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Federal Reserve Board Fines The Goldman Sachs Group, Inc. $154 Million For Failure To Maintain Appropriate Oversight, Internal Controls, And Risk Management With Respect To 1Malaysia Development Berhad (1MDB)
Date 22/10/2020
The Federal Reserve Board on Thursday announced it has fined the Goldman Sachs Group, Inc. $154 million for the firm's failure to maintain appropriate oversight, internal controls, and risk management with respect to Goldman's involvement in a far-reaching scheme to defraud a Malaysian state-owned investment and development company, 1Malaysia Development Berhad (1MDB).
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Joint Open Meeting With CFTC - Customer Margin Rules For Security Futures And Request For Comment On Uncleared Swaps And Non-Cleared Security-Based Swaps, SEC Chairman Jay Clayton, Oct. 22, 2020
Date 22/10/2020
Opening Remarks
Today marks a milestone in the 45-year relationship between the SEC and CFTC as we hold the first joint open meeting to both consider and vote on policy initiatives. I thank Chairman Tarbert for suggesting that we come together, as well as my fellow Commissioners and the Commissioners of the CFTC, for their support of this meeting and, more importantly, the continuing coordination among our agencies. Over the years, and as most recently evidenced by the standing up of the Dodd-Frank Act Title VII regulatory regime for swaps and security-based swaps, America’s investors have benefited from our agencies’ commitment to working together to ensure that our regulations are effective, consistent, mutually reinforcing, and efficient. In certain cases, these important objectives are best served by harmonizing our rules.
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BIS: Focus On The Future Of Banking Supervision In A Changing World - International Banking Supervisory Community Meets Virtually
Date 22/10/2020
- At the 21st International Conference of Banking Supervisors, senior banking supervisors and central bankers discussed issues related to the future of banking supervision in a changing world.
- Discussions covered the digitalisation of finance and the evolution of banking models, operational resilience, climate-related financial risks and remote working arrangements.
- This was the first time the Basel Committee has worked with a host country to offer a completely virtual conference.
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Finansinspektionen Supervision 20: Distribution Of Life Insurance
Date 22/10/2020
The majority of the distribution on the life insurance market occurs through external distribution channels. It is therefore important for insurance firms to fulfil their responsibility to choose suitable distribution channels for the target market and follow up that the insurance products are distributed to the proper target group.
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Hong Kong Securities And Futures Commission Reprimands And Fines Goldman Sachs (Asia) L.L.C. US$350 Million For Serious Regulatory Failures Over 1Malaysia Development Berhad’s Bond Offerings
Date 22/10/2020
The Securities and Futures Commission (SFC) has reprimanded and fined Goldman Sachs (Asia) L.L.C. (Goldman Sachs Asia) US$350 million (HK$2.71 billion) for serious lapses and deficiencies in its management supervisory, risk, compliance and anti-money laundering controls that contributed to the misappropriation of US$2.6 billion from US$6.5 billion that 1Malaysia Development Berhad (1MDB) raised in three bond offerings in 2012 and 2013.
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BIS: Assessing The Fiscal Implications Of Banking Crises
Date 22/10/2020
Summary
Focus
We propose a method to compute the probability distribution of the potential fiscal cost of a banking crisis - a key input in assessing the adequacy of a country's fiscal buffers. Using a sample of banking crises in advanced and emerging market economies, we approximate the cost with the post-crisis increase in government debt. We then examine which pre-crisis economic developments help anticipate those costs. We finally use that information to compute the probability distribution of the costs for individual countries given prevailing economic conditions.
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UK Financial Conduct Authority Letter To The Treasury Select Committee On Passive Servicing Issues After The Transition Period
Date 22/10/2020
The FCA's Chief Executive, Nikhil Rathi, wrote a letter on 9 October to Rt Hon. Mel Stride MP, Chair of the Treasury Select Committee, about UK bank closures of the current accounts of customers living in the EU after the EU withdrawal transition period.
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Bitfinex To List HUMAN Token (HMT)
Date 22/10/2020
Bitfinex (https://www.bitfinex.com/), a state-of-the-art digital token trading platform, announced today it will be listing HUMAN Token (HMT), the medium of exchange that will be used to power the decentralized labor markets built on the HUMAN Protocol (https://www.hmt.ai/).
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Top-25 Record Reported At MGEX
Date 22/10/2020
MGEX, a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO), reports that yesterday, October 21st was the 23rd best day in the history of the exchange with a total volume of 24,159 contracts.
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SEC To Host Panel With Women Entrepreneurs Of Color On October 28
Date 22/10/2020
The Securities and Exchange Commission today announced it will host a virtual forum next week featuring women entrepreneurs and investors of color from Los Angeles and Atlanta discussing their business experiences and ways to improve access to capital for minorities and women.
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