News Centre

IIROC Re-Publishes Client Identifier Amendments As Part Of Extensive Consultations - Regulator Seeks Feedback On Amendments That Aim To Improve Efficiency And Protect Investors

Date 28/06/2018

The Investment Industry Regulatory Organization of Canada (IIROC) today opened a second round of public consultation on ways to expand the use of client identifiers to maintain market integrity, protect investors and mitigate risks in electronic trading, while minimizing its impact on investment firms.

SEC Celebrates Lesbian, Gay, Bisexual And Transgender Pride Month

Date 28/06/2018

The Securities and Exchange Commission this week concluded its month of special events and guest speakers – at its Washington, D.C. headquarters, as well as in regional offices around the country – in honor of Lesbian, Gay, Bisexual and Transgender (LGBT) Pride Month.  

New York State Department of Financial Services Announces Consent Order Requiring Athene Life Insurance To Pay $15 Million Fine For Insurance Law Violations And First Allmerica Financial To Take Corrective Actions Totaling Up To $40 Million - Following Customer Complaints, DFS Market Examination Found Athene Failed To Mail $81 Million In Premium Notices And Provide Other Required Information To More Than 15,000 Policyholders

Date 28/06/2018

Financial Services Superintendent Maria T. Vullo today announced that Athene Life Insurance Company of New York (Athene) and First Allmerica Financial Life Insurance Company (FAFLIC) have entered into a consent order with the Department of Financial Services (DFS), under which Athene will pay a fine of $15 million and FAFLIC will make remedial efforts totaling approximately $40 million for violations of New York Insurance Law and regulations.  A DFS market conduct examination, which was initiated following consumer complaints, found that Athene did not provide required information to about 15,000 policyholders, including premium notices, annual reports or cash surrender value notices, and annual privacy notices from 2015 to 2017.

Statement On Amendments To Smaller Reporting Company Definition, SEC Commissioner Kara M. Stein

Date 28/06/2018

I would like to join Chairman Clayton in thanking the staff for their hard work on this release. I also would like to note that this will be our last open meeting with Commissioner Piwowar. Over the last five years, Commissioner Piwowar and I have worked on a number of important rulemakings. I believe many of these rulemakings were thoughtful and productive steps that will withstand the test of time. Some that come to mind include amendments to the securities transaction settlement cycle, or T+2, and the transaction fee pilot for NMS stocks. And, today, we will vote on final rules relating to Inline XBRL requirements. These rulemakings are reflective of the collaborative spirit in which I believe Commissioner Piwowar and I have worked. And I think, as a result, the rules have been better for it. With that, I want to thank Commissioner Piwowar for his leadership and for his dedication to protecting investors, facilitating capital formation, and making our markets more fair and resilient. And I wish him good luck and success in his future endeavors.

Ontario Securities Commission Study: Lack Of understanding Of Cryptoassets Puts Ontarians At Risk

Date 28/06/2018

A new research study released today by the Ontario Securities Commission (OSC) found that many Ontarians lack understanding of cryptoassets, including those who currently own cryptoassets. The study also revealed that an increasing number of Ontarians are being approached about participating in initial coin or token offerings, exposing them to potential risks given the lack of familiarity with these types of investments.

SEC Approves Final And Proposed Rules In Latest Open Meeting

Date 28/06/2018

The Securities and Exchange Commission today voted on several final rules and rule proposals that together represent material progress toward many Commission priorities.

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.

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.

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.

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.