News Centre

SEC Charges Eagle Bancorp And Former CEO With Failing To Disclose Related Party Loans

Date 16/08/2022

The Securities and Exchange Commission today charged Eagle Bancorp, Inc., based in Bethesda, Maryland, and its former Chief Executive Officer and Chairman of the Board, Ronald D. Paul, with negligently making false and misleading statements about related party loans extended by the bank to Paul’s family trusts. Eagle and Paul have agreed to settle the SEC’s charges.

CFTC Wins $7.49 Million Jury Verdict In Texas Broker Trading Case - Broker And Firm Found Liable For Secretly Trading Against Customers, Disclosing Confidential Order Information - Firm Also Found Liable For Failing To Supervise Broker And Failing To Make And Keep Required Records

Date 16/08/2022

The Commodity Futures Trading Commission today announced a jury in the Southern District of Texas issued a verdict finding Andrew Gizienski and EOX Holdings, LLC (EOX) liable for secretly taking the other side of their customers’ orders without consent 65 times and disclosing their customers’ confidential order information five times, in violation of CFTC regulations. The jury awarded $7 million in civil monetary penalties for these violations. The jury also found EOX liable for both failing to supervise Gizienski and to create and/or maintain required copies of seven pre-trade communications. The jury awarded $490,000 in civil monetary penalties for these violations.

Federal Reserve Board Announces It Has Fined Eaglebank $9.5 Million For Violation Of The Board's Insider Lending Regulation And Has Permanently Barred Its Former CEO And Chairman From The Banking Industry

Date 16/08/2022

The Federal Reserve Board on Tuesday announced that it has fined EagleBank, of Bethesda, Maryland, $9.5 million for violation of the Board's insider lending regulation. The bank improperly extended credit to entities owned or controlled by its then-CEO and Chairman, Ronald D. Paul.

US Department Of Justice: Court Authorizes Service Of John Doe Summons Seeking The Identities Of U.S. Taxpayers Who Have Used Cryptocurrency

Date 16/08/2022

On Aug. 15, 2022, a federal court in the Central District of California entered an order authorizing the IRS to serve a John Doe summons on SFOX, a cryptocurrency prime dealer headquartered in Los Angeles, California, seeking information about U.S. taxpayers who conducted at least the equivalent of $20,000 in transactions in cryptocurrency between 2016 and 2021 with or through SFOX.

ISDA derivatiViews: A Constructive Approach To The EU Benchmarks Regulation

Date 16/08/2022

The market-wide transition away from LIBOR has been a colossal undertaking that, while not yet fully complete, has been noted for the meticulous planning and collaboration between the public and private sectors. As the market prepares for the last representative LIBOR settings to cease publication next year, we are taking the same constructive approach to the review of the EU Benchmarks Regulation (BMR).

Federal Reserve Board Provides Additional Information For Banking Organizations Engaging Or Seeking To Engage In Crypto-Asset-Related Activities

Date 16/08/2022

The Federal Reserve Board on Tuesday provided additional information for banking organizations engaging or seeking to engage in crypto-asset-related activities.

CFTC Commissioner Johnson To Appear On CoinDesk TV’s “First Mover”

Date 16/08/2022

UK Financial Conduct Authority: IFPR And Eligibility For Enhanced SM&CR Status As A Significant SYSC Firm

Date 16/08/2022

When introducing the Investment Firm Prudential Regime (IFPR) in January 2022, we renamed and moved the definition of ‘Significant IFPRU firm’ used as one of the criteria for identifying Enhanced Firms under the Senior Managers & Certification Regime (SM&CR). This was to retain the definition in our rules following deletion of the IFPRU sourcebook. A number of stakeholders have since highlighted that this new definition of ‘Significant SYSC firm’ could result in more firms being brought into Enhanced scope than under the previous definition as it had been understood and applied.

Miami International Holdings And T3 Index Announce Launch Of ConvexityShares ETFs Offering Exposure To SPIKES Volatility Index

Date 16/08/2022

Miami International Holdings, Inc. (MIH), owner of Miami International Securities Exchange, LLC (MIAX®), MIAX PEARL, LLC (MIAX Pearl®), MIAX Emerald, LLC (MIAX Emerald®), Minneapolis Grain Exchange, LLC (MGEX™) and The Bermuda Stock Exchange (BSX™) and T3 Index today jointly announced the launch of two new ConvexityShares™ exchange traded funds (ETFs) developed to provide investors with access to a new product designed to manage volatility exposure.

UK Financial Conduct Authority Encourages Market Participants To Continue Transition Of LIBOR-Linked Bonds

Date 16/08/2022

This statement is for issuers and bondholders of outstanding LIBOR-linked bonds. The FCA is strongly encouraging issuers and bondholders of outstanding LIBOR-linked bonds to consider this information and take the necessary action to transition outstanding LIBOR-linked bonds to fair alternative rates.