News Centre

SEC Charges Prudential Subsidiaries For Misleading Funds They Advised, Generating Tens of Millions in Tax Benefits For Prudential

Date 16/09/2019

The Securities and Exchange Commission today charged two subsidiaries of Prudential Financial Inc. with failing to disclose conflicts of interest and making misleading disclosures to the boards for 94 funds they advised.

Statement Of CFTC Commissioner Dan M. Berkovitz Regarding The Commission’s Final Rule on Position Limit Requirements For Security Futures Products

Date 16/09/2019

I support today’s final rule to amend the Commission’s position limit requirements for security futures products (“SFPs”).

SEC Charges Silicon Valley-Based Issuer With Misleading Disclosure Violations

Date 16/09/2019

The Securities and Exchange Commission today announced that Marvell Technology Group, Ltd. will pay $5.5 million to settle charges that it misled investors when it engaged in an undisclosed revenue management scheme in order to meet publicly-issued revenue guidance. 

Statement Of CFTC Commissioner Dan M. Berkovitz On Proposed Rule To Amend Rulemaking Procedures

Date 16/09/2019

I concur in issuing for public comment the proposed rulemaking to amend part 13 of the Commission’s regulations.  Part 13 established procedures for undertaking rulemakings by the Commission.  As noted in the release, the provisions of part 13 that would be eliminated overlap with the provisions of the Administrative Procedure Act (“APA”) that the Commission also follows in its rulemaking process.  Notably, the procedures for the public to petition the Commission currently in part 13 would remain.

Bank Of England: BIS Triennial Survey Of Foreign Exchange And Over-The-Counter Interest Rate Derivatives Markets In April 2019 – UK Data Results Of Latest Survey Of Turnover In The Markets For Foreign Exchange And Over-The-Counter Interest Rate Derivatives

Date 16/09/2019

In April this year, central banks and monetary authorities in 53 countries, including the United Kingdom, conducted the latest triennial survey of turnover in the markets for foreign exchange and over-the-counter (OTC) interest rate derivatives. The survey is co-ordinated on a global basis by the Bank for International Settlements (BIS), with the aim of obtaining comprehensive and internationally consistent information on the size and structure of the corresponding global markets. The Bank of England conducted the UK survey, which covers the business of leading financial institutions located within the United Kingdom in these markets.

Dissenting Statement Of CFTC Commissioner Dan M. Berkovitz On Volcker Rule Amendments – Final Rule

Date 16/09/2019

Congress adopted the statute commonly known as the “Volcker Rule” in the wake of the 2008 financial crisis to prevent banks that benefit from federal depository insurance or other government support from taking excessive risks that could lead to future taxpayer bailouts.  The Volcker Rule prohibits proprietary trading and the owning of hedge funds and private equity funds by banks and their subsidiaries (“banking entities”), with certain exceptions and exemptions.  In 2013 the Commission and other financial regulators adopted regulations to implement the Volcker Rule.  The final rule before the Commission today (“revised Volcker Rule”) substantially weakens these implementing regulations.

Reflections On Monetary Policy - Keynote Speech By Philip R. Lane, Member Of The Executive Board Of The ECB, At Bloomberg, London, 16 September 2019

Date 16/09/2019

I will divide this speech into two parts. First, I wish to review the current economic and financial environment. Second, I will discuss the monetary policy decisions taken by the Governing Council in last week’s meeting.[1]

Statement Of CFTC Commissioner Dawn D. Stump For CFTC Open Meeting On September 16, 2019 - Open Meeting On: 1) Final Rule On Position Limits And Position Accountability For Security Futures Products; And 2) Proposed Rule On Public Rulemaking Procedures (Part 13 Amendments)

Date 16/09/2019

Overview                                             

In my Opening Statement at my first Open Meeting last November, I noted the directive in the Leaders’ Statement from the 2009 G-20 Summit in Pittsburgh that member nations “assess regulatory implementation” of the new rules that would be adopted in response to the financial crisis of 2008.  I believe that as a matter of sound regulation, we should undertake this same type of look-back for all our rules.  It is simply good government to re-visit our rules and assess whether certain rules need to be updated, evaluate whether rules are achieving their objectives, and identify rules that are falling short and should be withdrawn or improved.

Statement By The European Commission Following The Working Lunch Between President Jean-Claude Juncker And Prime Minister Boris Johnson

Date 16/09/2019

President Jean-Claude Juncker and Prime Minister Johnson had a working lunch today in Luxembourg. The aim of the meeting was to take stock of the ongoing technical talks between the EU and the UK and to discuss the next steps.

Concurring Statement Of CFTC Commissioner Rostin Behnam Regarding The Proposed Rule On Public Rulemaking Procedures

Date 16/09/2019

I respectfully concur with the Commodity Futures Trading Commission’s (the “Commission” or “CFTC”) proposal to amend part 13 of the Commission’s Regulations (the “Proposal”).  The Proposal aims to succinctly and unambiguously confirm that the Commission’s rulemaking process is governed by the Administrative Procedure Act (“APA”).