News Centre

Statement At Open Meeting on Reg A+ , SEC Commissioner Daniel M. Gallagher, March 25, 2015

Date 25/03/2015

Thank you, Chair White.  Today I am delighted that the Commission is fulfilling its JOBS Act mandate to revitalize Regulation A, which has, for too long, been an underused way of raising capital, particularly as compared to its better-known cousin, Regulation D.  We have an urgent need to ensure that our rules promote capital formation for small businesses, and I hope that public exempt offerings under Regulation A can take their place beside private exempt offerings under Regulation D and registered offerings as viable means of raising capital.  Indeed, I’ve not been shy about my view that Title IV of the JOBS Act set the stage for us to do something revolutionary to encourage small business capital formation.

SIFMA AMG And IAA Demonstrate That The Asset Management Industry Does Not Present Systemic Risk, Urge Deference To SEC In Comments To FSOC

Date 25/03/2015

SIFMA’s Asset Management Group (SIFMA AMG), jointly with the Investment Adviser Association (IAA) (together, the “Associations”), today submitted a comment letter to the Financial Stability Oversight Council (FSOC) that clarifies important aspects of the asset management industry in response to FSOC’s request for information regarding whether asset management products and activities may pose potential systemic risks to the U.S. financial system– FSOC’s Notice Seeking Comment on Asset Management Products and Activities (the “Notice”). 

Statement At Open Meeting On Adoption of Regulation A Amendments, SEC Commissioner Michael S. Piwowar, March 25, 2015

Date 25/03/2015

Thank you, Chair White. I am pleased that we are adopting amendments to Regulation A to implement Title IV of the Jumpstart Our Business Startups Act, or JOBS Act. Title IV was enacted to facilitate capital formation by small and emerging businesses. Today’s amendments were rooted in a bipartisan bill, championed by Senator Pat Toomey of Pennsylvania and Senator Jon Tester of Montana. So it is quite appropriate — nearly three years after the President signed the JOBS Act into law on April 5, 2012 — for the bipartisan Commission to finally adopt the implementing regulations.

CFTC Swaps Report Update

Date 25/03/2015

CFTC's Weekly Swaps Report has been updated, and is now available.

FINRA Sanctions First New York Securities L.L.C. $916,000 For Illegal Short Selling In Advance Of 14 Public Offerings - Firm Fined $400,000 And Ordered To Pay More Than $500,000 In Disgorgement; Prohibited From Participating In Secondary Offerings For Six Months

Date 25/03/2015

The Financial Industry Regulatory Authority (FINRA) announced today that it has sanctioned First New York Securities L.L.C. $916,000 for short selling ahead of participating in 14 public offerings of securities, in violation of Rule 105 of Regulation M, and for related supervisory violations. FINRA ordered First New York to pay disgorgement of more than $516,000, plus interest, and fined the firm $400,000. Additionally, the firm is prohibited from participating in secondary or follow-on offerings for a period of six months.

SEC Proposes Rule To Require Broker-Dealers Active In Off-Exchange Market To Become Members Of National Securities Association - Amendments Would Enhance Regulatory Oversight Of Active Proprietary Trading Firms

Date 25/03/2015

The Securities and Exchange Commission today proposed rule amendments to require that broker-dealers trading in off-exchange venues become members of a national securities association.  The amendments would enhance regulatory oversight of active proprietary trading firms, such as high frequency traders.

FTSE Selected To Provide Index For New Mexico State Investment Council’s Smart Beta US Equities Allocation

Date 25/03/2015

• Innovative new FTSE RAFI Low Volatility Index to be utilized
• Decision adds smart beta indexing to NMSIC passive and active strategies
• Continues trend of corporate and public funds using smart beta

GCC Citizens Will Be Treated As Qatari Citizens In Terms Of Owning Shares Of Companies Listed On The Qatar Stock Exchange

Date 25/03/2015

Qatar Central Securities Depository (QCSD) announced that it has amendedthe ownership limits on its systems, so that the GCC citizens will be treatedas Qatari citizens in terms of owning shares of the companies listed on Qatar Stock Exchange. The change will be valid as of Thursday, March 26th 2015.

SEC Adopts Rules To Facilitate Smaller Companies’ Access To Capital - New Rules Provide Investors With More Investment Choices

Date 25/03/2015

The Securities and Exchange Commission today adopted final rules to facilitate smaller companies’ access to capital.  The new rules provide investors with more investment choices.

Testimony Of US Treasury Secretary Jacob J. Lew On The Financial Stability Oversight Council’s (FSOC) Nonbank Financial Company Designations Process Before The Senate Banking Committee

Date 25/03/2015

Chairman Shelby, Ranking Member Brown, and members of the Committee, thank you for inviting me here today to discuss the Financial Stability Oversight Council’s nonbank financial company designations process.