News Centre

SEC: Allergan Paying $15 Million Penalty For Disclosure Failures During Merger Talks

Date 17/01/2017

The Securities and Exchange Commission today announced that Allergan Inc. has agreed to admit securities law violations and pay a $15 million penalty for disclosure failures in the wake of a hostile takeover bid.

Antonio Tajani Elected New President Of The European Parliament

Date 17/01/2017

Antonio Tajani (EPP, IT) won Parliament’s presidential election with 351 votes in a final face-off with Gianni Pittella (S&D, IT), who secured 282 votes.

New York State Department of Financial Services Grants Virtual Currency License To Coinbase, Llc Five Virtual Currency Entities Have Received Approval By DFS To Operate In New York

Date 17/01/2017

Financial Services Superintendent Maria T. Vullo today announced that the New York State Department of Financial Services (DFS) has approved the application of Coinbase, Inc., a wholly owned subsidiary of Coinbase Global, Inc., for a virtual currency and a money transmitter license. As a leading state financial services regulator, DFS has rapidly responded to innovations by licensing technology based money transmitters under New York’s money transmitter law; online lenders under New York’s banking law; and virtual currency exchanges under New York’s financial services law. DFS, citing its experience in regulating emerging financial services technology firms, recently submitted a comment letter in opposition to the Office of the Comptroller of the Currency (OCC) proposal to create a new national bank charter for “fintech” companies.

MIAX Options Update To Roll Out Date For PRIME Changes

Date 17/01/2017

The roll out date for changes to MIAX Options Prime orders with a size of less than 50 contracts has been updated and is now scheduled for Thursday, January 19, 2017 pending effectiveness of regulatory filings. 

US Department Of Justice: Deutsche Bank Agrees To Pay $7.2 Billion For Misleading Investors In Its Sale Of Residential Mortgage-Backed Securities - Deutsche Bank’s Conduct Contributed To The 2008 Financial Crisis

Date 17/01/2017

The Justice Department, along with federal partners, announced today a $7.2 billion settlement with Deutsche Bank resolving federal civil claims that Deutsche Bank misled investors in the packaging, securitization, marketing, sale and issuance of residential mortgage-backed securities (RMBS) between 2006 and 2007.  This $7.2 billion agreement represents the single largest RMBS resolution for the conduct of a single entity.  The settlement requires Deutsche Bank to pay a $3.1 billion civil penalty under the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA).  Under the settlement, Deutsche Bank will also provide $4.1 billion in relief to underwater homeowners, distressed borrowers and affected communities.

DTCC Appoints Derek West As Chief Compliance Officer For Its European Global Trade Repository Business - West Previously Served As Senior Director Of Derivatives Oversight At The Autorité Des Marchés Financiers In Quebec

Date 17/01/2017

The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced that Derek West, former Senior Director of Derivatives Oversight at the Quebec Autorité des marchés financiers (AMF), has joined the firm as Executive Director and Chief Compliance Officer for the firm’s European Global Trade Repository[1] (GTR) business. Mr. West will be responsible for ensuring GTR Europe remains in full compliance with European Market Infrastructure Regulation (EMIR) trade repository requirements, as well as other applicable laws and regulations.  In addition, he will coordinate EMIR supervisory activities and examinations, as well as work closely with GTR senior management and the European Securities and Markets Authority (ESMA).

Thomson Reuters Offers Financial Community Exclusive Commentary During World Economic Forum - Global Markets Forum, Available To Eikon Messenger Users, Delivers Comprehensive News, Guest Commentary And Analysis In A Single Location

Date 17/01/2017

Thomson Reuters will host exclusive, live news and commentary during the 2017 World Economic Forum in Davos from January 17-20 for Eikon Messenger users via the Global Markets Forum (GMF), its flagship editorial community for connecting senior global financial market professionals with Reuters news and guest commentary. 

New York State Department of Financial Services Superintendent Vullo Submits Comment Letter To Office Of The Comptroller Of The Currency In Opposition Of Proposed Special Purpose National Bank Charter For “FinTech” Companies - OCC Proposal Ignores Decades Of Experienced State-Based Regulatory Authority For Nonbank Financial Services Companies, Including “Fintech”, Never Before Regulated By The OCC - State Regulators Are Best Equipped To Guard Against Predatory And Abusive Practices Targeting Consumers In Their Borders - The Proposal Lacks Legal Authority And Threatens The Growth Of Small Businesses While Potentially Creating More “Too Big To Fail” Companies With Lax Oversight

Date 17/01/2017

Financial Services Superintendent Maria T. Vullo today submitted a comment letter in opposition to the Office of the Comptroller of the Currency (OCC) proposal to create a new national bank charter for “fintech” companies.  DFS, which was created in 2011 to reform the regulation of financial services in New York to keep pace with the sector’s rapid and dynamic evolution, has been a leader in responding to the regulatory needs of new technologies.  DFS, as successor to the New York State Banking Department, for decades has licensed nonbank financial services companies, including money transmitters, online lenders, and virtual currency exchanges under state law. 

Bats Global Markets Announces Stockholder Approval Of Merger Agreement With CBOE Holdings

Date 17/01/2017

Bats Global Markets, Inc. (Bats: BATS) (“Bats”) today announced that based on a preliminary vote tally  from the special meeting of stockholders held today, Bats stockholders have voted to adopt the previously announced merger agreement pursuant to which (i) CBOE Corporation (“Merger Sub”), a wholly owned subsidiary of CBOE Holdings, Inc. (NASDAQ: CBOE) (“CBOE”), will merge with and into Bats, with Bats surviving as a wholly owned subsidiary of CBOE Holdings (the “Merger”) and (ii) following the completion of the Merger, the surviving corporation will merge with and into CBOE V, LLC, a wholly owned subsidiary of CBOE Holdings (the “Subsequent Merger”), with CBOE V, LLC surviving the Subsequent Merger and continuing as a wholly owned subsidiary of CBOE Holdings.

“The SEC After The Financial Crisis: Protecting Investors, Preserving Markets, Speech By SEC Chair Mary Jo White, The Economic Club Of New York, Jan. 17, 2017

Date 17/01/2017

Thank you, Terry [Lundgren], for that generous introduction.

As always, it is great to be back speaking at The Economic Club of New York.

I especially appreciate the invitation to speak to you today, three days away from completing my term as the 31st Chair of the Securities and Exchange Commission.  I am often asked for my reflections on this period of my public service.  My most frequent response is “never a dull moment.”  My less irreverent observation is how proud I am of what the agency has accomplished for investors and the markets in the last four years.  But I will leave it to others to catalog and assess what we have done.  My topic for today is forward looking.