News Centre

Dalian Commodity Exchange Releases Management Measures On Futures Trader Suitability

Date 06/06/2019

Dalian Commodity Exchange (DCE) released the Management Measures on Futures Trader Suitability of Dalian Commodity Exchange on May 30 after combining the trader suitability systems for options and specified futures products, adjusting and optimizing the contents of suitability management such as basic knowledge and trading experience, increasing the mutual recognition of suitability assessment, and expanding the scope of exempted clients. The previous Management Measures of Dalian Commodity Exchange for Suitability of Traders of Specified Domestic Futures Products and the Management Measures of Dalian Commodity Exchange for Options Investor Suitability  were abolished simultaneously.

Japan's Financial Services Agency: Publication Of “Principles Regarding The Disclosure Of Narrative Information”

Date 06/06/2019

Following the proposal by the “Working Group on Corporate Disclosure“ of the Financial System Council, which was published on June 28, 2018, in order to encourage corporate initiatives toward the enhancement of corporate disclosure, the FSA published the finalized "Princinples Regarding the Disclosure of Narrative Information".

Circular Of Shanghai International Energy Exchange On Trading Adjustments Of Crude Oil Futures Contracts For The Dragon Boat Festival 2019

Date 06/06/2019

Shanghai International Energy Exchange (hereinafter referred to as “INE”), the subsidiary of Shanghai Futures Exchange has released its Circular on Trading Adjustments of Crude Oil Futures Contracts for the Dragon Boat Festival 2019 on June 3, 2019 as follows:

1. The market will be closed from 3:00 p.m. of June 6, 2019 to June 9, 2019. The market will resume trading on June 10, 2019 with the central auction session from 8:55 a.m. to 9:00 a.m. and the continuous trading on the night of that day.
2. If the Limit-locked market does not occur on June 5, 2019, INE will adjust the trading margin rate to 10% of the contract value and the price limit to ±8% from the settlement price of that day since the daily clearing process begins.

Shanghai Stock Exchange Circulates Notice Of Criticism To Corporate Bond Issuers

Date 06/06/2019

To continuously strengthen the front-line regulation and urge market participants to take responsibility, the Shanghai Stock Exchange (SSE) recently circulated a notice of criticism against corporate bond issuers, including Fuguiniao Co., Ltd., Wuxi Wuzhou International Decoration City Co., Ltd., Hongye Chemical Group Co., Ltd., CEFC Shanghai International Group Co., Ltd., Bright Oceans Group Co., Ltd. and Dandong Port Group Co., Ltd.

SEC Adopts Rules And Interpretations To Enhance Protections And Preserve Choice For Retail Investors In Their Relationships With Financial Professionals

Date 05/06/2019

The Securities and Exchange Commission today voted to adopt a package of rulemakings and interpretations designed to enhance the quality and transparency of retail investors’ relationships with investment advisers and broker-dealers, bringing the legal requirements and mandated disclosures in line with reasonable investor expectations, while preserving access (in terms of choice and cost) to a variety of investment services and products.  Specifically, these actions include new Regulation Best Interest, the new Form CRS Relationship Summary, and two separate interpretations under the Investment Advisers Act of 1940.

Nadex Product Schedule For The China Holiday On June 7, 2019

Date 05/06/2019

On June 5, 2019 Nadex submitted an emergency self-certification to the CFTC providing notice that due to the China holiday on Friday, June 7, 2019, and the unavailability of the underlying market upon which the Nadex China 50 contracts are based on that day, the Nadex Weekly China 50 Binary contracts will expire on June 6, 2019.  No open interest existed at the time of the change.  No China 50 contracts will be offered on June 7, 2019. 

Keynote Remarks At The Mid-Atlantic Regional Conference, SEC Chairman Jay Clayton, Washington D.C., June 4, 2019

Date 05/06/2019

Thank you, Jeff [Boujoukos], for that kind introduction. I am pleased to have the opportunity to speak with the SEC’s federal and state partners in my home town of Philadelphia. Thank you to the Philadelphia Regional Office for organizing this terrific event.

SIFMA Statement On The SEC’s Final Regulation Best Interest Rule

Date 05/06/2019

SIFMA released the following statement today regarding the final version of Regulation Best Interest, approved by the Securities and Exchange Commission (SEC) today:

“As written, the SEC’s Regulation Best Interest rule will impose a materially heightened standard of conduct for broker-dealers when serving retail clients. While principles-based, the rule is specific with respect to the duty and obligations brokers owe to their clients, and what steps they must take to comply, including the obligation to eliminate, or disclose and mitigate, certain conflicts of interest. Not even the so-called fiduciary standard under the Investment Advisers Act includes the obligation to eliminate or mitigate conflicts. It is undeniable that this rule will directly enhance investor protection and contribute to increased professionalism among financial service providers,” stated SIFMA President and CEO Kenneth E. Bentsen, Jr.  “Compliance with the rule will not be easy for the industry. Firms will need to make substantial changes. The costs to implement will no doubt be significant, but, we believe, worthwhile to uniformly enhance investor protection to the level investors should and do expect, while preserving investor choice and access to investment advice.”

SEC Adds Fraud Charges Against Purported Cryptocurrency Company Longfin, CEO, And Consultant

Date 05/06/2019

The Securities and Exchange Commission today filed a new fraud action against Longfin Corp. and its CEO for falsifying the company’s revenue and, together with a former Longfin consultant, for fraudulently securing the company’s listing on Nasdaq. The SEC’s prior charges against these defendants and two others resulted in a preliminary injunction freezing more than $27 million in allegedly illegal trading proceeds from unregistered distributions of Longfin stock.

Office Of The Comptroller Of The Currency Releases CRA Evaluations For 33 National Banks And Federal Savings Associations

Date 05/06/2019

The Office of the Comptroller of the Currency (OCC) today released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of May 1, 2019 through May 31, 2019. The list contains only national banks, federal savings associations, and insured federal branches of foreign banks that have received ratings. The possible ratings are outstanding, satisfactory, needs to improve, and substantial noncompliance.