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US Department Of Justice: Former Executives And Employees Of Health Technology Start-Up Charged In A $1 Billion Scheme To Defraud Clients, Lenders And Investors

Date 25/11/2019

Four former executives and two former employees of Outcome Health (Outcome), a Chicago-based health technology start-up company founded in 2006, were charged for their alleged roles in a fraud scheme that targeted the company’s clients, lenders and investors, and involved approximately $1 billion in fraudulently obtained funds.
Statement Of Concurrence By CFTC Commissioner Rostin Behnam - Amendments To Registration And Compliance Requirements For Commodity Pool Operators And Commodity Trading Advisors

Date 25/11/2019

I support the two final rules amending Part 4 of the Commission’s regulations addressing various registration and compliance requirements for commodity pool operators (CPOs) and commodity trading advisors (CTAs). I support these amendments because they represent the latest step in the Commission’s ever evolving understanding of the needs of this dynamic segment of the derivatives market, along with the needs of consumers and the national public interest we are charged with protecting. The amendments adopted today reflect many years of staff experience and familiarity with the affected market participants. They incorporate commonly-relied upon no-action and exemptive relief into the Commission’s regulations, reducing regulatory burdens while promoting legal certainty. However, these rules are not perfect. In particular, the Commission’s decision to omit a notice filing requirement for claiming a CPO or CTA exemption for Family Offices gives me pause and raises concerns that we will not have direct visibility into the identity of entities claiming these exemptions. I am hopeful that the Commission will monitor whether this lack of visibility impacts our oversight and protection of market participants, and take action, if appropriate.
SEC Proposes To Modernize Regulation Of The Use Of Derivatives by Registered Funds And Business Development Companies

Date 25/11/2019

The Securities and Exchange Commission has voted to propose a new rule designed to enhance the regulation of the use of derivatives by registered investment companies, including mutual funds, exchange-traded funds (ETFs) and closed-end funds, as well as business development companies. The proposed rule would provide an updated and more comprehensive approach to the regulation of funds’ derivatives use.
Statement Of CFTC Commissioner Dan M. Berkovitz - Amendments To Registration And Compliance Requirements For CPOs And CTAs: Registered Investment Companies, Business Development Companies, And Regulation 4.27

Date 25/11/2019

I am voting in favor of today’s rule adopting three amendments to Regulations 4.5 and 4.27, addressing certain exemptions for commodity pool operators (CPOs) and filing requirements for CPOs and commodity trading advisors (CTAs). These three amendments are in largely identical form to those proposed last fall, which I voted for because they codify no-action and exemptive letters and simplify our registration framework, without compromising customer protection or the integrity of our derivatives markets.
FINRA Arbitration Rule Change: Notice Of Filing Of A Proposed Rule Change To Amend FINRA Rule 12000 Series To Expand Options Available To Customers If A Firm Or Associated Person Is Or Becomes Inactive

Date 25/11/2019

FINRA is proposing to amend the Code of Arbitration Procedure for Customer Disputes to expand a customer’s options to withdraw an arbitration claim if a member or an associated person becomes inactive before a claim is filed or during a pending arbitration. In addition, the proposed amendments would allow customers to amend pleadings, postpone hearings, request default proceedings and receive a refund of filing fees in these situations.

CFTC Approves Amendments Simplifying Rules For Asset Managers At November 25 Open Meeting

Date 25/11/2019

Today, at an open meeting, the U.S. Commodity Futures Trading Commission approved amendments to Part 4 that will harmonize CFTC and SEC regulations for asset managers.
OCC Names Maria Chiodi With Credit Suisse Securities (USA) LLC To Board Of Directors

Date 25/11/2019

OCC, the world's largest equity derivatives clearing organization, today announced that Maria Chiodi with Credit Suisse Securities (USA) LLC has joined OCC's Board of Directors as a Member Director. She will serve on the Governance and Nominating Committee.
CFTC Commitments Of Traders Reports Update

Date 25/11/2019

Due to the Federal holiday on Thursday, November 28, the weekly Commitments of Traders market report will be released on Monday, December 2, 2019 at 3:30pm.
Dissenting Statement Of Commissioner Dan M. Berkovitz - Rulemaking To Provide Exemptive Relief For Family Office CPOs: Customer Protection Should Be More Important Than Relief For Billionaires

Date 25/11/2019

I dissent from today’s final rule to provide registration exemptions for operators of commodity pools in large investment management structures euphemistically called “family offices.” These investment management structures typically manage hundreds of millions, sometimes billions, of dollars, in private wealth. The regulations that we proposed last year (Proposal) balanced the family office exemption with an annual notice filing requirement and a prohibition on persons who were statutorily disqualified from operating commodity pools from claiming the exemption. Today’s final rule provides a blanket exemption for the operators of commodity pools (CPOs) in family offices without either of these minimal checks and balances. It is absurd that the Commission is excusing billionaires from the notice-filing requirement that generally applies to other persons—who have a fraction of that immense wealth—who claim exemptions from CPO registration. And persons that are statutorily disqualified from registering should not be permitted to operate under an exemption from registration. Disqualified persons should be disqualified.
Finansinspektionen: Capital Requirements Of Swedish Banks As Of Q3 2019

Date 25/11/2019

Finansinspektionen publishes the capital requirements of the largest Swedish banks and credit institutions that belong to supervisory categories 1 and 2 as of the end of Q3 2019.