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Dissenting Statement Of CFTC Commissioner Rostin Behnam Regarding Revisions To The Volcker Rule

Date 25/06/2020

I respectfully dissent as to the Commission’s decision to finalize additional revisions to the Volcker Rule. As we approach the ten year anniversary of the Dodd-Frank Act,[1] and cautiously begin mapping a path out of the current pandemic, I believe it is a good time to reflect on the lessons learned from the 2008 financial crisis, the efficacy of our responses, and whether our objectives have changed, or just our perspective. One of the many critically important provisions of the Dodd-Frank Act is the Volcker Rule. The Volcker Rule, in simple terms, contains two basic prohibitions: (1) banking entities may not engage in proprietary trading; and (2) banking entities cannot have an ownership interest in, sponsor, or have certain relationships with a covered fund.
SEC Charges Issuer, CEO, And Lobbyist With Defrauding Investors In AML BitCoin

Date 25/06/2020

The Securities and Exchange Commission today charged NAC Foundation, its Chief Executive Officer Marcus Andrade, and political lobbyist Jack Abramoff with conducting a fraudulent, unregistered offering of AML BitCoin, a digital asset security the defendants claimed was a new and improved version of bitcoin.
Statement Of CFTC Chairman Heath P. Tarbert In Support Of The Final Rule To Revise The Volcker Rule

Date 25/06/2020

As I have previously remarked, the Volcker Rule is “among the most well-intentioned but poorly designed regulations in the history of American finance.” While today’s final rule does not fix the fundamental flaws of the Volcker Rule—only congressional action can do that—it at least represents a more accurate reading of the law Congress actually passed and brings us a step closer to a reasonable implementation of the rule.
US Department Of Justice: Novartis Hellas S.A.C.I. And Alcon Pte Ltd Agree To Pay Over $233 Million Combined To Resolve Criminal FCPA Cases - Novartis AG, Novartis Hellas S.A.C.I., And Alcon Pte Ltd Agree To Pay Over $345 Million Combined To Resolve FCPA Matters With The Government

Date 25/06/2020

Novartis Hellas S.A.C.I. (Novartis Greece), a subsidiary of Novartis AG, a Switzerland-based global pharmaceutical company, and Alcon Pte Ltd, a former subsidiary of Novartis AG and current subsidiary of Alcon Inc., a multinational eye care company, have agreed to pay a combined total of more than $233 million in criminal monetary penalties to resolve the department’s investigation into violations of the Foreign Corrupt Practices Act (FCPA).
Joint Statement Of CFTC Chairman Heath P. Tarbert, Commissioner Rostin Behnam, And Commissioner Dan M. Berkovitz In Support Of Final Rule Restricting Post-Trade Name Give-Up

Date 25/06/2020

As we have previously stated, it is a fundamental principle of exchange-style trading systems that the buyer and seller of a given financial instrument have no reason to know—and do not know—one another’s identity. This levels the playing field for counterparties of all sizes and types by allowing traders to enter and exit the market without exposing their trading positions and strategies. As a result, markets with pre- and post-trade anonymity are generally not only fairer, but also feature greater liquidity, a more diverse set of market participants, and greater competition.

“Capital Markets And Emergency Lending In The COVID-19 Era”, SEC Chairman Jay Clayton, Washington D.C., June 25, 2020 - Testimony Before The Investor Protection, Entrepreneurship, And Capital Markets Subcommittee, U.S. House Committee On Financial Services

Date 25/06/2020

Chairman Sherman, Ranking Member Huizenga and Members of the Subcommittee, thank you for the opportunity to testify today to highlight the U.S. Securities and Exchange Commission’s response to the effects of COVID-19 on our capital markets.[1] COVID-19 has had profound effects on our capital markets and our broader economy. At the outset of the pandemic, in the interest of saving as many lives as possible, we—all Americans—have undertaken, with remarkable spirit and selflessness, a massive restriction in how we interact.
Statement Of Support By CFTC Commissioner Brian Quintenz Regarding Proposed Rule On Electronic Trading Risk Principles

Date 25/06/2020

I support today’s proposal that would require designated contract markets (DCMs) to adopt rules that are reasonably designed to prevent, detect, and mitigate market disruptions or system anomalies associated with electronic trading. It would also require DCMs to subject all electronic orders to pre-trade risk controls that are reasonably designed to prevent, detect and mitigate market disruptions and to provide prompt notice to the Commission in the event the platform experiences any significant disruptions. I believe all DCMs have already adopted regulations and pre-trade risk controls designed to address the risks posed by electronic trading. As I have noted previously, many—if not all—of the risks posed by electronic trading are already being effectively addressed through the market’s incentive structure, including exchanges’ and firms’ own self-interest in implementing best practices. Therefore, today’s proposal merely codifies the existing market practice of DCMs to have reasonable controls in place to mitigate electronic trading risks.
Ontario Securities Commission Publishes 2020-2021 Statement Of Priorities

Date 25/06/2020

The Ontario Securities Commission (OSC) published today its 2020-2021 Statement of Priorities, which sets out 15 priority areas where the OSC intends to focus resources and actions over the coming fiscal year, as well as the expected outcomes.
Dissenting Statement Of CFTC Commissioner Dan M. Berkovitz Regarding Volcker Covered Funds Final Rule

Date 25/06/2020

The Volcker covered funds final release (“Covered Funds Rule”) adopts with only minor changes the rule amendments as proposed by the agencies in January of this year (“the Proposal”). I voted against the Proposal because the agencies had only superficially considered the additional risks that banks would incur under the loosened regulations. Nothing in the Covered Funds Rule final release dispels this concern. Therefore I dissent from the final release.
Dissenting Statement Of CFTC Commissioner Rostin Behnam Regarding Electronic Trading Risk Principles

Date 25/06/2020

I strongly support thoughtful and meaningful policy that addresses the use of automated systems in our markets.[1] As Chris Clearfield of System Logic, a research and consulting firm focusing on issues of risk and complexity remarked, “In every situation, a trader or a piece of technology might fail, or a shock might trigger a liquidity event. What’s important is that structures are in place to limit—not amplify—the impact on the overall system.”[2] Any rule that we put forward should both minimize the potential for market disruptions and other operational problems that may arise from the automation of order origination, transmission or execution, and create structures to absorb and buffer breakdowns when they occur. Unfortunately, today’s proposal regarding Electronic Trading Risk Principles does not meaningfully achieve this, and thus I respectfully dissent.