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Fact Sheet: US Treasury Issues Final Earnings Stripping Regulations

Date 13/10/2016

Thomson Reuters Launches Specialized Intraday Pricing Service Directed At Money Market Instruments - New Service Provides 24/5 Updated Evaluated Pricing For Money Market Instruments, Readies Customers For SEC Money Market Fund Reform

Date 13/10/2016

Thomson Reuters has introduced a specialized intraday evaluated pricing service for money market instruments, providing evaluated pricing that is updated throughout the global business day for public and other non-public short-term instruments. The new service helps mutual fund managers meet demands for intraday net asset value (NAV) calculations, as well as for increased investor disclosure and transparency requirements that have emerged as part of the U.S. Securities and Exchange Commission’s (SEC) money market fund reform.

US Treasury’s Issues Final Earnings Stripping Regulations To Narrowly Target Corporate Transactions That Erode U.S. Tax Base - Regulations Distinguish Between Debt And Equity

Date 13/10/2016

Today, the U.S. Department of Treasury and the Internal Revenue Service (IRS) issued final regulations to address earnings stripping. This action will further reduce the benefits of corporate tax inversions, level the playing field between U.S. and non-U.S. businesses, and limit the ability of companies to lower their tax bills through transactions involving debt that do not support new investment in the United States. These regulations also require large corporations claiming interest deductions to document loans to and from their affiliates, just as businesses of all sizes do when they borrow from unrelated lenders. The rules were proposed in April along with temporary anti-inversion regulations.  The final rules announced today are the product of extensive public comment and engagement.

Remarks By US Treasury Secretary Jacob J. Lew On A Press Conference Call Regarding Announcement On Earnings Stripping

Date 13/10/2016

Today, Treasury is announcing our final earnings stripping regulations. Earnings stripping is commonly used to minimize taxes after an inversion, and a contributing factor to the erosion of the U.S. corporate tax base.

SEC: Company To Pay Penalty For Stock Picking Game That Was An Unregistered Swap

Date 13/10/2016

The Securities and Exchange Commission today announced that a New York-based company has agreed to pay a $50,000 penalty for illegally offering complex derivatives products to retail investors through mobile phone games that were described as “fantasy sports for stocks.”

Moscow Exchange: Risk Parameters Change For The Securities RUAL And RUALR

Date 13/10/2016

The following risk parameters will be changed:

• IR risk (downward scenario) - SECΔ_1 (Y0/Y1)

Statement At Open Meeting On Investment Company Liquidity Risk Management Programs, Investment Company Swing Pricing, And Investment Company Reporting Modernization Releases, SEC Commissioner Michael S. Piwowar, Oct. 13, 2016

Date 13/10/2016

Thank you, Chair White.

I want to start by thanking the staff who worked so hard on these rules. People outside the agency may not appreciate the amount of time and energy involved in a rulemaking, particularly when there are changes at the end of the process in response to Commissioner comments. Every change in the rule text requires corresponding edits throughout the release. Doing this for one rulemaking is daunting. Here, the staff was incorporating changes for three complex rulemakings at the same time, which required them to spend evenings and weekends turning around updated drafts within a tight timeframe.

The Impact Of SEC Enforcement On Public Finance, Andrew J. Ceresney, Director, Division of Enforcement, Oct. 13, 2016, Keynote Address At Securities Enforcement Forum 2016

Date 13/10/2016

Introduction

Good afternoon and thank you for that very kind introduction.  It’s a pleasure to speak with you all today.  Before I start, I must give our standard disclaimer that the views I express today are my own and do not necessarily reflect the views of the Commission or its staff.

Statement On Adoption Of Open-End Fund Liquidity Risk Management Programs And Swing Pricing, SEc Commissioner Kara M. Stein, Oct. 13, 2016, Open-End Fund Liquidity Risk Management Programs

Date 13/10/2016

I want to thank the staff for their hard work on these rules. In particular, I want to thank Zeena Abdul-Rahman, John Foley, Andrea Ottomanelli Magovern, Naseem Nixon, Amanda Hollander Wagner, Thoreau Bartmann, Melissa Gainor, Kathy Joaquin, Christof Stahel and Sarah ten Siethoff.

Statement On Adoption Of Investment Company Reporting Modernization, SEC Commissioner Kara M. Stein, Oct. 13, 2016, Investment Company Reporting Modernization

Date 13/10/2016

In 2015, the Commission issued two proposals to modernize reporting requirements for registered investment advisers and registered investment funds. We adopted the first of these proposals in August. Those updates will enhance the information that investment advisers must provide on Form ADV – the form that advisers use to register and report annually. The enhancements will fill important data gaps, such as providing the Commission with new detail about the size and activities of separately managed accounts. Because we finalized the Form ADV revisions without an open meeting, I want to take this opportunity to acknowledge the excellent work of the staff on the August release. Thank you to all who contributed – in particular, to the rulemaking staff in the Division of Investment Management.