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Statement At Open Meeting On Resource Extraction By SEC Commissioner Elad L. Roisman

Date 18/12/2019

Thank you to the staff of the Division of Corporation Finance and the Office of the General Counsel for all of your hard work on this rule proposal. This was not a typical rulemaking. To begin with, this has no pretense of furthering the SEC’s tripartite mission: protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation. Not one of us can pretend that it does so.
Statement Of CFTC Commissioner Dan M. Berkovitz Regarding Final Rule Amending Part 39: Derivatives Clearing Organization General Provisions And Core Principles

Date 18/12/2019

I support the final rule to amend part 39 of the Commission’s regulations for derivatives clearing organizations (“DCOs”). Part 39 codifies eighteen core principles and related regulations with which a DCO must comply to obtain and maintain its registration status. Part 39 also provides additional standards for systemically important DCOs (“SIDCOs”).
Supporting Statement Of CFTC Commissioner Brian Quintenz Regarding Final Rule: Derivatives Clearing Organization General Provisions And Core Principles

Date 18/12/2019

I am pleased to support today’s final rule that amends the Commissions regulations governing derivatives clearing organizations (DCOs).[1]
Statement At Open Meeting On Disclosure Of Payments By Resource Extraction Issuers By SEC Commissioner Hester M. Peirce

Date 18/12/2019

Thank you to the Chairman, the staffs in the Divisions of Corporation Finance and Economic and Risk Analysis and the Office of General Counsel, and other staff throughout the building for your diligence on this proposal. This rule certainly has extracted lots of resources from this building.
Supporting Statement Of CFTC Commissioner Brian Quintenz Regarding Proposed Rule: Cross-Border Application Of The Registration Thresholds And Certain Requirements Applicable To SDs And MSPs

Date 18/12/2019

I am very pleased to support today’s proposed rule, which, in my view, delineates important boundaries of the Commission’s regulation of swaps activity conducted abroad, which would codify elements of the Commission’s 2013 interpretive guidance,[1] and make important adjustments with the benefit of six years’ additional experience in swaps market oversight.

Statement At Open Meeting On Amending The “Accredited Investor” Definition By SEC Commissioner Hester M. Peirce

Date 18/12/2019

I would again like to thank the Chairman, the staff in the Divisions of Corporation Finance, Investment Management, and Economic and Risk Analysis, the Office of General Counsel, and other staff throughout the building for your work on this proposal.
Dissenting Statement Of CFTC Commissioner Dan M. Berkovitz Regarding Cross-Border Application Of The Registration Thresholds And Certain Requirements Applicable To Swap Dealers And Major Swap Participants

Date 18/12/2019

I dissent from today’s cross-border swap regulation proposal (the “Proposal”) because it would significantly weaken the Commission’s existing regulatory framework that protects the United States from risky overseas swaps activity. The existing cross-border framework has worked well over the past six years to protect the U.S. financial system from risks from cross-border swaps activity, while simultaneously enabling U.S. banks to compete successfully in overseas markets.[1] The Proposal would create multiple loopholes for U.S. banks to evade the Commission’s oversight of their cross-border activity and pose risks to the U.S. financial system. With a wink and a nod, U.S. banks could effectively guarantee their overseas swap dealing affiliates from losses while also enabling those affiliates to escape regulation as swap dealers. The Proposal would enable U.S. banks to book their swap trades in unregistered foreign affiliates that would not be required to report their swaps in the United States, and would not be subject to our capital, margin, and risk management requirements.
Statement On Reducing Investor Protections Around Private Markets By SEC Commissioner Robert J. Jackson Jr.

Date 18/12/2019

Thank you to the terrific Staff in our Division of Corporation Finance, including especially Director Bill Hinman, for their hard work in advance of today’s open meeting. This team has certainly earned the time off I hope you’ll take over the coming holiday season.[1]
Statement Of CFTC Commissioner Dawn D. Stump Regarding Proposed Rule: Cross-Border Application Of The Registration Thresholds And Certain Requirements Applicable To Swap Dealers And Major Swap Participants

Date 18/12/2019

As I have previously observed from this dais, when the G-20 leaders met in Pittsburgh in the midst of the financial crisis in 2009, they correctly recognized that the derivatives markets are global and that designing a workable solution, though complicated, demands coordinated policies and cooperation.[1] To do otherwise would ignore the reality that modern markets are not bound by jurisdictional borders. Yet, while each country agreed to this coordinated approach, our pace of implementation differed.
SEC: Metlife To Pay $10 Million For Longstanding Internal Control Failures

Date 18/12/2019

The Securities and Exchange Commission today charged MetLife, Inc. with violating the books and records and internal accounting controls provisions of the federal securities laws relating to two errors in its accounting for reserves associated with its annuities businesses. MetLife has agreed to pay $10 million to settle the charges.