News Centre

Jane Norberg, Chief Of The SEC's Office Of The Whistleblower, To Leave Agency

Date 08/04/2021

The Securities and Exchange Commission today announced that Jane Norberg, Chief of the SEC's Office of the Whistleblower, is planning to leave the agency this month.

ISDA And FIA Respond To EC’s Consultation On FRANDT Requirements

Date 08/04/2021

On April 7, 2021, ISDA and FIA submitted a joint response to the European Commission (EC)’s consultation on the draft delegated act and accompanying annex to specify the conditions under which the commercial terms for clearing services for over-the-counter derivatives are considered to be fair, reasonable, non-discriminatory and transparent (FRANDT). In the response, the associations thank the EC for the pragmatic changes and refinements they have made in a number of important areas of FRANDT, which will make the rules more proportionate. A number of critical issues are highlighted that should be considered before the FRANDT rules are finalized. These include questions on territorial scope, application of FRANDT to new/prospective clients only, the implementation period, proposed requirements on the refusal of clearing orders, and suspension, liquidation or close out of client positions and notice periods.

Federal Court Orders Nevada Company And Its Owner To Pay More Than $32 Million For Cryptocurrency Fraud And Misappropriation Scheme

Date 08/04/2021

The Commodity Futures Trading Commission today announced that following a hearing on the merits, the U.S. District Court for the District of Nevada entered a default judgment against defendants David Gilbert Saffron, an Australian citizen residing in Las Vegas, Nevada and/or Los Angeles, California, and Circle Society, Corp., a Nevada corporation, for a cryptocurrency fraud and misappropriation scheme.

IIROC Adopts Early Resolution Offers - Program Encourages Timely Resolution Of Cases To Enhance Investor Protection

Date 08/04/2021

The Investment Industry Regulatory Organization of Canada (IIROC) has announced that it is adopting the use of Early Resolution Offers effective immediately.

TMX Group Limited To Announce Q1 2021 Financial Results On Tuesday, May 11, 2021 - Analyst Conference Call And Virtual Annual And Special Meeting Of Shareholders To Be Held Wednesday, May 12, 2021

Date 08/04/2021

TMX Group Limited will announce its financial results for the first quarter ended March 31, 2021 in the evening of Tuesday, May 11, 2021. An analyst conference call to review the results will be held at 8:00 a.m. EDT on Wednesday, May 12, 2021.

Cboe Options Exchange To Extend Global Trading Hours For VIX and SPX Options To Nearly 24 Hours-A-Day

Date 08/04/2021

• Expansion of current GTH session planned for fourth quarter 2021, subject to regulatory review
• Will provide global investors ability to trade Cboe’s flagship U.S. index options during local trading day and around the clock
• Builds on growing customer demand, combined ADV for SPX and VIX options during current GTH session increased 76 percent in 2020 over the prior year

SPACs, IPOs And Liability Risk Under The Securities Laws: John Coates, SEC, Acting Director, Division Of Corporation Finance, April 8, 2021

Date 08/04/2021

Over the past six months, the U.S. securities markets have seen an unprecedented surge in the use and popularity of Special Purpose Acquisition Companies (or SPACs). Shareholder advocates – as well as business journalists and legal and banking practitioners, and even SPAC enthusiasts themselves – are sounding alarms about the surge. Concerns include risks from fees, conflicts, and sponsor compensation, from celebrity sponsorship and the potential for retail participation drawn by baseless hype, and the sheer amount of capital pouring into the SPACs, each of which is designed to hunt for a private target to take public. With the unprecedented surge has come unprecedented scrutiny, and new issues with both standard and innovative SPAC structures keep surfacing.

Supervising Cryptoassets For Anti-Money Laundering

Date 08/04/2021

Although certain cryptoassets have the potential to make payments and transfers more efficient, some of their features may heighten money laundering/terrorist financing (ML/TF) risks. In particular, the speed of transactions, global reach, potential for anonymous activity and the potential for transactions to take place without financial intermediaries make cryptoassets vulnerable to misuse. In fact, the scale of illicit use of cryptoassets is already significant, highlighting the importance of AML/CFT regulation and supervision, as well as law enforcement, in this area.

Federal Court Orders New Mexico Man To Pay Over $10.3 Million For Defrauding Commodity Futures Clients In Long-Running Ponzi Scheme

Date 08/04/2021

The Commodity Futures Trading Commission today announced that the U.S. District Court for the District of New Mexico entered a consent order for permanent injunction, monetary sanctions, and equitable relief against Douglas Lien of Santa Fe, New Mexico. The court imposed more than $10.3 million in monetary sanctions and relief for defendant’s wrongdoing, including his misappropriation of client money intended for futures trading. According to the order, the defendant admitted to misappropriating the funds and issuing false account statements to conceal his fraud for nearly 20 years.

Brevan Howard Ltd/WinnGroups Ltd – Online Trading Platform winngc.com: BaFin Prohibits Unauthorised Portfolio Management

Date 08/04/2021

In a notice dated 15 March 2021, BaFin ordered Brevan Howard Ltd/WinnGroups Ltd to immediately cease unauthorised portfolio management activities.