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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.
Nigerian Stock Exchange Weekly Market Report For December 21st 2018

Date 21/12/2018

Click here to download Nigerian Stock Exchange's weekly market report for December 21st 2018.

US Agencies Issue Final Rules Expanding Examination Cycles For Qualifying Small Banks And U.S. Branches And Agencies Of Foreign Banks

Date 21/12/2018

The federal banking agencies today issued final rules that adopt without change the interim final rules issued in August that expanded the number of insured depository institutions and U.S. branches and agencies of foreign banks eligible for an 18-month on-site examination cycle, rather than a 12-month cycle.
Federal Reserve Board Will Maintain Current Modeling Framework For Loan Allowances In Its Supervisory Stress Test Through 2021

Date 21/12/2018

The Federal Reserve Board announced on Friday that it will maintain the current modeling framework for loan allowances in its supervisory stress test through 2021.
US Agencies Allow Three-Year Regulatory Capital Phase-In For New Current Expected Credit Losses (CECL) Accounting Standard

Date 21/12/2018

The federal bank regulatory agencies approved a final rule modifying their regulatory capital rules and providing an option to phase in over a period of three years the day-one regulatory capital effects of updated accounting standard known as the "Current Expected Credit Losses" (CECL) methodology. The final rule also revises the agencies' other rules to reflect the update to the accounting standards.
American Financial Exchange (AFX) Celebrates Third Year Anniversary With Milestones In Membership, Volume And New Products

Date 21/12/2018

American Financial Exchange (AFX), a centralized, electronic, self-regulated, fully transparent platform launched in 2015 to directly reflect true unsecured funding costs for a nationally broad base of U.S. banks and financial institutions in the private sector, celebrates this week its third anniversary.
SEC Charges Two Robo-Advisers With False Disclosures

Date 21/12/2018

The Securities and Exchange Commission today instituted settled proceedings against two robo-advisers for making false statements about investment products and publishing misleading advertising. The proceedings are the SEC’s first enforcement actions against robo-advisers, which provide automated, software-based portfolio management services.