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SEC: Issuer Settles Unregistered ICO Charges, Agrees To Return Funds And Register Tokens

Date 18/12/2019

The Securities and Exchange Commission today announced settled charges against blockchain technology company Blockchain of Things Inc. (BCOT) for conducting an unregistered initial coin offering (ICO) of digital tokens.
Statement At Open Meeting On Proposed Amendments To The Accredited Investor Definition By SEC Commissioner Elad L. Roisman

Date 18/12/2019

I want to thank the staff of the Division of Corporation Finance and the Division of Investment Management for putting together this proposal. Thank you also to Chairman Jay Clayton, who has prioritized this issue on the Commission’s agenda. The accredited investor definition stands at the intersection of two components of the SEC’s mission: protecting investors and facilitating capital formation. I think the proposal today makes important strides toward furthering both of these objectives. While I support it, I believe there is more we can learn from commenters and more we should deliberate before we consider adopting the staff’s recommendations as presented.
Joint Statement Of CFTC Chairman Heath Tarbert, Commissioner Rostin Behnam, And Commissioner Dan Berkovitz In Support Of Proposed Rule Restricting Post-Trade Name Give-Up

Date 18/12/2019

It is a hallmark of American exchange-style trading systems that the buyer and seller of a given financial instrument have no reason to know—and do not know—the identity of one another.[1] Trading anonymity can be viewed as a great equalizer, leveling 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.[2] As a result, markets with pre- and post-trade anonymity are generally not only fairer, but also feature greater liquidity and greater competition between market participants.[3]
Statement At Open Meeting On Commission Actions Relating To Implementation Of Title VII Of The Dodd-Frank Act By SEC Commissioner Elad L. Roisman

Date 18/12/2019

I would like to begin by thanking Director Brett Redfearn [of the Division Trading and Markets], as well as our Chief Economist S.P. Kothari, as well as [Office of International Affairs] Director Raquel Fox. or their leadership in bringing these recommendations to us today. I am also grateful for the efforts of our tremendous staff who worked for months and years on these recommendations and the earlier proposals under Title VII of the Dodd-Frank Act. Other Commissioners have already identified you by name, so I will refrain from doing so. But please know that I appreciate each of your contributions to getting us to this point.
Statement on the Proposed Expansion of the Accredited Investor Definition By SEC Commissioner Allison Herren Lee

Date 18/12/2019

Today’s proposal would expand the definition of accredited investor in numerous ways. These proposed changes all go in one policy direction—toward expanding the pool of investors in the opaque, and indisputably high-risk, private markets. And once again, we propose to do so without adequately analyzing significant and relevant data, as Commissioner Jackson has carefully demonstrated.

Statement Of CFTC Chairman Heath Tarbert In Support Of The Cross-Border Swaps Proposal

Date 18/12/2019

I am pleased to support the Commission’s proposed rule on the cross-border application of registration thresholds and certain requirements for swap dealers and major swap participants. It is critical that the CFTC finalize a sensible cross-border registration rule in 2020, as we approach the 10-year anniversary of the Dodd-Frank Act.
Statement on Proposed Resource Extraction Rule By SEC Commissioner Allison Herren Lee

Date 18/12/2019

This disclosure requirement is about fighting global corruption through transparency. The United States has long been a leader in international anti-corruption efforts. Congress enacted the Foreign Corrupt Practices Act in 1977, making it illegal for U.S. public companies to pay bribes to foreign government officials.[1] We were for many years the only major nation to have such a law.[2] The U.S. was a founding member of the Financial Action Task Force in 1989, an inter-governmental standards-setting body aimed at combatting money laundering.[3] We helped negotiate the United Nations Convention against Corruption in 2004.[4] We have taken this leadership role in combatting corruption worldwide not only because corrupt governments don’t provide adequately for their citizens, but because it is in our own foreign policy interests to promote stability and economic growth abroad.[5] In this tradition, Congress enacted Section 1504 of the Dodd-Frank Act to “help combat global corruption and empower citizens of resource-rich countries to hold their governments accountable for the wealth generated by those resources.”[6]
CFTC Swaps Report Update

Date 18/12/2019

CFTC's Weekly Swaps Report has been updated, and is now available.
Statement On Proposed Disclosure Of Issuer Payments Related To Extraction Of Natural Resources By SEC Commissioner Robert J. Jackson Jr.

Date 18/12/2019

Thank you as always to our dedicated Staff, especially Barry Summer and Elliott Staffin from the Division of Corporation Finance, for their extensive work on these rules. I’m also grateful to Division Director Bill Hinman, as well as the Staff in our Office of General Counsel and Division of Economic and Risk Analysis, for all their efforts on this rulemaking.
Statement On Adoption Of And Changes To Security-Based Swap Rules By SEC Commissioner Allison Herren Lee

Date 18/12/2019

Today represents a milestone in the Commission fulfilling its responsibilities under Dodd Frank. With the adoption of today’s cross-border rules and guidance, our security-based swap regulatory framework begins to take effect. The clock begins running on the requirement for security-based swap dealers to register with the Commission. I want to congratulate the staff and the Chairman for finally getting us to this point.[1] It is long overdue.