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CMPO Is Listed After Assets Restructuring And The Name Change - Shenzhen Stock Exchange Facilitates The Reform Of Central SOEs

Date 19/12/2019

On December 16, the Assets Restructuring and Renaming & Listing Ceremony of China Merchants Property Operation & Service Co., Ltd. (“CMPO”) was held at SZSE. The property management assets of China Merchants Group were injected into the listed company AVIC SUNDA. The stock name was officially changed from “AVIC SUNDA” to “CMPO”, and the code was changed to 001914. More than 300 leaders and guests including Chairman of China Merchants Group Mr. Li Jianhong, President of China Property Management Institute (“CPMI”) Mr. Shen Jianzhong and President & CEO of SZSE Mr. Wang Jianjun attended the listing ceremony. The restructuring is another important achievement of the continuous deepening of strategic cooperation between China Merchants Group and SZSE following the listing of CMSK, CMET and CM Port Group on SZSE. It is also an important step for the capital market to help SOEs deepen reform and support the supply-side structural reform.
B3: Ibovespa Breaks New Record And Reaches 114.314 Points

Date 18/12/2019

B3’s market performance index – Ibovespa – hit a record high today ending the day at 114.314 points, up 1,50% from last trading session. The previous Ibovespa record of 112.615 points was recorded on December 17th, 2019.
Statement Of Dissent By CFTC Commissioner Rostin Behnam Regarding Cross-Border Application Of The Registration Thresholds And Certain Requirements Applicable To Swap Dealers And Major Swap Participants - Proposed Rule

Date 18/12/2019

I respectfully dissent from the Commodity Futures Trading Commission’s (the “Commission” or “CFTC”) notice of proposed rulemaking addressing the cross-border application of the registration thresholds and certain requirements applicable to swap dealers (“SDs”) and major swap participants (“MSPs”) (the “Proposal”). I support the Commission’s effort to make good on its commitment to periodically review its approach to evaluating the circumstances under which the swaps provisions of Title VII of the Dodd-Frank Act[1] ought to apply to swap dealing and related activities outside the United States.[2] Indeed, the Guidance currently in place and Section 2(i) of the Commodity Exchange Act (the “Act” or “CEA”) itself provide the Commission the flexibility to evaluate its approach on a case-by-case basis, affording interested and affected parties the opportunity to present facts and circumstances that would inform the Commission’s application of the relevant substantive Title VII provisions in each circumstance.[3] Today, the Commission, without adequate explanation of its action, consideration of alternatives, or deference to the wisdom of the United States District Court for the District of Columbia on the matter, is proposing to discard both the existing Guidance and the use of agency guidance and non-binding policy statements altogether in addressing the cross-border reach of its authority in favor of hard and fast rules. I simply do not believe the Commission has made a strong enough case for wholesale abandonment of guidance at this point in the evolution of our global swaps markets, and in light of current events that are already impacting market participants and their view of the future global swaps landscape. As well, I have serious questions and concerns as to what the Commission may give up should the Proposal be codified in its current form.
Statement At Open Meeting On Resource Extraction By SEC Commissioner Elad L. Roisman

Date 18/12/2019

Thank you to the staff of the Division of Corporation Finance and the Office of the General Counsel for all of your hard work on this rule proposal. This was not a typical rulemaking. To begin with, this has no pretense of furthering the SEC’s tripartite mission: protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation. Not one of us can pretend that it does so.
Statement Of CFTC Commissioner Dan M. Berkovitz Regarding Final Rule Amending Part 39: Derivatives Clearing Organization General Provisions And Core Principles

Date 18/12/2019

I support the final rule to amend part 39 of the Commission’s regulations for derivatives clearing organizations (“DCOs”). Part 39 codifies eighteen core principles and related regulations with which a DCO must comply to obtain and maintain its registration status. Part 39 also provides additional standards for systemically important DCOs (“SIDCOs”).

Supporting Statement Of CFTC Commissioner Brian Quintenz Regarding Final Rule: Derivatives Clearing Organization General Provisions And Core Principles

Date 18/12/2019

I am pleased to support today’s final rule that amends the Commissions regulations governing derivatives clearing organizations (DCOs).[1]
Statement At Open Meeting On Disclosure Of Payments By Resource Extraction Issuers By SEC Commissioner Hester M. Peirce

Date 18/12/2019

Thank you to the Chairman, the staffs in the Divisions of Corporation Finance and Economic and Risk Analysis and the Office of General Counsel, and other staff throughout the building for your diligence on this proposal. This rule certainly has extracted lots of resources from this building.
Supporting Statement Of CFTC Commissioner Brian Quintenz Regarding Proposed Rule: Cross-Border Application Of The Registration Thresholds And Certain Requirements Applicable To SDs And MSPs

Date 18/12/2019

I am very pleased to support today’s proposed rule, which, in my view, delineates important boundaries of the Commission’s regulation of swaps activity conducted abroad, which would codify elements of the Commission’s 2013 interpretive guidance,[1] and make important adjustments with the benefit of six years’ additional experience in swaps market oversight.
Statement At Open Meeting On Amending The “Accredited Investor” Definition By SEC Commissioner Hester M. Peirce

Date 18/12/2019

I would again like to thank the Chairman, the staff in the Divisions of Corporation Finance, Investment Management, and Economic and Risk Analysis, the Office of General Counsel, and other staff throughout the building for your work on this proposal.
Dissenting Statement Of CFTC Commissioner Dan M. Berkovitz Regarding Cross-Border Application Of The Registration Thresholds And Certain Requirements Applicable To Swap Dealers And Major Swap Participants

Date 18/12/2019

I dissent from today’s cross-border swap regulation proposal (the “Proposal”) because it would significantly weaken the Commission’s existing regulatory framework that protects the United States from risky overseas swaps activity. The existing cross-border framework has worked well over the past six years to protect the U.S. financial system from risks from cross-border swaps activity, while simultaneously enabling U.S. banks to compete successfully in overseas markets.[1] The Proposal would create multiple loopholes for U.S. banks to evade the Commission’s oversight of their cross-border activity and pose risks to the U.S. financial system. With a wink and a nod, U.S. banks could effectively guarantee their overseas swap dealing affiliates from losses while also enabling those affiliates to escape regulation as swap dealers. The Proposal would enable U.S. banks to book their swap trades in unregistered foreign affiliates that would not be required to report their swaps in the United States, and would not be subject to our capital, margin, and risk management requirements.