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Statement Of CFTC Commissioner Dawn D. Stump Regarding Registration With Alternative Compliance For Non-U.S. Derivatives Clearing Organizations

Date 18/09/2020

Throughout my tenure at the Commodity Futures Trading Commission (CFTC or Commission), I have discussed the benefits of shared goals, cooperation, and mutual recognition (often referred to as “deference”) among regulators.  In early 2019, I wrote an opinion piece in the Financial Times in which I appealed to our international regulatory partners to recommit to a coordinated approach in order to ensure that our alliance remains strong rather than fractured.   When the CFTC proposed this rulemaking last summer, I committed to advancing a coordinated approach to the regulation of global central counterparties (CCPs).  I expressed both my belief that the proposal we put forward was an important first step in that process, and my sincere hope that our international regulatory partners would also take the opportunity to reset and recognize that our shared interest in advancing derivatives clearing would be best achieved by respecting each jurisdiction’s successful implementation of the principles agreed to by the Group of 20 Nations (G-20) in 2009.

Statement Of CFTC Commissioner Rostin Behnam Regarding Registration with Alternative Compliance For Non-U.S. DCOs

Date 18/09/2020

I support today’s final rule permitting derivatives clearing organizations (DCOs) organized outside of the United States (non-U.S. DCOs) that the CFTC determines do not pose substantial risk to the U.S. financial system to register with the Commission and comply with the core principles applicable to DCOs (Core Principles) set forth in the Commodity Exchange Act (CEA) through compliance with their home country regulatory regime.  This registration category establishes a new model for regulatory deference aimed at reducing regulatory burdens and ongoing compliance costs for non-U.S. clearing organizations.

Statement Of CFTC Commissioner Dawn D. Stump Regarding Block Size Threshold In Final Rule: Amendments To Real-Time Public Reporting Requirements

Date 18/09/2020

I have often referenced the need for a review of policies as per the wishes of the G-20 Leaders’ Statement from the Pittsburgh Summit in 2009, which included an expectation that members would “assess regularly implementation and whether it is sufficient to improve transparency in the derivatives markets, mitigate systemic risk, and protect against market abuse.”[1]  Today, the Commission finds itself debating a challenging issue with a robust history.  In order to properly assess whether we are making the right choices, I prefer to consider where we have come from.  Luckily, the history of prior Commissions’ deliberations and transparency of regulatory rule-writing efforts affords us such an opportunity for a look back.

Supporting Statement Of CFTC Commissioner Brian Quintenz Regarding Final Rules Amending The Swap Data Recordkeeping And Reporting Requirements (Part 45)

Date 18/09/2020

I am pleased to support these amendments to part 45 regulatory reporting, which hopefully represent the beginning of the end of this agency’s longstanding efforts to collect and utilize accurate, reliable swap data to further its regulatory mandates.

Protecting Everyday Investors And Preserving Market Integrity: The SEC’s Division Of Enforcement, Stephanie Avakian, Director, Division Of Enforcement, Sept. 17, 2020, Remarks At The Institute For Law And Economics, University Of Pennsylvania Carey Law School Virtual Program

Date 17/09/2020

Introduction

Good afternoon and thank you for inviting me to speak today. And thank you Jay for your kind remarks. Before I begin, I am required to tell you that the views I express here today are my own and do not necessarily represent the views of the Commission or its staff.

US Department Of Justice: Former Foreign Exchange Trader Sentenced To Prison For Price Fixing And Bid Rigging

Date 17/09/2020

Akshay Aiyer, a former currency trader at a major multinational bank, was sentenced to serve eight months in jail and ordered to pay a $150,000 criminal fine for his participation in an antitrust conspiracy to manipulate prices for emerging market currencies in the global foreign currency exchange (FX) market, the Justice Department announced today.

New Zealand Financial Markets Authority Files Criminal Charges In Relation To Forestlands

Date 17/09/2020

Updated: The individual facing charges can now be named as Rowan Charles Kearns, the founder and sole director of the Forestlands group.

Investor-Focused, Nimble And Vigorous Enforcement At The SEC, Chairman Jay Clayton, Sept. 17, 2020

Date 17/09/2020

Perspectives on Oversight, Management and Performance

Introduction

Good afternoon and welcome to a discussion of how we oversee, manage and measure the performance of the SEC’s Enforcement program. I will begin with some important acknowledgements.

Federal Reserve Board Releases Hypothetical Scenarios For Second Round Of Bank Stress Tests

Date 17/09/2020

The Federal Reserve Board on Thursday released its hypothetical scenarios for a second round of bank stress tests. Earlier this year, the Board's first round of stress tests found that large banks were well capitalized under a range of hypothetical events. An additional round of stress tests is being performed due to the continued uncertainty from the COVID event.

Canadian Securities Regulators Adopt Ban On Trailing Commissions For Order-Execution-Only Dealers

Date 17/09/2020

The Canadian Securities Administrators (CSA) today adopted final rules that implement a trailing commission ban (OEO trailer ban) to prohibit the payment of trailing commissions by fund organizations to dealers who do not make a suitability determination, such as order-execution-only (OEO) dealers.