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News Centre
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US Office Of The Comptroller Of The Currency Issues Annual Report For 2024
Date 20/12/2024
The Office of the Comptroller of the Currency (OCC) today published its 2024 Annual Report. The OCC Annual Report provides Congress with an overview of the condition of the federal banking system, discusses the OCC’s strategic priorities and initiatives, and shares the agency’s financial management and condition.
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Statement On Customer Protection Rule, SEC Chair Gary Gensler
Date 20/12/2024
Today, the Commission adopted amendments on the requirements for large broker-dealers to calculate and segregate their customer balances daily rather than weekly. I am pleased to support this adoption because it helps better protect customers in the event a large broker-dealer fails.
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FINRA Orders Three Firms To Pay Over $8.2 Million In Restitution To Customers - Firms Did Not Provide Fee Waivers In Connection With Mutual Fund Purchases
Date 20/12/2024
FINRA has ordered three firms—Edward Jones, Osaic Wealth, Inc. and Cambridge Investment Research, Inc.—to pay more than $8.2 million in restitution to customers who were harmed by the firms’ failures to provide available mutual fund sales charge waivers and fee rebates on mutual fund purchases. FINRA did not impose any fines in connection with these matters in recognition of each firm’s extraordinary cooperation with FINRA’s investigations.
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Statement Of Support Of CFTC Chairman Rostin Behnam Final Rule Regarding Regulations To Address Margin Adequacy And To Account For The Treatment Of Separate Accounts By Futures Commission Merchants
Date 20/12/2024
Since 2019, derivatives clearing organizations (DCOs) and futures commission merchants (FCMs) faithfully relied on guidance and a no-action position issued through CFTC Staff Letter 19-17 [1] to comply with DCO rules. In the several years during which the original letter was issued, DCOs and FCMs invested accordingly in anticipation that the Commission would act diligently and engage the Commission in the process to implement appropriate relief on a permanent basis. I am pleased today that, consistent with my commitment to improving rules and codifying longstanding staff positions through rulemakings that benefit from the engagement and expertise of our entire Commission, the CFTC is issuing a final rule that allocates greater protections and more importantly, provides long awaited certainty.
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It’s Been A Week: Statement On Amendments To Exchange Act Rule 15c3-3, SEC Commissioner Hester M. Peirce
Date 20/12/2024
Rule 15c3-3 plays a key role in advancing the Commission’s investor protection mandate. It requires broker-dealers to safeguard customer assets, which helps to ensure that, should a broker-dealer fail, it can self-liquidate in an orderly manner that protects its customers’ ability to access her assets.[1] A successful self-liquidation permits customers to gain access to their funds much more quickly than possible if they are required to pursue their claims in a liquidation administered by the Securities Investor Protection Corporation.
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Statement On Daily Computation Of Customer And Broker-Dealer Reserve Requirements Under An Amended Broker-Dealer Customer Protection Rule, SEC Commissioner Mark T. Uyeda
Date 20/12/2024
Under the Broker-Dealer Customer Protection Rule, carrying broker-dealers—i.e., those broker-dealers that maintain custody of customer securities and cash—must have a special reserve bank account that holds “qualified securities” and/or cash in an amount determined by a weekly computation. The idea is that if the broker-dealer fails, the securities and cash it holds for customers can be promptly returned. A firm must hold an amount of cash or U.S. Treasury securities in the reserve account equal in value to the net amount of cash owed to customers, which is the amount by which total cash owed to customers (e.g., cash balances in securities accounts) exceeds total amount of cash customers owed to the broker-dealer (such as through margin loans to customers). On July 12, 2023, the Commission proposed to amend this rule to require certain broker-dealers to compute their customer and reserve deposit requirements, and make any required deposits into their reserve accounts on a daily basis rather than a weekly basis.
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SEC Adopts Rule Amendments To The Broker-Dealer Customer Protection Rule
Date 20/12/2024
The Securities and Exchange Commission today adopted amendments to Rule 15c3-3 (the customer protection rule) to require certain broker-dealers to increase the frequency with which they perform computations of the net cash they owe to customers and other broker-dealers (known as PAB account holders) from weekly to daily. The Commission also adopted amendments to Rule 15c3-3 and Rule 15c3-1 (the broker-dealer net capital rule) to permit certain broker-dealers that perform a daily customer reserve computation to decrease the required 3 percent “buffer” in the customer reserve bank account by reducing the customer-related receivables, or “aggregate debit items,” charge from 3 percent to 2 percent in the computation.
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CFTC Commitments Of Traders Reports Update
Date 20/12/2024
The current reports for the week of December 17, 2024 are now available. Report data is also available in the CFTC Public Reporting Environment (PRE), which allows users to search, filter, customize and download report data.
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Concurring Statement Of CFTC Commissioner Caroline D. Pham On The Separate Accounts Final Rule
Date 20/12/2024
I respectfully concur on the Final Rule on the Regulations to Address Margin Adequacy and to Account for the Treatment of Separate Accounts by Futures Commission Merchants (FCMs) (Separate Accounts Final Rule).
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CFTC Approves Final Rule On Margin Adequacy, Treatment Of Separate Accounts Of A Customer By Futures Commission Merchants
Date 20/12/2024
The Commodity Futures Trading Commission today announced a final rule to implement requirements for futures commission merchants related to margin adequacy and the treatment of separate accounts of a customer. The rule finalizes the Commission’s proposal, published in the Federal Register in March, to codify the no-action position in CFTC staff letter 19-17 regarding separate account treatment.
