News Centre

SEC: Martha Miller Named Advocate For Small Business Capital Formation

Date 21/12/2018

The Securities and Exchange Commission today announced that Martha Legg Miller has been named as the first Advocate for Small Business Capital Formation.

U.S. Agencies Invite Comment On A Proposal To Exclude Community Banks From The Volcker Rule

Date 21/12/2018

Five federal financial regulatory agencies on Friday invited public comment on a proposal that would exclude certain community banks from the Volcker rule, consistent with the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA).

SEC: Two Advisory Firms, CEO Charged With Mutual Fund Share Class Disclosure Violations

Date 21/12/2018

The Securities and Exchange Commission today announced settled charges against two New York-based investment advisers and the CEO of one of the advisers who selected mutual fund share classes inconsistent with their disclosures to clients. The firms and the CEO will collectively pay more than $1.8 million, which will be returned to harmed investors.

Office Of The Comptroller Of The Currency Bulletin: Capital And Liquidity Requirements: Notice Of Proposed Rulemaking

Date 21/12/2018

Summary

The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the agencies) are issuing a notice of proposed rulemaking that would establish a revised framework for determining requirements under the regulatory capital rule, the liquidity coverage ratio (LCR) rule, and the proposed net stable funding ratio (NSFR) rule for large U.S. banking organizations based on their risk profile.

CFTC Commitments Of Traders Reports Update

Date 21/12/2018

The current reports for the week of December 21, 2018 are now available.

New York Attorney General Underwood Announces $68 Million Multistate Settlement With UBS AG (“UBS”) For Artificially Manipulating Interest Rates - In Fourth Settlement Of Its Kind, State AGs Hold UBS Accountable For Manipulation Of Benchmark Interest Rates - To Date, Investigation Into USD-LIBOR-Setting Panel Banks Has Recovered $488 Million

Date 21/12/2018

Attorney General Barbara D. Underwood today announced a $68 million, 40-state settlement, with UBS for fraudulent conduct involving the manipulation of LIBOR (the London Interbank Offered Rate). LIBOR is a benchmark interest rate that affects financial instruments worth trillions of dollars and has a far-reaching impact on global markets and consumers. 

SEC Charges Audit Firm And Suspends Accountants For Deficient Audits

Date 21/12/2018

The Securities and Exchange Commission today filed settled charges against national audit firm Crowe LLP, two of its partners, and two partners of a now-defunct audit firm for their significant failures in audits of Corporate Resource Services Inc., which went bankrupt in 2015 after the discovery of approximately $100 million in unpaid federal payroll tax liabilities. 

SEC Approves MIAX Emerald Exchange - February 22, 2019 Launch Expected

Date 21/12/2018

Miami International Holdings, Inc. (MIH) today announced that the SEC has approved MIAX Emerald’s application for registration as a national securities exchange. MIH expects to launch its third options exchange on February 22, 2019. Following launch, MIAX Emerald will be the newest member of the MIAX Exchange Group, which currently consists of MIAX Options® and MIAX PEARL™, and its hybrid market model with pro rata allocation and maker-taker pricing will enable the MIAX Exchange Group further meet the needs of its member firms by providing access to a specific market segment.

CFTC Orders Commodity Trading Firm And Principal To Pay A $315,000 Civil Monetary Penalty For “Cherry-Picking” Scheme

Date 21/12/2018

The Commodity Futures Trading Commission (CFTC) today issued an Order filing and simultaneously settling charges against Jonathan Hansen (Hansen) of Dana Point, California, and his Newport Beach, California, based company, Newport Private Capital LLC, (NPC), for engaging in a fraudulent post-execution allocation scheme, sometimes referred to as  “cherry-picking”.  The Order also finds that NPC and Hansen failed to keep required records.  During the period of the fraudulent activity, NPC was registered as a Commodity Pool Operator and Commodity Trading Advisor, and Hansen was registered as an Associated Person and listed as Principal of NPC.

SEC Staff Encourages Continued Engagement On Impact Of MiFID II Research Provisions

Date 21/12/2018

Earlier this year, significant new rules relating to research became effective in the European Union (EU).  In an effort to assist market participants regarding their U.S.-regulated activities as they engage in efforts to comply with the EU’s Markets in Financial Instruments Directive (MiFID II), the staff of the U.S. Securities and Exchange Commission issued three related no-action letters. One letter, from the SEC’s Division of Investment Management, provided temporary no-action assurances under the Investment Advisers Act of 1940 to broker-dealers that receive payments in hard dollars or through MiFID-governed research payment accounts from MiFID-affected clients. These assurances expire on July 3, 2020.