News Centre

Statement At Open Meeting On Investment Company Liquidity Disclosure Adopting Release, SEC Commissioner Hester M. Peirce

Date 28/06/2018

Thank you, Chairman Clayton.

I want to start by thanking the Division of Investment Management. At today’s meeting we are considering three different recommendations, at least in part, from the Division—a reflection of the Division’s impressive work ethic in carrying out an important agenda. Since my arrival here in January, the Division has been busy addressing issues with which the Commission has been grappling for a long time, including the roles and duties of advisers and brokers in assisting retail investors in their investment decisions, fund liquidity, internet availability of shareholder reports, the operation of exchange-traded funds, and the Volcker rule. As someone who started her career at the Commission in a rulemaking office in the Division, I know how unusual it is to put together so many recommendations in such a short period of time, let alone on such significant matters, particularly because the Division did not relax its high standards in the process. I also want to thank the Division of Economic and Risk Analysis (“DERA”) and the Office of General Counsel. DERA and the Office of General Counsel are deeply involved in every rulemaking undertaken by the Commission.

Federal Court In Nevada Orders Commodity Futures Software Vendor To Pay More Than $674,000 For Solicitation Fraud And Failing To Register With The CFTC

Date 28/06/2018

The Commodity Futures Trading Commission (CFTC) announced today that the Honorable Gloria M. Navarro of the U.S. District Court for the District of Nevada (Las Vegas) entered an Order of Summary Judgment against Defendant Mirko (Mick) Schacke of Brentwood, California (formerly Antioch, California), and a Default Judgment against Schacke’s company, TradeMasters USA, LLC of Las Vegas, Nevada. 

Federal Reserve Releases Results Of Comprehensive Capital Analysis And Review (CCAR)

Date 28/06/2018

As part of its annual examination of the capital planning practices of the nation's largest banks, the Federal Reserve Board on Thursday did not object to the capital plans of 34 firms and objected to the capital plan of one firm.

Statement Of SEC Commissioner Robert J. Jackson, Jr. On Proposed Rules Regarding Exchange Traded Funds

Date 28/06/2018

Thank you, Chairman Clayton, and thank you to the terrific Staff in the Division of Investment Management for their work on today’s proposal. I’m especially appreciative to Zeena Abdul-Rahman, Joel Cavanaugh, John Foley, Jay Krawitz, Melissa Gainor, Brian Johnson, Sumeera Younis, Sarah ten Siethoff and Christian Sandoe for the time you spent with me throughout this process.

Alberta Securities Commission Alleges Alberta Company Secretly Controlled By Bert Lavallee And Brian Gibbs

Date 28/06/2018

The Alberta Securities Commission (ASC) has issued a Notice of Hearing naming Lambert (Bert) Joseph Lavallee, Brian Maurice Gibbs, David Malcolm Alexander, North America Frac Sand, Inc. (NAFS) and Seton Securities International Ltd. for breaches of securities laws relating to control and direction over NAFS and trading in its shares. NAFS’s securities are quoted for trading on the Over-The-Counter markets in the United States.

Statement Of SEC Commissioner Piwowar At Open Meeting Regarding Amendments To The Commission’s Whistleblower Program Rules

Date 28/06/2018

Throughout my tenure, I have been an outspoken advocate of retrospective review of Commission rules. It is a fundamental best practice of good government to observe carefully how our regulations work—not just in the mind’s eye of the rule-makers—but in the real world. Then, armed with the wisdom of observation and experience, we can propose thoughtful improvements to our rules that help advance the Commission’s essential work. The proposed amendments to our whistleblower rules before the Commission today are a sterling example of this approach.

IIROC Re-Publishes Client Identifier Amendments As Part Of Extensive Consultations - Regulator Seeks Feedback On Amendments That Aim To Improve Efficiency And Protect Investors

Date 28/06/2018

The Investment Industry Regulatory Organization of Canada (IIROC) today opened a second round of public consultation on ways to expand the use of client identifiers to maintain market integrity, protect investors and mitigate risks in electronic trading, while minimizing its impact on investment firms.

SEC Celebrates Lesbian, Gay, Bisexual And Transgender Pride Month

Date 28/06/2018

The Securities and Exchange Commission this week concluded its month of special events and guest speakers – at its Washington, D.C. headquarters, as well as in regional offices around the country – in honor of Lesbian, Gay, Bisexual and Transgender (LGBT) Pride Month.  

New York State Department of Financial Services Announces Consent Order Requiring Athene Life Insurance To Pay $15 Million Fine For Insurance Law Violations And First Allmerica Financial To Take Corrective Actions Totaling Up To $40 Million - Following Customer Complaints, DFS Market Examination Found Athene Failed To Mail $81 Million In Premium Notices And Provide Other Required Information To More Than 15,000 Policyholders

Date 28/06/2018

Financial Services Superintendent Maria T. Vullo today announced that Athene Life Insurance Company of New York (Athene) and First Allmerica Financial Life Insurance Company (FAFLIC) have entered into a consent order with the Department of Financial Services (DFS), under which Athene will pay a fine of $15 million and FAFLIC will make remedial efforts totaling approximately $40 million for violations of New York Insurance Law and regulations.  A DFS market conduct examination, which was initiated following consumer complaints, found that Athene did not provide required information to about 15,000 policyholders, including premium notices, annual reports or cash surrender value notices, and annual privacy notices from 2015 to 2017.

Statement On Amendments To Smaller Reporting Company Definition, SEC Commissioner Kara M. Stein

Date 28/06/2018

I would like to join Chairman Clayton in thanking the staff for their hard work on this release. I also would like to note that this will be our last open meeting with Commissioner Piwowar. Over the last five years, Commissioner Piwowar and I have worked on a number of important rulemakings. I believe many of these rulemakings were thoughtful and productive steps that will withstand the test of time. Some that come to mind include amendments to the securities transaction settlement cycle, or T+2, and the transaction fee pilot for NMS stocks. And, today, we will vote on final rules relating to Inline XBRL requirements. These rulemakings are reflective of the collaborative spirit in which I believe Commissioner Piwowar and I have worked. And I think, as a result, the rules have been better for it. With that, I want to thank Commissioner Piwowar for his leadership and for his dedication to protecting investors, facilitating capital formation, and making our markets more fair and resilient. And I wish him good luck and success in his future endeavors.