News Centre

SIFMA And Financial Services Forum Submit Comments On Federal Reserve Board Control Proposal

Date 15/07/2019

The Securities Industry and Financial Markets Association (SIFMA) and the Financial Services Forum today submitted joint comments on a proposal modifying the rules for determining control of a banking organization, issued by the Board of Governors of the Federal Reserve System (FRB) with the stated goal of simplifying and increasing transparency.

SEC: Statement On Opportunity Zones, SEC Chairman Jay Clayton, July 15, 2019

Date 15/07/2019

Today, together with our regulatory colleagues at the North American Securities Administrators Association (NASAA), our staff issued a statement explaining the potential application of state and federal securities laws to fundraising for Opportunity Zones. Separately, our staff also provided guidance regarding the ability of Main Street investors to participate in these offerings. Our staff, and our state colleagues, have my deep appreciation for their proactive and cooperative approach to this matter.

New York Department Of Financial Services Grants Licenses To Seed CX Companies To Provide Virtual Currency Services For Institutional Customers

Date 15/07/2019

Financial Services Superintendent Linda A. Lacewell announced today that the New York State Department of Financial Services (DFS) has approved the applications of Seed Digital Commodities Market LLC (SCXM) and Zero Hash LLC for virtual currency licenses, and has approved Zero Hash for a money transmitter license.  SCXM and Zero Hash are both subsidiaries of Seed CX Ltd.  Since her nomination to lead DFS in February, Superintendent Lacewell has now approved four virtual currency licenses.

SEC And NASAA Explain Application Of Securities Laws to Opportunity Zone Investments

Date 15/07/2019

The Securities and Exchange Commission and the North American Securities Administrators Association (NASAA) have issued a summary that explains the application of the federal and state securities laws to opportunity zone investments. The "opportunity zone" program was established by the Tax Cuts and Jobs Act in December 2017 to provide tax incentives for long-term investing in designated economically distressed communities.

CME Group Congratulates CFTC Chairman Heath Tarbert

Date 15/07/2019

CME Group today released the following statement on the swearing in of Commodity Futures Trading Commission (CFTC) Chairman Heath Tarbert:

"CME Group congratulates Dr. Tarbert as he is sworn in today as CFTC Chairman, following his strong bipartisan confirmation last month. His experience and accomplishments in the international arena in his role as Acting Under Secretary for International Affairs at the U.S. Department of the Treasury position him extraordinarily well to lead the agency. We look forward to working with the new Chairman and Commissioners Behnam, Berkovitz, Quintenz and Stump to address cross-border regulatory challenges and ensure the continued growth and integrity of U.S. derivatives markets."

Tarbert Begins Term As 14th CFTC Chairman, Chairman Tarbert: “Now Is the Time To Act.”

Date 15/07/2019

Dr. Heath P. Tarbert officially began his term today as the 14th Chairman of the U.S. Commodity Futures Trading Commission (CFTC), succeeding J. Christopher Giancarlo. 

Nomura To Pay Misled Bond Customers $25 Million To Settle SEC Charges

Date 15/07/2019

The Securities and Exchange Commission today instituted two related enforcement actions against Nomura Securities International Inc., which has agreed to repay approximately $25 million to customers for its failure to adequately supervise traders in mortgage-backed securities.   

ESMA Updates Its EMIR Q&A

Date 15/07/2019

The European Securities and Markets Authority (ESMA) has issued today an update of its Q&A on practical questions regarding the European Markets Infrastructure Regulation (EMIR).

FTSE Mondo Visione Exchanges Index Up 10.7% In Q2 2019, Up 4.3% In June, Up 15.3% Over 12 Months, Sets New Closing All-Time High

Date 15/07/2019

The FTSE Mondo Visione Exchanges Index gained 10.7 % (on a capital return basis) for the quarter ended June 30, 2019. Year-to-date, the Index has increased 15.6%.

LIBOR: Preparing For The End - Speech By Andrew Bailey, Chief Executive Of The FCA, At The Securities Industry And Financial Markets Association's (SIFMA) LIBOR Transition Briefing In New York, USA

Date 15/07/2019

Highlights

• Transition from LIBOR has made good progress across derivatives and securities markets, and transition in loan markets is a key next step.
• Andrew Bailey sets out the benefits to borrowers of the move to risk-free interest rate benchmarks – UK lenders will need to begin engaging with borrowers about lending based on these rates.
• We expect the LIBOR panels to dwindle or disappear after end-2021 – firms must be able to run their business without LIBOR from this date, and reduce the stock of ‘legacy’ LIBOR contracts.