News Centre

SEC Appoints PCAOB Chief Auditor Megan Zietsman To PCAOB Board

Date 15/10/2020

The Securities and Exchange Commission today announced the appointment of Megan Zietsman as a Board member of the Public Company Accounting Oversight Board (PCAOB) for a term ending in October 2025. Ms. Zietsman has been the Chief Auditor and Director of Professional Standards of the PCAOB since February 2019.

Supporting Statement Of CFTC Commissioner Brian Quintenz Regarding Final Rule Further Extending The Compliance Schedule For Initial Margin Requirements For Firms With Smaller Swap Portfolios

Date 15/10/2020

I support today’s final rule that extends the last phase of compliance for initial margin requirements to September 1, 2022.  In light of the unprecedented economic and social impacts of COVID-19 and the potential market disruption that could result from a large number of entities coming into scope on September 1, 2021, I strongly support an additional one year deferral for these firms.  As I have noted previously, given the large number of firms covered by the final compliance phases, the estimated 7,000 initial margin relationships that need to be negotiated, and the small overall percentage of swap activity these firms represent, a one year delay for these firms is appropriate in order to facilitate an efficient, orderly transition for the market into the uncleared margin regime.  In addition, today’s final rule also ensures the Commission is consistent with the BCBS-IOSCO recommended margin framework and with actions taken by U.S. prudential regulators to extend the margin compliance schedule.

Dealpath Announces Strategic Investment From Nasdaq Ventures - New Relationship To Fuel Growth Of Cloud-Based Real Estate Deal Management Platform

Date 15/10/2020

Dealpath announced a strategic investment today from Nasdaq's (Nasdaq: NDAQ) investment arm, Nasdaq Ventures, as it continues to rapidly expand its modern, cloud-based real estate deal management platform. Nasdaq's strategic investment in Dealpath initiates a developing partnership to further enhance real estate investment workflows and supports Dealpath's vision of creating an efficient, digital, global marketplace for the built world.

Opening Statement Of CFTC Chairman Heath P. Tarbert In Support Of Final Rule On Position Limits

Date 15/10/2020

I am very proud to bring to a final vote the Commission’s rule on speculative position limits.  Like my fellow Commissioners and so many who have held these seats before us, I promised during my confirmation hearing that I would work to finalize this rule.  So to the Senate Committee on Agriculture, Nutrition, and Forestry, to the market participants who rely on futures markets, and to the American people, I am pleased to say—promise made, promise kept.

SEC: Board Member James G. Kaiser To Retire From The PCAOB -Contributed Substantially to PCAOB Strategic Plan And The Use Of Technology To Enhance Audit Quality

Date 15/10/2020

The Securities and Exchange Commission today announced that James (Jim) G. Kaiser will leave the Public Company Accounting Oversight Board (PCAOB) after completing his term as a Board member. Mr. Kaiser was appointed to the Board in December 2017 and his term expires in October 2020. Mr. Kaiser was eligible for reappointment to the 2020-2025 term but elected not to stand for reappointment. Mr. Kaiser has agreed to continue his service as a member of the PCAOB Board past the expiration of his term on October 24, 2020, until such time as Megan Zietsman is able to transition into her new role as a Board member later this year.

Supporting Statement Of Commissioner Brian Quintenz Regarding Final Rule Exempting From Registration Certain Foreign Persons Acting As CPOs Of Offshore Commodity Pools

Date 15/10/2020

I am pleased to support today’s final rule that expands an existing exemption from registration for foreign commodity pool operators (CPOs) trading on U.S. markets on behalf of foreign investors.  Building on previously granted staff no-action relief, the final rule creates new possibilities for fund managers, appropriately focuses the Commission’s resources and customer protection activities upon domestic firms and U.S. customers, and provides for simplified compliance.  For example, the final rule permits non-U.S. CPOs to claim the exemption on a pool-by-pool basis, which I believe is appropriate given that many large, foreign CPOs operate both U.S. and non-U.S. pools.  The final rule also permits a foreign fund manager to satisfy the exemption’s requirement that its pool does not contain funds of U.S. customers by complying with certain safe harbors, such as fund documentation requirements.  In doing so, the final rule recognizes that the manner in which fund interests are sold in the real world often makes it impossible for a fund manager to make a blanket attestation that there is no U.S. investment in a given commodity pool.

Opening Statement By Michel Barnier At The Joint Press Conference With President Michel Following The European Council Meeting Of 15 October 2020

Date 15/10/2020

Thank you. Good evening everyone.

Firstly, I would like to thank President Charles Michel for joining me at this press conference. Obviously Ursula von der Leyen cannot be here as intended, for reasons of which you are aware. She has asked me personally to attend on her behalf. And I can tell you that she is following these negotiations very closely with her team – and our team, which is also hers – as she did only yesterday evening in discussions with Charles Michel and Boris Johnson. And she will of course continue to be in contact with the UK prime minister as often as necessary.

Moscow Exchange: Risk Parameters Change On Securities Market

Date 15/10/2020

CCP NCC sets the following risk parameters on Securities market starting from October 19, 2020:

European Council Conclusions On EU-UK Relations, 15 October 2020

Date 15/10/2020

II. EU-UK relations

3. The European Council recalls that the transition period will end on 31 December 2020 and notes with concern that progress on the key issues of interest to the Union is still not sufficient for an agreement to be reached.

Statement Of CFTC Commissioner Dawn D. Stump Regarding Amending Rule 3.10(c): Exemption From Registration For Non-US CPOs Of Offshore Commodity Pools

Date 15/10/2020

Overview

I am pleased to support the final rulemaking to amend Rule 3.10(c) in order to clarify, among other things, that a non-U.S. person does not have to register as a commodity pool operator (CPO) with respect to its operation of offshore commodity pools for non-U.S. participants that trade in U.S. derivatives markets, even if that CPO also operates other commodity pools with U.S. participants for which it is registered (or claims an exclusion or exemption from registration).