News Centre

Speech By SEC Commissioner Troy A. Paredes: Statement At Open Meeting To Propose Rules Regarding Disqualification Of Felons And Other “Bad Actors” From Rule 506 Offerings

Date 25/05/2011

Thank you, Chairman Schapiro.

The recommendation before us is to disqualify felons and other “bad actors” from participating in offerings under Rule 506 of Regulation D. The proposal implements Section 926 of the Dodd-Frank Act.

IMF Executive Board Discusses Monitoring Financial Interconnectedness, Including The Data Template For Global Systemically Important Financial Institutions

Date 25/05/2011

On May 18, 2011, the Executive Board of the International Monetary Fund (IMF) discussed progress in closing the identified data gaps related to financial interconnectedness, particularly with reference to the data template for the global systemically important financial institutions (G - SIFIs).

Speech By SEC Commissioner Luis A. Aguilar: Incentivizing Whistleblowers To Bring Fraud To Light

Date 25/05/2011

Too often, we see frauds revealed only after the money is gone and investors are tragically harmed. In an attempt to systematically combat this, Congress mandated that the SEC promulgate rules so that whistleblowers would serve as an early warning system to detect fraud. Today, we are putting rules into place to achieve that goal.

Statement Of Jill E. Sommers Before The Subcommittee On General Farm Commodities And Risk Management, House Committee On Agriculture

Date 25/05/2011

Good morning Chairman Conaway, Ranking Member Boswell and members of the Subcommittee. Thank you for inviting me to today’s hearing on “Harmonizing Global Derivatives Reform: Impact on U.S. Competitiveness and Market Stability.” I am Jill Sommers. I have worked in the derivatives industry for over fifteen years and have been a Commissioner at the Commodity Futures Trading Commission since August of 2007. The views I present today are my own and not those of the Commission.

Speech By SEC Commissioner Luis A. Aguilar: Excluding Established Wrongdoers from Engaging In Rule 506 Transactions

Date 25/05/2011

Right now, anyone can participate in Rule 506 offerings. Even a convicted felon, fresh out of prison, could solicit millions of dollars from unsuspecting investors. This is a reality — convicted fraudsters really do participate in Rule 506 offerings. For example, last year, the SEC filed an emergency action to stop a convicted felon who was operating a multi-million dollar fraud in unregistered securities. Additionally, just two weeks ago the SEC sued a recidivist for defrauding investors in unregistered securities offerings.

CFTC Staff To Host Public Roundtable To Discuss Protection Of Cleared Swaps Customer Collateral

Date 25/05/2011

Staff of the Commodity Futures Trading Commission (CFTC) will hold a public roundtable on June 3, 2011, from 9:30 a.m. to 5:00 p.m., to discuss issues related to the protection of cleared swaps customer collateral. The roundtable will assist the CFTC in the rulemaking process to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Speech By SEC Chairman Mary L. Schapiro: Opening Statement At SEC Open Meeting: Item 2 — Whistleblower Program

Date 25/05/2011

Next, we will consider whether to adopt rules to create a whistleblower program that would incentivize those close to a fraud to come forward and provide information to the Commission. These rules, originally proposed last November, would implement Section 922 of the Dodd-Frank Act.

FIF Announces the Formation Of The Options Market Share Methodology Working Group - Updated

Date 25/05/2011

The Financial Information Forum is pleased to announce the formation of its Options Market Share Methodology Working Group. The group will focus on opportunities for bringing more transparency to options volume data by identifying the types of trades that could be broken out by OPRA or the OCC. The formation of a working group came out of an FIF meeting at the Options Industry Conference where the different methodologies for calculating market share used by the OCC, ISE and BATS were discussed. At that meeting, representatives of the exchanges expressed a willingness to meet with an FIF working group after requirements had been defined.

Speech By SEC Chairman Mary L. Schapiro: Opening Statement At SEC Open Meeting: Item 1 — Felons and Bad Actors

Date 25/05/2011

Good morning. This is an Open Meeting of the Securities and Exchange Commission on May 25, 2011.

Today, the Commission will consider two actions.

First, we will consider proposing a rule that would deny certain securities offerings from qualifying for an exemption from registration if the offerings involve certain “felons and other bad actors.”

And second, we will consider adopting a rule to create a whistleblower program that would reward individuals who provide the agency with high-quality tips leading to successful enforcement actions.

Both sets of rules are required by the Dodd-Frank Wall Street Reform and Consumer Protection Act.

SIFMA Statement On Final SEC Whistleblower Rules

Date 25/05/2011

SIFMA today released the following statement from Ira Hammerman, senior managing director and general counsel, after the Securities and Exchange Commission (SEC) approved final rules on the treatment of whistleblowers.