News Centre

US Justice Department: Credit Suisse Agrees To Pay $5.28 Billion In Connection With Its Sale Of Residential Mortgage-Backed Securities

Date 18/01/2017

The Justice Department announced today a $5.28 billion settlement with Credit Suisse related to Credit Suisse’s conduct in the packaging, securitization, issuance, marketing and sale of residential mortgage-backed securities (RMBS) between 2005 and 2007.  The resolution announced today requires Credit Suisse to pay $2.48 billion as a civil penalty under the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA).  It also requires the bank to provide $2.8 billion in other relief, including relief to underwater homeowners, distressed borrowers and affected communities, in the form of loan forgiveness and financing for affordable housing.  Investors, including federally-insured financial institutions, suffered billions of dollars in losses from investing in RMBS issued and underwritten by Credit Suisse between 2005 and 2007.

SEC: Company Settles Charges Over Undisclosed Perks And Improper Use Of Non-GAAP Measures

Date 18/01/2017

The Securities and Exchange Commission today announced that New York-based marketing company MDC Partners has agreed to pay a $1.5 million penalty to settle charges that it failed to disclose certain perks enjoyed by its then-CEO and separately violated non-GAAP financial measure disclosure rules.

EBA Publishes DPM And XBRL Taxonomy 2.6 For Remittance Of Supervisory Reporting

Date 18/01/2017

The European Banking Authority (EBA) published today an update to the XBRL taxonomy that Competent Authorities should use for the remittance of data under the EBA Implementing Technical Standards (ITS) on supervisory reporting. The revised taxonomy will be used for reference dates from 30 June 2017 onwards and includes changes and corrections to validation rules. 

President Of The European Council, Donald Tusk, Comments On Prime Minister Theresa May’s Speech On Brexit.

Date 18/01/2017

President of the European Council, Donald Tusk, briefly outlined the main results of the December European Council. At the end of his presentation to the European Parliament he commented on Prime Minister Theresa May’s speech on Brexit

Keynote Address Of CFTC Commissioner J. Christopher Giancarlo Before SEFCON VII - Making Market Reform Work For America

Date 18/01/2017

Introduction

Thank you for that kind introduction.

Let me begin with the disclaimer that my remarks today reflect my own views and do not necessarily reflect the views of the Commodity Futures Trading Commission (CFTC), my fellow commissioners or the CFTC staff. Nor do my remarks today necessarily reflect the views of the President-Elect or his nominees to federal office.

SEC: General Motors Charged With Accounting Control Failures

Date 18/01/2017

The Securities and Exchange Commission today announced that General Motors has agreed to pay a $1 million penalty to settle charges that deficient internal accounting controls prevented the company from properly assessing the potential impact on its financial statements of a defective ignition switch found in some vehicles.

Keynote Remarks Of CFTC Chairman Timothy Massad At SEFCON VII

Date 18/01/2017

Thank you for that warm introduction. It’s great to be back at SEFCON.

What a difference elections can make.

Eight years ago on this day I was taking the train to Washington to attend the inauguration of President Obama. Think back for a moment to where we were at that time. Our financial system was teetering on the brink of collapse. Unemployment was at 10 percent and the Dow Jones was at 8,500. We’ve come a long way since then.

SIX x-clear Further Extends Clearing Services To Nasdaq Nordic Markets

Date 18/01/2017

SIX x-clear Ltd – the clearing arm of SIX Securities Services – is now able to provide clearing services for the Nasdaq Nordic cash equity markets (including ETFs). From 20th February, 2017, SIX x-clear offers an enhanced and interoperable clearing solution for Denmark, Finland and Sweden.

BME: MARF Admits To Trading A New Comercial Paper Programme By AUDAX

Date 18/01/2017

The Mercado Alternativo de Renta Fija (MARF) has registered a Commercial Paper Programme by Audax Energía with a maximum amount of €50 million, which will allow the company to push forward with its process of growth and diversification of its short-term sources of financing, following the issue of a 5-year bond for €21 million in 2014 through MARF.

SEC: Medical Device Company Charged With Accounting Failures And FCPA Violations

Date 18/01/2017

The Securities and Exchange Commission today announced that Texas-based medical device company Orthofix International has agreed to admit wrongdoing and pay more than $14 million to settle charges that it improperly booked revenue in certain instances and made improper payments to doctors at government-owned hospitals in Brazil in order to increase sales.