News Centre

Hamdan bin Mohammed Inaugurates Dubai AI Campus cluster At The DIFC Innovation Hub

Date 18/05/2024

• His Highness: We prioritise Dubai’s competitiveness and leading position as a hub for the digital economy in all projects and programmes we launch, in line with goals of the D33
• We are confident this campus will be a key addition to Dubai’s economy by hosting hundreds of businesses and offering thousands of jobs over the next few years
• Move is part of phase one of the DUB.AI programme launched with the aim of accelerating AI adoption across all relevant sectors
• Phase one of the campus has already drawn more than 75 businesses while phase two is set to attract over 500 companies

SIFMA Statement On Passage Of Resolution Overturning SEC Staff Accounting Bulletin 121

Date 17/05/2024

SIFMA today issued the following statement from SIFMA president and CEO Kenneth E. Bentsen, Jr. on the Senate’s passage of the Congressional Review Act resolution of disapproval overturning the SEC’s Staff Accounting Bulletin (SAB) 121:

CFTC Commitments Of Traders Reports Update

Date 17/05/2024

The current reports for the week of May 14, 2024 are now available. Report data is also available in the CFTC Public Reporting Environment (PRE), which allows users to search, filter, customize and download report data.

Federal Reserve Board Announces Its Denial Of Two Rulemaking Petitions Due To Legal And Policy Considerations

Date 17/05/2024

The Federal Reserve Board on Friday announced its denial of two rulemaking petitions due to legal and policy considerations. The first petition asked the Board to develop a framework requiring Board-supervised firms to disclose promised financial commitments to certain corporate initiatives, and the second asked for revisions to the Uniform Financial Institution Rating System framework and adjustments to the framework for financial holding company eligibility.

Brief Remarks On The Economy, Monetary Policy, And Bank Regulation, Federal Reserve Governor Michelle W. Bowman. At The Pennsylvania Bankers Association 2024 Convention, Nashville, Tennessee

Date 17/05/2024

I would like to thank the Pennsylvania Bankers Association for the invitation to join you today. I appreciate the opportunity to engage with you on matters that affect the banking industry. Before sharing my thoughts about the current bank regulatory environment, I will discuss my views on the economy and monetary policy.

Statement On The Application Of IFRS 19, Subsidiaries Without Public Accountability: Disclosures, In Filings With The SEC [1], Erik Gerding, Director, Division Of Corporation Finance, Paul Munter, SEC Chief Accountant

Date 17/05/2024

In May 2024, the International Accounting Standards Board (“IASB”) issued International Financial Reporting Standard (“IFRS”) 19, Subsidiaries without Public Accountability: Disclosures (“IFRS 19”), which permits certain subsidiaries of reporting companies to provide reduced disclosures when applying recognition, measurement, and presentation requirements of IFRS Accounting Standards.[2] IFRS 19 also specifies that eligible subsidiaries that elect to apply the standard must provide additional material disclosures when it determines that information is necessary to enable financial statement users to understand the impact of transactions, events, and conditions on the subsidiary’s financial position and financial performance.[3] Although the scope of IFRS 19 is limited to entities that do not have public accountability[4] at the end of their financial statement reporting period, there may be situations when financial statements that apply IFRS 19 are included in filings with the Securities and Exchange Commission (the “SEC” or the “Commission”). In these situations, we believe that the requirements of IFRS 19 are likely to necessitate additional disclosures in financial statements filed with the SEC because such financial statements are intended for use by investors in our public capital markets for making investment and voting decisions.

ISDA Response To SFC And HKMA Joint’s Consultation Paper On Implementing UTI, UPI, And CDE

Date 17/05/2024

On May 17, ISDA responded to SFC and HKMA ‘s joint further consultation on enhancements to the OTC derivatives reporting regime for Hong Kong to mandate – (1) the use of Unique Transaction Identifier (UTI), (2) the use of Unique Product Identifier (UPI) and (3) the reporting of Critical Data Elements (CDE).

Report From FINRA Board of Governors Meeting – May 2024 - Board Approves 2023 Annual Financial Report, Adds New Members To Advisory Committees And Hears Latest On FINRA’s Advanced Analytics Strategic Initiative

Date 17/05/2024

FINRA’s Board of Governors met on May 8-9 for the second time in 2024. The Board approved FINRA’s 2023 Annual Financial Report, appointed new members to Advisory Committees, was briefed on FINRA’s Advanced Analytics Strategic Initiative, received operational updates and continued discussions around FINRA’s long-term financial planning.

ISDA IQ: Disruption Response – IQ May 2024

Date 17/05/2024

People are full of contradictions, but the impact of proposed US capital rules on central clearing is a particularly blatant example. On the one hand, central clearing of derivatives is widely acclaimed by policymakers for reducing risk and increasing the resilience of financial markets. On the other, US prudential regulators apparently see it as so risky that the provision of client clearing by banks warrants an 80% increase in capital, a move that would reduce capacity and increase costs.

SEC Announces Departure Of Policy Director Heather Slavkin Corzo And Appointment Of Corey Klemmer To The Role

Date 17/05/2024

The Securities and Exchange Commission today announced that Policy Director Heather Slavkin Corzo will leave the agency. Corey Klemmer, most recently the Corporation Finance Counsel to Chair Gary Gensler, has been appointed Policy Director.