News Centre

SEC Charges Broker-Dealer And CEO With Supervision Failures Related To Hedge Fund Valuation Scheme

Date 21/08/2019

The Securities and Exchange Commission yesterday charged New York-based broker-dealer AOC Securities LLC, and its former chief executive officer, Ronaldo Gonzalez, with failing to supervise an AOC broker who provided inflated price quotes for certain securities to a significant customer of AOC.

CFTC Swaps Report Update

Date 21/08/2019

CFTC's Weekly Swaps Report has been updated, and is now available.

Nigerian Stock Exchange Collaborates With JP Morgan Chase On Derivatives

Date 21/08/2019

Consistent with its commitment to developing a thriving derivatives market in Nigeria, The Nigerian Stock Exchange is collaborating with JP Morgan Chase to facilitate in-depth capacity building programme on derivatives market. The collaboration with JP Morgan is expected to promote the development of derivatives in Nigeria by helping to bridge the knowledge gap on derivatives investments and trading strategies, through knowledge transfer.

IMF Executive Board: Governors To Vote On Removing Age Limit For The Position Of Managing Director

Date 21/08/2019

The Executive Board of the International Monetary Fund (IMF) made the following statement today:

“The Executive Board has today recommended that the IMF Board of Governors vote to remove the age limit that currently applies to the position of IMF Managing Director. Since 1951, the IMF’s By-Laws have prohibited the appointment of a candidate aged 65 or over as Managing Director, and have also prohibited the Managing Director from serving past his/her 70 th birthday. Eliminating the age limit would bring the Managing Director’s terms of appointment into line with those of members of the IMF Executive Board, which the Managing Director chairs, and those of the President of the World Bank Group, who are not subject to an age limit.

Statement At Open Meeting On Commission Guidance And Interpretation Regarding Proxy Voting And Proxy Voting Advice, SEC Chairman Jay Clayton, Aug. 21, 2019

Date 21/08/2019

Congress assigned to the Commission the responsibility to regulate the proxy solicitation process in 1934. Voting proxies is important. When we meet with market participants, we consistently hear about the importance of engagement, and the voting process is a key component of that engagement. This is made clear in many ways, including that our proxy rules regulate how proxies can be solicited and what information must be disclosed. Those rules impose significant anti-fraud liability on statements which, at the time and in the light of the circumstances under which they are made, are false or misleading with respect to any material fact. No other country comes close in terms of providing and enforcing this level of investor protection around the proxy voting process. Further, in the context of a share-for-share merger subject to a shareholder vote, we impose additional liability under the Securities Act of 1933 on registrants and officers and directors for the information in the associated registration statement.

Minutes Of The Federal Open Market Committee, July 30-31, 2019

Date 21/08/2019

The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on July 30-31, 2019.

Statement At Open Meeting On Commission Guidance Regarding Proxy Voting And Proxy Voting Advice, SEC Commissioner Hester M. Peirce, Aug. 21, 2019

Date 21/08/2019

I want to thank Dalia Blass, Bill Hinman, and their staffs, as well as the Office of General Counsel for their hard work on today’s releases.  I am pleased that the Commission is considering guidance related to proxy voting, an area of great importance to our capital markets.  I like to remind people that we are not a law enforcement agency, but a regulatory agency.  We fulfill our mission primarily by establishing an effective regulatory framework, helping well-meaning market participants clearly understand what the rules are, and assisting firms and individuals as they try to determine what compliance looks like given their particular facts and circumstances.  The guidance we are voting on today is a good example of how the Commission can assist market participants—in this case investment advisers and proxy advisory firms—who are trying to serve their clients effectively and in a manner that complies with our rules.

New Chief Legal Counsel - Eric Leijonram Named Chief Legal Counsel At Finansinspektionen

Date 21/08/2019

Eric Leijonram is currently a judge and administrative director for Linköping District Court. He has previously worked at the Ministry of Justice and the Swedish Prison and Probation Service. He has also been the inquiry chair in the government inquiry into the need to expand regulatory support for register controls in working life.

Statement Of Commissioner Allison Herren Lee On Proxy Voting And Proxy Solicitation Releases, SEC Commissioner Allison Herren Lee, Aug. 21, 2019

Date 21/08/2019

Thank you, Chairman Clayton, and thank you to the staff in both the Division of Investment Management and the Division of Corporation Finance for your work on today’s releases, including Paul Cellupica, David Bartels, Holly Hunter-Ceci, Tara Varghese, David Fredrickson, Tamara Brightwell, Ted Yu, Luna Bloom, Michele Anderson, and Adam Turk.

The Special Issue Of Borsa Istanbul Review On Islamic Finance Has Been Published

Date 21/08/2019

Borsa İstanbul Review, forging ahead to be one of the most prominent journals in finance & economics, is managed by Borsa İstanbul and published quarterly by Elsevier, a world leading academic publishing company. The very first special issue of Borsa Istanbul Review, Volume 19, has been published with the content of Islamic Financial Instruments and Institutions.