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CryptoUK Responds To The Bank Of England's Letter Regarding Crypto-Assets
Date 28/06/2018
Responding to the Deputy Governor of the Bank of England’s letter outlining the PRA’s expectations regarding firms’ exposure to crypto-assets, Iqbal V. Gandham, Chair of CryptoUK said:
“It is important to stress that the majority of firms within the cryptocurrency sector operate to a high standard, replicating existing models of compliance and best practice for financial services firms. Nonetheless, the concerns raised by the Deputy Governor support CryptoUK’s calls for regulation, set at an appropriate level that allows firms operating within the sector to grow and flourish.
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Statement At Open Meeting on Investment Company Liquidity Disclosure (Final Rule) - SEC Commissioner Michael S. Piwowar
Date 28/06/2018
From my earliest days as SEC Commissioner, I have advocated that we engage in thoughtful retrospective review of our rules to ensure they achieve their intended objectives. I am happy, in the last open meeting of my tenure, to vote in support of a final rule which is the product of such a review.
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Alberta Securities Commission Alleges Lutheran Church Program Misled Investors
Date 28/06/2018
The Alberta Securities Commission (ASC) has issued a Notice of Hearing against the Lutheran Church-Canada, the Alberta-British Columbia District (the District) and others in connection with a long-running investment program that collapsed into insolvency in early 2015. According to the Notice of Hearing, over $130 million had been invested into two of the church’s funds when the organizations were placed into federal bankruptcy protection.
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SEC Adopts Targeted Changes To Public Liquidity Risk Management Disclosure
Date 28/06/2018
The Securities and Exchange Commission today adopted amendments to public liquidity-related disclosure requirements for certain open-end funds. Under the amendments, funds would discuss in their annual or semi-annual shareholder report the operation and effectiveness of their liquidity risk management programs. This requirement replaces a pending requirement that funds publicly provide a quantitative end-of-period snapshot of historic aggregate liquidity classification data for their portfolios on Form N-PORT.
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SEC Proposes Rule To Undermine Whistleblowers
Date 28/06/2018
Today, the Securities and Exchange Commission (SEC) issued a proposed rule to reduce the size of whistleblower rewards in cases in which the US recovers $100 million or more. This proposed rule was will discourage high ranking and well-compensated employees at large financial institutions from blowing the whistle.
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Statement Of SEC Commissioner Piwowar At Open Meeting Regarding Inline XBRL Filing Of Tagged Data
Date 28/06/2018
I am very proud of the vote I cast with Commissioner [Kara] Stein to propose this rulemaking last year while serving as Acting Chairman of the Commission. I am equally glad today to have the opportunity to see this important rulemaking finalized at my last open meeting as a Commissioner.
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CUSIP Global Services Collaborates With Templum Markets To Improve Transparency In Tokenized Securities Marketplace - CUSIP Identifiers To Be Assigned To Tokenized Asset Offerings
Date 28/06/2018
CUSIP Global Services (CGS) a leading provider of unique security and entity identifiers and descriptive data that enable efficient global trading, and Templum Markets, a registered Broker-Dealer and Alternative Trading System (ATS) specializing in capital formation and secondary trading of digital and tokenized securities, today announced a collaboration to bring industry standard CUSIP identifiers to the tokenized securities marketplace. Templum Markets is a subsidiary of Templum Inc., a fintech and blockchain-focused holding company that operates at the intersection of innovative technologies and the modernization of securities.
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SEC Proposes Whistleblower Rule Amendments
Date 28/06/2018
The Securities and Exchange Commission today voted to propose amendments to the rules governing its whistleblower program. The whistleblower program was established in 2010 to incentivize individuals to report high-quality tips to the Commission and help the agency detect wrongdoing and better protect investors and the marketplace.
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Firms Elect Securities America Financial Corporation’s Jim Nagengast To FINRA Board Of Governors - Nagengast Elected To Fill One Of Three Large-Firm Seats On FINRA Board
Date 28/06/2018
FINRA announced the results of voting by its large firm members that took place at its Special Meeting on June 28 to elect one Large-Firm Governor to the FINRA Board of Governors. Jim Nagengast, Chief Executive Officer (CEO) of Securities America Financial Corporation Inc. and President of Securities America Inc., was elected as a Large-Firm Governor.
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Statement Of SEC Commissioner Piwowar At Open Meeting Regarding Amendments To Smaller Reporting Company Definition,
Date 28/06/2018
Today’s meeting is going to be a long one, so I will keep my remarks brief. I support the adoption of this rulemaking. But, I would be remiss if I did not express my disappointment about what we could have accomplished today had we truly focused our efforts on capital formation.
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