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Statement On Proposed Amendments To The Volcker Rule, SEC Chairman Jay Clayton, Jan. 30, 2020

Date 30/01/2020

Today, the Commission joined the Federal Reserve, OCC, FDIC and CFTC in proposing additional amendments to the implementing regulations under section 13 of the Bank Holding Company Act, commonly known as the “Volcker Rule.”  The proposed amendments, which principally relate to the “covered funds” provisions of the Volcker Rule, represent the next step in the Agencies’ efforts to better tailor and clarify the implementing regulations while furthering the Volcker Rule’s important statutory objectives.  

Statement Of Dissent Of CFTC Commissioner Rostin Behnam Regarding Position Limits For Derivatives; Proposed Rule

Date 30/01/2020

The ceremony for the 92nd Academy Awards will air in a little over a week.  I haven’t seen too many movies this year given my two young girls and hectic work schedule, but I did see “Ford v Ferrari.”[1]  “Ford v Ferrari” earned four award nominations, including best motion picture of the year.  The film tells the true story of American car designer Carroll Shelby and British-born driver Ken Miles who built a race car for Ford Motor Company and competed with Enzo Ferrari’s dominating and iconic red racing cars at the 1966 24 Hours of Le Mans.[2]  This high drama action film focuses foremost on the relationship between Shelby and Miles—the co-designers and driver of Ford’s own iconic GT40—and their triumph over the competition, the course, the rulebook, and the bureaucracy.  Even if you aren’t a car enthusiast, the action, acting, and accuracy of the story are well worth your time. However, there is a lot more to this movie than racing.

US Federal Agencies Propose Changes To Modify Volcker Rule "Covered Funds" Restrictions

Date 30/01/2020

Five federal financial regulatory agencies on Thursday invited public comment on a proposal to modify regulations implementing the Volcker rule's general prohibition on banking entities investing in or sponsoring hedge funds or private equity funds—known as "covered funds."

Dissenting Statement Of CFTC Commissioner Dan M. Berkovitz Regarding Proposed Rule On Position Limits For Derivatives

Date 30/01/2020

Introduction

I dissent from today’s position limits proposal (“Proposal”).  The Proposal would create an uncertain and unwieldy process with the Commission demoted from head coach over the hedge exemption process to Monday-morning quarterback for exchange determinations.[1]  The Proposal would abruptly increase position limits in many physical delivery agricultural, metals, and energy commodities, in some instances to multiples of their current levels.  It would provide no opportunity for the Commission to monitor the effect of these increases, or to act if necessary to preserve market integrity.  The Proposal provides inadequate explanation for other key approaches in the document, including the use of position accountability rather than numerical limits for energy and metals commodities in non-spot months.  The Proposal also ignores Congress’s mandate in the Dodd-Frank Act, and reverses decades of legal interpretations of the Commodity Exchange Act (“CEA”) by the Commission and the courts regarding the Commission’s authority and responsibility to impose position limits.  It would require, for the first time, the Commission to find that position limits are necessary for each commodity prior to imposing limits.

Federal Reserve Finalizes Rule To Simplify And Increase The Transparency Of The Board's Rules For Determining Control Of A Banking Organization

Date 30/01/2020

The Federal Reserve Board on Thursday finalized a rule to simplify and increase the transparency of the Board's rules for determining control of a banking organization. If a company has control over a banking organization, the company generally becomes subject to the Board's rules and regulations.

Eurojust And Europol: Action Taken Against Bitcoin Fraud In France And Belgium

Date 30/01/2020

Authorities in France and Belgium, with the support of Eurojust and Europol, have taken action against a criminal network which committed large-scale international fraud with the sale of bitcoins and other crypto-currencies. Approximately 85 victims in France and Belgium were defrauded of EUR 6 million by an Organised Criminal Group (OCG) operating from Israel. In total, 10 suspects were arrested. The investigations unveiled further plans to commit fraud, which were not realised.

ECB Welcomes Ratification Of Agreement On Orderly UK Withdrawal From European Union

Date 30/01/2020

• ECB regrets United Kingdom leaving European Union
• Central bank prepared for all contingencies, and monitoring financial market developments
• Banks now need to press ahead with implementation of Brexit plans

Bursa Malaysia Announces RM185.9 Million Profit After Tax And Minority Interest For The Financial Year Ended 31 December 2019

Date 30/01/2020

Bursa Malaysia Berhad (“Bursa Malaysia” or the “Exchange”) reported a Profit After Tax and Minority Interest (“PATAMI”) of RM185.9 million for the financial year ended 31 December 2019 (“FY2019”), a 17.0% decrease from RM224.0 million reported in the previous financial year ended 31 December 2018 (“FY2018”). The decline in PATAMI was mainly attributed to lower operating revenue, which saw a decrease of 8.2% to RM480.1 million in FY2019 compared to FY2018.

Brexit: European Council Adopts Decision To Conclude The Withdrawal Agreement

Date 30/01/2020

The Council has adopted, by written procedure, the decision on the conclusion of the withdrawal agreement on behalf of the EU. This follows the European Parliament's vote of consent on 29 January and the signature of the withdrawal agreement by the EU and the United Kingdom on 24 January.

ESMA Launches A Common Supervisory Action With NCAS On UCITS Liquidity Risk Management

Date 30/01/2020

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator,  is launching a Common Supervisory Action (CSA) with national competent authorities (NCAs) on the supervision of UCITS’ managers liquidity risk management across the European Union (EU).  The CSA will be conducted during 2020