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The Critical Importance Of The General Standard Of Auditor Independence And An Ethical Culture For The Accounting Profession[1], Paul Munter, SEC Acting Chief Accountant, June 8, 2022

Date 08/06/2022

Introduction

High-quality audits are critical to the process of providing decision-useful financial information for the benefit of investors, and auditors serve an important gatekeeping and investor protection function by helping to ensure that issues are promptly identified and addressed. The Commission has long-recognized that audits by professional, objective, and skilled accountants that are independent of their audit clients contribute to both investor protection and investor confidence in the financial statements. As such, the Commission’s auditor independence rule is integral to its mandate to protect investors and is fundamental for promoting investor confidence in the quality of financial disclosures. Rule 2-01 of Regulation S-X sets forth the Commission’s auditor independence requirements and emphasizes the importance of an accountant’s independence from its audit client in both fact and appearance.

New York State Department of Financial Services Superintendent Adrienne A. Harris Announces New DFS Regulatory Guidance On The Issuance Of U.S. Dollar-Backed Stablecoins - First U.S. Financial Regulator To Issue Stablecoin Expectations To Virtual Currency Industry - Builds Upon Superintendent Harris’ VOLT Initiative For DFS Virtual Currency Unit

Date 08/06/2022

New York State Department of Financial Services (DFS) Superintendent Adrienne A. Harris today issued new DFS Regulatory Guidance, setting foundational criteria for USD-backed stablecoins issued by DFS-regulated entities.   

Variation Margin Documents Added To ISDA Create

Date 08/06/2022

ISDA and Linklaters have announced the launch of a new variation margin (VM) module on ISDA Create that embeds the ISDA Clause Library for credit support documentation within the relevant VM documents on the platform. This module, launched in response to industry demand, allows users to draft and agree VM documents faster and more efficiently, as well as capture the resulting structured legal data for use in downstream operations.

SEC Charges CohnReznick LLP And Three Partners With Improper Professional Conduct - Firm’s Auditing Deficiencies Caused Misleading Disclosures By Two Clients Prior To Their Bankruptcies And Delistings

Date 08/06/2022

The Securities and Exchange Commission today charged audit firm CohnReznick LLP with improper professional conduct on engagements for two clients in 2017. The two clients, Sequential Brands Group, Inc. and Longfin Corp., previously were charged by the SEC for filing fraudulent financial statements prior to their bankruptcies and Nasdaq delisting. The Commission also charged firm partners Stephen M. Wyss, Stephen H. Jackson, and Robert G. Hilbert with improper professional conduct for violating numerous professional standards in their third quarter 2017 interim review and 2017 annual audit of Sequential’s financial statements. All respondents have agreed to settle charges and pay penalties. CohnReznick’s $1.9 million penalty will be returned to investors.

SIFMA Statement On Equity Market Structure Reform

Date 08/06/2022

SIFMA today issued the following statement from president and CEO Kenneth E. Bentsen, Jr. on comments from SEC chair Gary Gensler on equity market structure reform:

“SIFMA has long called for a review of equity market structure, having previously presented recommendations designed to enhance the current structure to the SEC and Congress in 2013, 2014 and 2017. ”

“Market Structure And The Retail Investor:” Remarks Before The Piper Sandler Global Exchange Conference, SEC Chair Gary Gensler, Washington D.C., June 8, 2022

Date 08/06/2022

Thank you, Rich (Repetto), for that kind introduction. It is good to be with you again. As is customary, I’d like to note my views are my own, and I’m not speaking on behalf of my fellow Commissioners or the SEC staff.

EBA Consults On Technical Standards On The Identification Of A Group Of Connected Clients

Date 08/06/2022

The European Banking Authority (EBA) launched today a public consultation on draft Regulatory Technical Standards (RTS) on the identification of a group of connected clients (GCC). The draft RTS, in conjunction with the EBA Guidelines on connected clients, provide the complete framework for the identification of the GCC. The consultation runs until 8 September 2022.

Miami International Holdings And Lukka Enter Into Strategic Alliance To Jointly Develop And Launch Crypto Derivatives

Date 08/06/2022

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 Bermuda Stock Exchange (BSX™), and Lukka Inc. (Lukka™) announced today that they have entered into a strategic alliance to jointly develop and launch a suite of proprietary crypto derivatives on MIH exchange platforms based on Lukka-supplied crypto data.

EEX Group Monthly Volumes - May 2022

Date 08/06/2022

EEX Group reports its May volumes with following highlights:

Climate Biennial Exploratory Scenario: Insurance Insights – Speech By Stefan Claus, Bank Of England, Head Of Insurance, Analytics Division, - Given At Association Of British Insurers Climate Summit 2022

Date 08/06/2022

Stefan Claus talks about how prepared the UK’s largest insurers are for the financial risks caused by climate change. He says the results of recent tests we did show they are getting better at managing these risks. But there is still more to do. The Prudential Regulation Authority and insurers need to work together to bridge gaps in available climate data.