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New Zealand Financial Markets Authority Prevents CLSA Premium NZ Limited (Formerly KVB Kunlun) From Offering Derivatives To Retail Investors

Date 22/09/2020

The Financial Markets Authority (FMA) has imposed conditions on the derivatives issuer licence of CLSA Premium New Zealand Limited (CLSAP NZ) that prevent the firm from making an offer to, or receiving further funds from, retail investors in relation to derivatives, except in certain limited circumstances.
ASIC Enforcement Update January To June 2020

Date 22/09/2020

ASIC has today released its enforcement update report for the period 1 January to 30 June 2020.
New Research: Two FINRA Foundation Studies Explore Links Among Financial Knowledge, Cognitive Health, And Financial Decision Making In Older AmericanI

Date 21/09/2020

The FINRA Investor Education Foundation, in collaboration with researchers from Rush University Medical Center, released two studies today examining links among financial and health knowledge, cognitive health and financial and health decision making among older persons.
US Department Of Justice: U.S. Taxpayer In Panama Papers Investigation Sentenced To Prison

Date 21/09/2020

A former U.S. resident and taxpayer was sentenced in the Southern District of New York to four years in prison for wire fraud, tax fraud, money laundering, false statements, and other charges.
Coronavirus Aid, Relief, And Economic Security Act, Federal Reserve Chair Jerome H. Powell, Before The Committee On Financial Services, U.S. House Of Representatives, Washington, D.C.

Date 21/09/2020

Chairwoman Waters, Ranking Member McHenry, and other members of the Committee, thank you for the opportunity to update you on our ongoing measures to address the hardship wrought by the pandemic. The Federal Reserve, along with others across government, is working to alleviate the economic fallout. We remain committed to using our tools to do what we can, for as long as it takes, to ensure that the recovery will be as strong as possible, and to limit lasting damage to the economy.

SEC FinHub Staff Statement On OCC Interpretation

Date 21/09/2020

The Securities and Exchange Commission Strategic Hub for Innovation and Financial Technology Staff (FinHub Staff) issues this statement on an interpretation published by the Office of the Comptroller of the Currency (OCC Interpretation) addressing the authority of national banks and federal savings associations to hold stablecoin reserves. The OCC has limited its Interpretation to holding reserves of a stablecoin associated with hosted wallets that is backed by a single fiat currency and redeemable by the holder of the stablecoin on a 1:1 basis for the underlying fiat currency upon submission of a redemption request to the issuer.
OCC Guidance Represents Progress For Stablecoins In US Financial System

Date 21/09/2020

Today’s newly issued guidance and commentary from the US Treasury’s Office of the Comptroller of the Currency (OCC) represents significant progress for the advancement of digital dollar stablecoins in the US financial system. As an issuer of USD Coin (USDC), the guidance validates the approach we have taken in building a resilient, powerful and open standard for the use of digital dollars on the internet.
Federally Chartered Banks And Thrifts May Engage In Certain Stablecoin Activities

Date 21/09/2020

The Office of the Comptroller of the Currency (OCC) today published a letter clarifying national banks' and federal savings associations' authority to hold "reserves" on behalf of customers who issue certain stablecoins.
SEC Charges Index Manager And Friend With Insider Trading

Date 21/09/2020

The Securities and Exchange Commission today charged Yinghang “James” Yang, a senior index manager at a globally recognized index provider, and his friend Yuanbiao Chen, a manager at a sushi restaurant, with perpetrating an insider-trading scheme that generated more than $900,000 in illegal profits.
OCC Announces Settlements With Three Former Senior Wells Fargo Bank Executives

Date 21/09/2020

The Office of the Comptroller of the Currency (OCC) today announced settlements with three former senior executives of Wells Fargo Bank, N.A., Sioux Falls, South Dakota, for their roles in the bank’s systemic sales practices misconduct.