News Centre

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.

“Veterans Hall” Dedication On The 75th Anniversary Of D-Day, SEC Chairman Jay Clayton, June 5, 2019

Date 05/06/2019

Thank you Darren for those kind remarks. And thank you to the Veteran’s Committee for organizing this important commemoration. I would also like to recognize Katherine Taylor and Carla Hairston and their team in facilities, who did an AMAZING job with the design of this memorial in a short time period. And thank you all for taking the time to be part of this dedication ceremony today. We gather here on the eve of the 75th Anniversary of D-Day, and in the shadow of Memorial Day, to pay our respects to the fallen and to salute all those who serve.

Ontario Securities Commission Takes Action To Reduce Burden For Mining Issuers

Date 05/06/2019

The Ontario Securities Commission (OSC) announced today that, effective immediately, mining issuers can request reviews of public technical disclosure before filing a preliminary short form prospectus. Mining issuers represent the largest population of Ontario head office reporting issuers, and this development will allow for material comments to be resolved promptly.