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News Centre
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SEC Adopts Clearing Agency Rule To Limit Potential For Overlapping Or Duplicative Regulation
Date 16/12/2020
The Securities and Exchange Commission today announced that it has adopted a rule to limit the potential for overlapping or duplicative regulation within its security-based swap regulatory regime. Specifically, the rule exempts certain activities of security-based swap execution facilities and security-based swap dealers from triggering the requirement also to register as a clearing agency, in line with similar exemptions for broker-dealers and national securities exchanges.
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SIFMA Statement On Transition From LIBOR To Alternative Rates And ARRC Model Law For New York State
Date 16/12/2020
SIFMA today issued the following statement from SIFMA president and CEO Kenneth E. Bentsen, Jr. on the transition from LIBOR to alternative rates, in support of the letter from the ARRC on its model law for New York State:
“The transition from LIBOR to alternative rates is a top priority for the financial services industry. SIFMA supports market, legislative and regulatory efforts to ensure a smooth transition, while avoiding market disruption and legal uncertainty. We continue to work as part of the Alternative Reference Rate Committee on issues such as resolution of legacy transactions, development of a term rate, and socialization in the cash markets. Notably, the ARRC developed a model law for New York to help transition ‘tough legacy’ contracts that are difficult or practically impossible to amend, which SIFMA fully supports and urges New York to pass."
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SEC: Luckin Coffee Agrees To Pay $180 Million Penalty To Settle Accounting Fraud Charges
Date 16/12/2020
The Securities and Exchange Commission today charged China-based company Luckin Coffee Inc. with defrauding investors by materially misstating the company’s revenue, expenses, and net operating loss in an effort to falsely appear to achieve rapid growth and increased profitability and to meet the company’s earnings estimates. Luckin, whose American Depositary Shares traded on Nasdaq until July 13, 2020, has agreed to pay a $180 million penalty to resolve the charges.
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B3 Releases Survey On 2 Million New Investors Who Joined The Exchange Between 2019 And 2020 - New Investor Is Young – Average 32 Years Old – Invests Small Amounts – BRL660.00 – Has A Long-Term Investment Vision, And Maintains Their Positions Even At The Height Of Market Volatility
Date 16/12/2020
B3 released today a study on the profile and behavior of the 2 million+ new investors who joined the Exchange between April 2019 and April 2020. In October this year, the number of accounts at B3 exceeded the 3.2 million mark.
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iComply Launches Digital Compliance Administration Platform For The $181 Billion KYC And AML Market - The Updated iComplyKYC Platform Leverages Edge Computing And AI To Support Onboarding And Identify Verification For Legal Entities And Natural Persons
Date 16/12/2020
iComply Investor Services (“iComply”), a global compliance software provider, is announcing that it is launching an updated version of its iComplyKYC platform for digital compliance administration that now supports the onboarding and authentication of legal entities and natural persons as a part of its all-in-one compliance solution.
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Cboe Becomes Primary Listing Exchange For ProShares Volatility ETFs
Date 16/12/2020
- All U.S. volatility ETPs are now primarily listed on Cboe BZX Exchange
- Cboe is home to a total of 22 ProShares ETFs
- With latest ETF transfers, Cboe and ProShares continue to expand relationship
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Federal Reserve Board And Federal Open Market Committee Release Economic Projections From The December 15-16 FOMC Meeting
Date 16/12/2020
The attached tables and charts released on Wednesday summarize the economic projections made by Federal Open Market Committee participants in conjunction with the December 15-16 meeting.
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SEC Adopts Final Rules For The Disclosure Of Payments By Resource Extraction Issuers
Date 16/12/2020
The Securities and Exchange Commission today voted to adopt final rules that will require resource extraction issuers that are required to file reports under Section 13 or 15(d) of the Securities Exchange Act of 1934 to disclose payments made to the U.S. federal government or foreign governments for the commercial development of oil, natural gas, or minerals. The rules implement Section 13(q) of the Exchange Act, which was added by the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”). The rules are intended both (1) to achieve the statutory objective of increasing the transparency of payments to governments for the purpose of the commercial development of their oil, natural gas, and minerals and (2) to comply with the Congressional Review Act (CRA).
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Federal Reserve Announces The Extension Of Its Temporary U.S. Dollar Liquidity Swap Lines And The Temporary Repurchase Agreement Facility For Foreign And International Monetary Authorities (FIMA Repo Facility) Through September 30, 2021
Date 16/12/2020
The Federal Reserve on Wednesday announced the extension of its temporary U.S. dollar liquidity swap lines and the temporary repurchase agreement facility for foreign and international monetary authorities (FIMA repo facility) through September 30, 2021. These facilities were temporarily established in March 2020 to ease strains in global dollar funding markets resulting from the COVID-19 shock and mitigate the effect of such strains on the supply of credit to households and businesses, both domestically and abroad. Extensions to both facilities through March 2021 were announced on July 29, 2020. A further extension of these facilities will help sustain recent improvements in global U.S. dollar funding markets by serving as an important liquidity backstop. In addition, the FIMA repo facility will help continue to support the smooth functioning of the U.S. Treasury market by providing an alternative temporary source of U.S. dollars other than sales of securities in the open market.
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Statement On Resource Extraction, SEC Commissioner Caroline A. Crenshaw, Dec. 16, 2020
Date 16/12/2020
Today we find ourselves in a difficult situation. On one hand, we have a clear congressional mandate to promulgate a rule directing issuers to disclose certain resource extraction payments. On the other hand, we are bound by the requirements of the Congressional Review Act (“CRA”), which states that any rule we adopt today may not be “substantially the same” as the rule Congress invalidated. We are now faced with novel questions of law: what does “substantially the same” mean in this context and how do we reconcile these congressional directives?
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