News Centre

Federal Reserve Board And Federal Open Market Committee Release Economic Projections From The December 18-19 FOMC Meeting

Date 19/12/2018

The attached table and charts released on Wednesday summarize the economic projections and the target federal funds rate projections made by Federal Open Market Committee participants for the December 18-19 meeting.

PwC And Sigma Ratings Collaborate To Help Highlight Financial Crime Compliance And Business Integrity

Date 19/12/2018

PwC and Sigma Ratings, Inc. today announced the launch of a strategic relationship to bring innovative risk management services to companies around the world.  Together, PwC and Sigma Ratings are positioned to help companies differentiate, build trust and gain a competitive business advantage in a changing world. Via its novel, independent and dynamic risk rating approach, Sigma Ratings enables companies to showcase to boards, investors, shareholders and regulators that they are embracing compliance best practice and acting with integrity.

Federal Reserve Issues FOMC Statement

Date 19/12/2018

Information received since the Federal Open Market Committee met in November indicates that the labor market has continued to strengthen and that economic activity has been rising at a strong rate. Job gains have been strong, on average, in recent months, and the unemployment rate has remained low. Household spending has continued to grow strongly, while growth of business fixed investment has moderated from its rapid pace earlier in the year. On a 12-month basis, both overall inflation and inflation for items other than food and energy remain near 2 percent. Indicators of longer-term inflation expectations are little changed, on balance.

SEC Adopts Final Rules To Allow Exchange Act Reporting Companies To Use Regulation A

Date 19/12/2018

The Securities and Exchange Commission adopted final rules to allow reporting companies to rely on the Regulation A exemption from registration for their securities offerings.  

CFTC: Federal Court Orders Commodity Pool Operators to Pay More Than $23 Million in Restitution and Penalties for Fraud and Misappropriation of Investors Funds

Date 19/12/2018

The Commodity Futures Trading Commission (CFTC) announced today that on December 3, a federal court in New York entered an Opinion and Order ( Opinion and Order) against defendants Haena Park, her companies Phaetra Capital GP LLC, Phaetra Capital Management LP, and Argenta Group LLC (collectively, Pool Defendants), requiring the firms to pay $22,917,551 in restitution to defrauded investors and the Pool Defendants to pay, jointly and severally a $100,000 civil monetary penalty in a CFTC enforcement action, filed on June 2, 2016 and charging Park Defendants with fraudulent solicitation and misappropriation of funds, among other charges. [See CFTC Complaint and Press Release 7382-16] This ruling resolves CFTC’s litigation against the defendants.

Statement Of SEC Commissioner Robert J. Jackson, Jr. Final Rules Regarding Disqualified Actors In The Security-Based Swaps Market: Rule Of Practice

Date 19/12/2018

Thank you, Chairman Clayton, and thank you and happy holidays to the terrific Staff in the Division of Trading and Markets. I'm especially grateful to Director Brett Redfearn, Natasha Greiner, Devin Ryan, and Ed Schellhorn from Trading and Markets; Claire O'Sullivan and Diana Knyazeva from the Division of Economic and Risk Analysis; and Lori Price, Robert Tepley, and Donna Chambers from the Office of General Counsel, each of whom provided especially thoughtful briefings throughout this process.

SIFMA Survey Forecasts Total Long-Term Municipal Issuance Of $317 Billion In 2019

Date 19/12/2018

Respondents to the 2019 SIFMA Municipal Issuance Survey expect total long-term municipal issuance to reach $317.0 billion in 2019, slightly below the $330.7 billion issuance expected in 2018.  Short-term issuance is expected to decline in 2019, with $36.5 billion in short-term notes expected to be financed compared to $43.0 billion in 2018.  Including short-term issuance, total municipal issuance is expected to decline to $353.5 billion in 2019 from $373.8 billion expected in 2018.

AFME Welcomes Temporary Equivalence Decisions For UK CCPs And CSDs In A No Deal Brexit

Date 19/12/2018

Following today’s Brexit Communication from the European Commission, Simon Lewis, Chief Executive of AFME said:

“We welcome today’s confirmation that the Commission has adopted temporary equivalence decisions for UK CCPs and CSDs. This is a very important step to enable continued access for EEA firms to clearing and settlement services in a no deal Brexit scenario."

SEC Charges Additional 13 Unregistered Brokers Who Sold Woodbridge Securities To Retail Investors

Date 19/12/2018

The Securities and Exchange Commission today announced charges against an additional 13 individuals and 10 companies for unlawfully selling securities of Woodbridge Group of Companies LLC to retail investors. Woodbridge collapsed into bankruptcy in December 2017 and the SEC previouslycharged the company, its owner and others with operating a $1.2 billion Ponzi scheme andcharged five of the top Florida-based sales agents for securities and broker-dealer registration violations.

Statement Of CFTC Chairman J. Christopher Giancarlo On European Commission Decision On Clearinghouses

Date 19/12/2018

U.S. Commodity Futures Trading Commission (CFTC) Chairman J. Christopher Giancarlo issued the following statement regarding the European Commission’s Decision on the temporary and conditional equivalence of the United Kingdom’s regulatory framework for central clearinghouses:

“The CFTC welcomes the European Commission’s adoption of an equivalence decision regarding the United Kingdom’s legal and supervisory arrangements for central clearinghouses (CCPs),” said Giancarlo.  “The CFTC also welcomes the additional statement by the European Securities and Markets Authority (ESMA) of its intention to complete the recognition of U.K. CCPs pursuant to the EC’s equivalence decision in a timely manner.  Together the equivalence decision of the EC and the final recognition decisions of ESMA will permit EU market participants to continue clearing through U.K. CCPs for 12 months as of March 30, 2019 in the case of a U.K. exit from the European Union without a transition period."