News Centre

CFTC’s Energy And Environmental Markets Advisory Committee To Meet February 13

Date 30/01/2024

CFTC Commissioner Summer K. Mersinger, sponsor of the Energy and Environmental Markets Advisory Committee (EEMAC), today announced the EEMAC will hold a public meeting from 9:00 a.m. to 11:30 a.m. (MST) on Tuesday, February 13 at the Colorado School of Mines in Golden, Colorado. Members of the public may also attend the meeting virtually or in person, if space permits. 

New York Attorney General James Sues Citibank For Failing To Protect And Reimburse Victims Of Electronic Fraud - Citi Maintains Poor Security And Anti-Fraud Protocols, Leading To Millions Of Dollars In Losses For New York Account Holders

Date 30/01/2024

New York Attorney General Letitia James today sued Citibank, N.A. (Citi) for failing to protect and refusing to reimburse victims of fraud. The lawsuit alleges that Citi does not implement strong online protections to stop unauthorized account takeovers, misleads account holders about their rights after their accounts are hacked and funds are stolen, and illegally denies reimbursement to victims of fraud. The Office of the Attorney General (OAG) has found that the bank fails to respond to fraudulent activity appropriately and quickly. As a result of Citi’s lax security, New York customers have lost millions of dollars, and in some instances, their entire lifesavings, to scammers and hackers. Attorney General James is seeking to hold Citi accountable for failing to protect its customers and require the company to pay back defrauded New Yorkers with interest, pay penalties, and adopt enhanced anti-fraud defenses to prevent scammers from stealing consumers’ funds. 

DFM Achieves Robust Results In 2023 With Net Profit Of AED 329.4 Million

Date 30/01/2024

• DFM reported an increase of 124% in net profit for 2023.
• Market capitalization increased by 18% to AED 688 billion.
• Foreign investors contributed 47% of DFM’s trading activity.
• DFM onboarded 62,676 new investors, with 73% comprising foreign investors from over 200 nationalities.

Joint Industry Response To The European Commission’s Call For Feedback On The BMR

Date 30/01/2024

On Tuesday 23rd January 2024, ISDA submitted a joint response to the European Commission’s (EC) Call for Feedback on the review of the scope and regime for non-EU benchmarks alongside GFMA and FIA.

Statement On The Denial Of A Rulemaking Petition Regarding The Commission’s No-Admit/No-Deny Policy, SEC Chair Gary Gensler, Jan. 30, 2024

Date 30/01/2024

Today, the Commission denied a Petition for Rulemaking[1] to amend Rule 202.5(e), more commonly known as the Commission’s no-admit/no-deny policy. I was pleased to support the Commission’s decision.

Unsettling Silence: Dissent From Denial Of Request For Rulemaking To Amend 17 C.F.R. § 202.5(e), SEC Commissioner Hester M. Peirce, Jan. 30, 2024

Date 30/01/2024

I dissent from the Commission’s denial of a petition to amend Rule 202.5(e), our so-called gag rule.  This de facto rule follows from the Commission’s enforcement of its policy, adopted in 1972, that it will not “permit a defendant or respondent to consent to a judgment or order that imposes a sanction while denying the allegations in the complaint or order for proceedings.”  In that same policy, the Commission articulated its belief “that a refusal to admit the allegations is equivalent to a denial, unless the defendant or respondent states that he neither admits nor denies the allegations.”  These two strands—the refusal to settle with persons who deny the allegations and the belief that refusing to admit is a denial—converge in the requirement that to settle with the Commission, a person must either (1) admit the allegations underlying the Commission’s enforcement action or (2) state that she neither admits nor denies the allegations.

Raymond James Bank To Use ICE Mortgage Technology’s End-To-End Digital Lending Platform - Encompass Chosen After Independent Review Of Multiple Competing Solutions

Date 30/01/2024

Intercontinental Exchange , Inc. (NYSE: ICE), a leading global provider of technology and data, today announced that Raymond James Bank will use the company’s Encompass® end-to-end digital lending platform to support mortgage origination for high net-worth borrowers across both retail and delegated correspondent lending channels. Raymond James Bank chose the solution from ICE Mortgage Technology after an objective evaluation of multiple competing alternatives.

BaFin Warns Consumers About The Website vector-fin.com

Date 30/01/2024

The Federal Financial Supervisory Authority (BaFin) warns consumers about the services offered on the website vector-fin.com. According to information available to BaFin, the operator is providing financial and investment services on this website without the required authorisation.

The UK Prudential Regulation Authority (PRA) Fines HSBC £57,417,500 For Failures In Deposit Protection Identification And Notification

Date 30/01/2024

The PRA has fined HSBC Bank plc (HBEU) and HSBC UK Bank plc (HBUK) (together, the Firms) £57,417,500 for historic depositor protection failings arising from the Firms’ failures over many years to properly implement the requirements set out in the Depositor Protection Rules. These included the failure to accurately identify deposits that were eligible for Financial Services Compensation Scheme (FSCS) protection. The failings occurred for HBEU between 2015 and 2022, and for HBUK between 2018 and 2021. This fine, the second highest imposed by the PRA, reflects the seriousness of the failings.

ESMA Steps Up Its Monitoring Of EU Alternative Investment Funds And Sees Potential Risks In Funds Exposed To Leverage And Liquidity Mismatches

Date 30/01/2024

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today published a report on the EU alternative investment funds (AIFs)’ market and an article on the risks posed by leveraged AIFs in the EU.