News Centre

SIFMA And FSR Comment On Dissemination Of Asset-Level Data By ABS Issuers, Ask SEC To Re-Propose ABS Releases

Date 31/03/2014

SIFMA and the Financial Services Roundtable on Friday submitted comments to the Securities and Exchange Commission (SEC) that express significant concerns with its February 25, 2014 staff memorandum that suggests the framework under which securitization issuers would disseminate asset-level and other offering information to investors and potential investors, as required under the Commission’s proposed offering, disclosure, and reporting requirements for asset-backed securities (ABS) commonly referred to as Reg AB2.  The Associations' letter reflects the views of its issuer, dealer and sponsor members. The comment letter is available here: http://www.sifma.org/issues/item.aspx?id=8589948242. 

CFTC: Federal Court Orders Ward Onsa Of Marco Island, Florida And His Company, New Century Investment Management LLC Of Southampton, Pennsylvania To Pay $5.7 Million Civil Monetary Penalty For Operating A Commodity Pool Ponzi Scheme

Date 31/03/2014

The U.S. Commodity Futures Trading Commission (CFTC) today announced that on March 20, 2014, Judge Mary A. McLaughlin of the U.S. District Court for the Eastern District of Pennsylvania entered a final judgment Order imposing a civil monetary penalty of almost $6 million against Defendants Ward Onsa of Marco Island, Florida, and his company, New Century Investment Management LLC (New Century), of Southampton, Pennsylvania, in a CFTC enforcement action. The court’s March 20, 2014, Order followed an earlier default judgment Order entered on December 5, 2011, finding that the Defendants had committed fraud and imposing registration and trading bans.

The Known Unknowns Of Central Clearing, Speech By Benoît Cœuré, Member Of The Executive Board Of The ECB, At The Meeting On Global Economy And Financial System Hosted By The University Of Chicago Booth School Of Business Initiative On Global Markets, Coral Gables, 29 March 2014

Date 31/03/2014

Ladies and gentlemen,

Today, I want to share some thoughts with you on central clearing.

Leadership And Conduct: Speech By Martin Wheatley, Chief Executive, The UK Financial Conduct Authority, At City Week 2014: International Financial Services In The Post-Reform World: Opportunities And Challenges

Date 31/03/2014

Reflections on the year

It’s a pleasure to join everyone for this important event and to have the opportunity to reflect, with Andrew, on what has been a defining year for conduct in financial services – yet another defining year in fact.

OTC Derivatives Regulators Issue Report To The G20

Date 31/03/2014

The Over-the-Counter (OTC) Derivatives Regulators Group (ODRG), which is made up of authorities with responsibility for the regulation of OTC derivatives markets in Australia, Brazil, the European Union, Hong Kong, Japan, Ontario, Quebec, Singapore, Switzerland, and the United States, issued a report today that identifies the current list of remaining cross-border implementation issues related to global reform of OTC derivatives markets. The report also includes a summary of the status of such issues and a timetable for addressing them through a series of reports to the G20 Finance Ministers and Central Bank Governors over the course of 2014.

FSB Plenary Meets In London

Date 31/03/2014

At its meeting in London today, the Financial Stability Board (FSB) discussed vulnerabilities affecting the global financial system and reviewed work plans for completing core financial reforms.

Federal Court Orders St. Augustine, Florida Couple And Their Company To Pay $5.76 Million For Defrauding Customers In Foreign Currency Scheme - Queen Shoals Consultants, Gary D. Martin, and Brenda K. Martin Charged In March 2011 CFTC Anti-Fraud Action

Date 31/03/2014

The U.S. Commodity Futures Trading Commission (CFTC) obtained federal court supplemental consent Order requiring Defendants Gary D. Martin and Brenda K. Martin of St. Augustine, Florida, and their company, Queen Shoals Consultants, LLC (QSC) of Charlotte, North Carolina, to jointly pay a total of $5.76 million in civil monetary penalties for defrauding customers through a retail foreign currency (forex) trading scheme (see CFTC Press Release and Complaint 6004-11, March 17, 2011). None of the Defendants has ever been registered with the CFTC.

SEC Charges Two Men With Insider Trading on Confidential Information From Their Wives

Date 31/03/2014

The Securities and Exchange Commission today announced two separate cases against men who profited by insider trading on confidential information they learned from their wives about Silicon Valley-based tech companies. 

EBA Publishes Final Draft Technical Standards On Prudent Valuation

Date 31/03/2014

The European Banking Authority (EBA) published today its final draft Regulatory Technical Standards (RTS) laying out the requirements related to prudent valuation adjustments of fair valued positions. The objective of these draft RTS is to determine prudent values that can achieve an appropriate degree of certainty while taking into account the dynamic nature of trading book positions. These standards will be part of the EU Single Rulebook in banking aimed at enhancing regulatory harmonisation.

All-Encompassing Enforcement: The Robust Use Of Civil And Criminal Actions To Police The Markets, SEC Chair Mary Jo White, March 31, 2014

Date 31/03/2014

Introduction

Thank you, David Prince, for that kind introduction.  I have participated in this event for many years and have always considered this conference to be all about the compliance and legal issues that are most important to the integrity of our securities markets.  Now, as Chair of the SEC, I would like to thank you for the work you do day in and day out to protect investors and keep our markets robust and safe.