guarantee Schemes (DGSs)

Date 17/06/2020

• DGS stress tests have become an established tool to prepare for DGS interventions;
• The EBA considers the overall resilience of DGSs to be “fair”, which is the second best result possible and means that any shortcomings identified by DGSs are unlikely to affect the ability of DGSs to perform their tasks;
• For future peer reviews, the DGS stress testing framework would benefit from improvements to enhance comparability and consistency of reported outcomes.

SEC Names Jennifer S. Leete As Associate Director In Enforcement Division

Date 17/06/2020

The Securities and Exchange Commission today announced that Jennifer S. Leete has been named Associate Director in the SEC’s Division of Enforcement.  Ms. Leete succeeds Antonia Chion, who retired from the agency in February 2020.  In her new role, she will supervise approximately 50 attorneys, paralegals, and staff responsible for investigating a wide variety of securities law violations.