News Centre

New York Superintendent Of Financial Services Linda A. Lacewell Announces New York Is Chosen To Host Second Annual Meeting Of The Global Financial Innovation Network - Meeting Will Take Place March 30-31, 2020

Date 19/12/2019

Superintendent of Financial Services Linda A. Lacewell today announced that the Department of Financial Services (DFS) will host the 2nd annual meeting of the Global Financial Innovation Network (GFIN), a consortium of 50 international regulators and related organizations committed to putting consumers at the center of financial innovation.

SEC: Small Business Advocate Releases First Annual Report

Date 19/12/2019

The Securities and Exchange Commission’s Office of the Advocate for Small Business Capital Formation today released its inaugural Annual Report for Fiscal Year 2019. The report is available for download here.

CFTC Awards More Than $1 Million To Whistleblower

Date 19/12/2019

The U.S. Commodity Futures Trading Commission today announced it will award more than $1 million to a whistleblower whose tip helped expose a scheme that violated the Commodity Exchange Act (CEA) and eventually led to the CFTC filing charges. The individual first provided the information through their employer’s internal compliance program to another regulator and then subsequently provided that information directly to the CFTC.

SEC Files Charges In Ponzi Scheme Targeting Hispanic Community

Date 19/12/2019

The Securities and Exchange Commission today announced charges against Edward Espinal, of Wayne, New Jersey, and his company, Cash Flow Partners LLC, in connection with an alleged $5 million Ponzi scheme that defrauded at least 90 investors, many of whom were members of the Hispanic community.

Revised: U.S. Chamber Statement On House Passage Of USMCA - Chamber’s Donohue: ‘One Step Closer To Realizing The Substantive Benefits Of USMCA’

Date 19/12/2019

U.S. Chamber of Commerce CEO Thomas J. Donohue issued the following statement today after the U.S. House of Representatives passed USMCA on a bipartisan basis:

“Today’s vote brings the U.S. one step closer to realizing the substantive benefits of USMCA. While no deal is perfect, USMCA’s updated rules on digital trade, non-tariff barriers, and services promise real benefits to American businesses and consumers. USMCA is a welcome gift this holiday season, leveling the playing field for trade in North America and helping U.S. companies compete in our top two export markets."

Statement On Appointment Of New Chair And Five New Members Of The Financial Accounting Foundation Board Of Trustees, And Appointment Of Next Chair Of The Financial Accounting Standards Board - SEC Chairman Jay Clayton, SEC Commissioner Robert J. Jackson Jr., SEC Commissioner Hester M. Peirce, SEC Commissioner Elad L. Roisman, SEC Commissioner Allison Herren Lee

Date 19/12/2019

High quality, reliable financial statements form the bedrock of our U.S. capital markets.  By setting accounting and reporting standards for U.S. companies, nonprofit organizations and state and local governments, the Financial Accounting Standards Board (FASB) and Governmental Accounting Standards Board (GASB) play critical roles in promoting effective financial reporting to investors.  The Board of Trustees of the Financial Accounting Foundation (FAF) maintains important responsibility for the oversight, administration and finances of the FASB and GASB.  Through its oversight of these organizations, the FAF helps promote an independent and effective standard-setting process.

MIAX: Electronic Filing Of Annual Reports

Date 19/12/2019

This alert is a reminder that, in connection with the Regulatory Services Agreement between MIAX PEARL and FINRA, the filing of annual report has been transitioned to the electronic filing platform available via FINRA’s Firm Gateway located at https://firms.finra.org.

AFME, FIA, ICMA, ISDA And ISLA Publish Master Regulatory Reporting Agreement

Date 19/12/2019

The Association of Financial Markets in Europe (AFME), Futures Industry Association (FIA), International Capital Market Association (ICMA), International Swaps and Derivatives Association, Inc. (ISDA) and International Securities Lending Association (ISLA) have published a new agreement intended to simplify reporting across different European Union regulatory regimes.

FINRA Fines Robinhood Financial, LLC $1.25 Million For Best Execution Violations

Date 19/12/2019

FINRA announced today that it has fined Robinhood Financial, LLC $1.25 million for best execution violations related to its customers’ equity orders and related supervisory failures that spanned from October 2016 to November 2017. As part of the settlement, Robinhood also agreed to retain an independent consultant to conduct a comprehensive review of the firm’s systems and procedures related to best execution.

Canadian Securities Regulators Move Forward With Embedded Commissions Bans

Date 19/12/2019

Canadian securities regulators announced today that they will ban two types of commissions that are embedded in some mutual fund purchases.