News Centre

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).

Moscow Exchange Announces The Launch Of Personal Finance Platform Finuslugi

Date 15/10/2020

On 15 October 2020, Moscow Exchange rolled out the personal finance platform Finuslugi. Russian residents can now select loan offerings from across the country and open deposits online with any bank, all without visiting a branch. This means that someone living in one area of the country can open a deposit in any other region. At the same time, banks can now attract new customers from all over Russia, without building new brick-and-mortar branches.

BIS - Banking Across Borders: Are Chinese Banks Different?

Date 15/10/2020

Summary

Focus

This paper studies the global footprint of Chinese banks, and compares it with that of other major bank nationalities. Chinese banks account for 24% of all cross-border lending to borrowers in emerging market and developing economies (EMDEs), more than double that of Japanese banks, the closest competitor. Further, almost half of all EMDE borrowers rely on Chinese banks as their most important lender.

MIAX Exchange Group - Options & Equities Markets - Reminder Of Reg SCI / SIFMA BCP Testing On Saturday, October 24, 2020

Date 15/10/2020

As previously announced in the April 20, 2020 and September 16, 2020 Alerts, the MIAX Exchange Group will be participating in the 2020 SIFMA BCP Testing on Saturday, October 24, 2020.  

SEC Awards $800,000 To Whistleblowe

Date 15/10/2020

The Securities and Exchange Commission today announced an award of more than $800,000 to a whistleblower whose information caused the staff to open an investigation that led to two successful SEC enforcement actions.     

What Happened? What Have We Learned From It? Lessons From COVID-19 Stress On The Financial System, Federal Reserve Vice Chair For Supervision Randal K. Quarles, At The Institute Of International Finance, Washington, D.C. (Via Webcast)

Date 15/10/2020

Thank you to the Institute of International Finance, for the opportunity to speak today. It has been eight months since COVID-19 appeared in the US and the attendant containment measures began to have severe effects on the U.S. economy and financial system (the "COVID event"). While the economy is recovering faster than we originally expected, and the financial sector returned pretty quickly to stable functioning— in significant part due to strong action from governments and central banks around the world—the shock of the COVID event was by many measures the strongest in recorded history, and for a while in the spring the outcome was—as the Duke of Wellington said of Waterloo—"a damn, close-run thing."