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US Justice Department Announces Deferred Prosecution Agreement With HSBC Private Bank (Suisse) SA - Bank Admits To Helping U.S. Taxpayers Conceal Income And Assets From The United States; Agrees To Pay $192.35 Million Penalty

Date 10/12/2019

HSBC Private Bank (Suisse) SA (HSBC Switzerland), a private bank headquartered in Geneva, has entered into a deferred prosecution agreement (DPA) with the Department of Justice today in the U.S. District Court for the Southern District of Florida, announced Acting Deputy Assistant Attorney General Stuart M. Goldberg of the Department of Justice’s Tax Division, United States Attorney for the Southern District of Florida Ariana Fajardo Orshan, and Chief Don Fort for Internal Revenue Service (IRS), Criminal Investigation. HSBC Switzerland admitted to conspiring with U.S. taxpayers to evade taxes and, as part of the agreement, HSBC Switzerland will pay $192.35 million in penalties.

CFTC Approves One Final, Two Proposed Rules At December 10 Open Meeting

Date 10/12/2019

At an open meeting today, the U.S. Commodity Futures Trading Commission approved one final rule and two proposed rules.

New York Attorney General Letitia James' Statement On ExxonMobil Ruling

Date 10/12/2019

New York Attorney General Letitia James released the following statement after a ruling was rendered in the case of People of the State of New York v. ExxonMobil Corporation:

“As Rex Tillerson admitted at trial, all investors are entitled to the truth. For the first time in history, ExxonMobil was compelled to answer publicly for their internal decisions that misled investors. The oil giant never took seriously the severe economic impact that climate change regulations would have on the company, contrary to what they were telling the public. Throughout this case, we laid out how Exxon made materially false, misleading, and confusing representations to the American people about the company’s response to climate change regulations. Exxon’s inability to tell the truth further underscores the lies that have been sold to the American public for decades. Despite this decision, we will continue to fight to ensure companies are held responsible for actions that undermine and jeopardize the financial health and safety of Americans across our country, and we will continue to fight to end climate change.”

More Than Half Of Canadians Surveyed Who Don't Invest Say It's Because They Lack Knowledge And Confidence - IIROC Research Uncovers Barriers To Advice

Date 10/12/2019

Canadians who do not currently invest say their lack of knowledge and confidence are preventing them from getting financial information and advice, according to national survey results from the Investment Industry Regulatory Organization of Canada (IIROC).

SIFMA Statement On USMCA Trade Agreement

Date 10/12/2019

SIFMA today released the following statement from Kenneth E. Bentsen, Jr., SIFMA president and CEO, commending the agreement to proceed on the United States, Mexico and Canada Agreement (USMCA) and strongly supporting its adoption:

“USMCA includes a robust financial services chapter updating the existing language in the North American Free Trade Agreement. SIFMA and its members are now eager to see the necessary legislation introduced, passed and implemented. For the first time in any U.S. trade agreement, USMCA includes a prohibition on forced data localization while ensuring regulators maintain the necessary access. We strongly support this outcome and believe it should be replicated in future trade agreements beyond USMCA.”

Statement Of CFTC Commissioner Dan M. Berkovitz On Proposed Rule To Make Permanent Certain Anti-Evasion Measures For Inter-Affiliate Swaps

Date 10/12/2019

I support the proposed rule to make permanent the alternative compliance frameworks for certain swaps between the foreign affiliates of U.S. firms and their non-U.S. counterparties.  The proposed rule would make permanent, with modifications, anti-evasion provisions for inter-affiliate swaps that the Commission originally adopted in 2013, and then extended through staff no-action letters that remain in effect today.  The no-action letters require U.S. firms and their foreign affiliates to exchange variation margin in connection with swaps entered into by the foreign affiliate with non-U.S. counterparties, where such swaps are subject to the Commission’s clearing requirement and there is no comparable and comprehensive clearing regime in the foreign jurisdiction.  The proposed rule upholds the Dodd-Frank Act’s clearing mandate, deters evasion, and helps to protect against systemic risk to the U.S. from swaps executed overseas by foreign affiliates. 

Remarks Given At A Panel To Launch The Third Annual America’s Pledge Report, At The 25th Annual Conference Of The Parties - Mark Carney, Governor, Bank Of England, Given At The US Climate Action Centre, Madrid

Date 10/12/2019

Remarks given at a panel to launch the third annual America’s Pledge report, at the 25th Annual Conference of the Parties

EBA Issues Revised List Of ITS Validation Rules

Date 10/12/2019

The European Banking Authority (EBA) issued today a revised list of validation rules in its Implementing Technical Standards (ITS) on supervisory reporting, highlighting those, which have been deactivated either for incorrectness or for triggering IT problems. Competent Authorities throughout the EU are informed that data submitted in accordance with these ITS should not be formally validated against the set of deactivated rules.

Exchange Data International (EDI) Worldwide Corporate Actions And Securities Reference Data Services Now Available In AWS Data Exchange.

Date 10/12/2019

Exchange Data International (EDI) a provider of global security corporate actions, pricing and reference data, announced today that its Worldwide Corporate Actions (WCA) data and Security Reference Data (SRF) services are now available for purchase in AWS Data Exchange, a new service that makes it easy for millions of Amazon Web Services (AWS) customers to securely find, subscribe to, and use third-party data in the cloud. This allows potential retail customers access to EDI’s high quality reference data and corporate actions data via the cloud to help identify events that may impact their investment strategy for global equities. 

Iron Ore Options Listed, Realizing Dalian Commodity Exchange’s Idea Of “1 Completeness, 2 Connects”

Date 10/12/2019

At 9 o’clock on the morning of December 9, Standing Member of the CPC Dalian Committee and Deputy Mayor of Dalian Luo Dongsheng and Deputy Director of the Futures Supervision Department of the China Securities Regulatory Commission (CSRC) Yan Shaoming jointly strike the gong for the official listing of iron ore options on Dalian Commodity Exchange (DCE), making iron ore the first product realizing “1 completeness, 2 connects”. Yan Shaoming reads out the approval document at the listing ceremony. Luo Dongsheng and DCE Party Chief and Chairman Li Zhengqiang deliver a speech respectively. DCE Deputy Party Chief and CEO Xi Zhiyong presides over the listing ceremony. Guests from relevant state departments, local governments, the industry circle and the financial circle witness the listing ceremony.