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Governor Hochul Announces Nomination Of Adrienne Harris As Superintendent Of The Department Of Financial Services - Former Economic Advisor To President Obama To Become New York's Top Financial Regulator

Date 31/08/2021

Governor Kathy Hochul today announced that Adrienne Harris has been nominated to lead the New York State Department of Financial Services as its next Superintendent. Formerly a top economic advisor to President Obama, Ms. Harris will become the state's top financial regulator tasked with overseeing the banking and insurance industries and their compliance with state laws as New York works to rebuild its economy in the wake of the COVID-19 pandemic, if confirmed by the Senate.
American Financial Exchange Publishes Research Note On The Robustness Of AMERIBOR® Term-30

Date 31/08/2021

The American Financial Exchange (AFX), an electronic exchange for direct lending and borrowing for American financial institutions, published today a research note on the robustness of the AMERIBOR® Term-30 forward-looking rate in times of market stress.
MIAX Options Exchange - Rollback Of Certain July 1, 2021 Non-Transaction Fee Changes

Date 31/08/2021

The Purge Port fee increases and Complex Top of Market (“cToM”) data fees that were established for July 1 (such fees were announced in the June 30, 2021 Alert, and established pursuant to the following fee filings: cTom Filing, Purge Port Filing, the “July 1 Fee Changes”) will be rolled back and, on a going-forward basis, revert to fee amounts that were in place immediately prior to the July 1 Fee Changes, effective immediately. All other fee changes announced by MIAX Options Exchange for July 1 and thereafter remain unchanged.
Moscow Exchange: Risk Parameters Change For The Security WFC-RM

Date 31/08/2021

As per the Securities market risk parameters methodology, on 31.08.2021, 21-39 (MSK) the lower bound of the price band (up to 3167) and initial margins (up to 20 %) for the security WFC-RM were changed. New values are available here
US Federal And State Financial Regulatory Agencies Issue Interagency Statement On Supervisory Practices Regarding Financial Institutions Affected By California Wildfires

Date 31/08/2021

The Office of the Comptroller of the Currency, the Federal Reserve Board, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the state regulators, collectively the agencies, recognize the serious impact of California wildfires on the customers and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject to their supervision. The agencies encourage institutions operating in the affected areas to meet the financial services needs of their communities.

Alberta And Saskatchewan Securities Regulators Adopt New Small Business Financing Prospectus Exemption

Date 31/08/2021

The Alberta Securities Commission (ASC) and the Financial and Consumer Affairs Authority of Saskatchewan (FCAA) today adopted a new prospectus exemption designed to facilitate greater access to capital for Alberta and Saskatchewan businesses.
ISDA Responds To FCA On LIBOR Transition And The DTO

Date 31/08/2021

On August 25, 2021, ISDA submitted a response to the Financial Conduct Authority’s (FCA) CP21/22 on LIBOR transition and the derivatives trading obligation (DTO). Currently, the classes of derivatives that are subject to the DTO are swaps referencing US dollar LIBOR, sterling LIBOR, EURIBOR and certain credit default swaps. The FCA is modifying the DTO in light of interest rate benchmark reform and the transition from LIBOR to risk-free rates.
SEC Obtains Emergency Relief, Charges Couple Who Operated $18 Million Ponzi Scheme

Date 31/08/2021

The Securities and Exchange Commission today announced that it filed an emergency action and obtained a temporary restraining order and an asset freeze to stop an alleged Ponzi scheme perpetrated by Shakopee, Minnesota residents Jason Dodd Bullard and Angela Romero-Bullard and the entity they control, Bullard Enterprises LLC. The SEC also named four relief defendants in the action – entities controlled by Bullard and Romero-Bullard that received investor funds from the alleged scheme.
CFTC Staff Amends Existing Brexit-Related Relief To Provide Market Certainty

Date 31/08/2021

The Commodity Futures Trading Commission’s Division of Market Oversight (DMO) announced today that it is amending previously granted temporary no-action relief in connection with the withdrawal of the United Kingdom (UK) from the European Union (EU), known as Brexit.
U.S. Department Of The Treasury Launches New Effort On Climate-Related Financial Risks In The Insurance Sector

Date 31/08/2021

Today, the U.S. Department of the Treasury has announced that the Federal Insurance Office (FIO), in response to President Biden’s May 2021 executive order on climate change, is requesting information and soliciting public comment on the insurance sector and climate-related financial risks.