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SEC Issues Annual Staff Reports On Credit Rating Agencies

Date 21/12/2016

The Securities and Exchange Commission today issued two annual staff reports that demonstrate compliance and competition continue to increase among the credit rating agencies under SEC oversight as nationally recognized statistical rating organizations (NRSROs).
ESMA Chooses iXBRL As Single Electronic Format

Date 21/12/2016

Earlier today, the European Securities and Markets Authority (ESMA) announced that starting in 2020, all publicly listed companies in the EU that report consolidated IFRS financial statements must provide them in Inline XBRL. The decision was made primarily because the use of Inline XBRL enables a single document to be both machine-readable and human-readable.
ISDA Americas Credit Derivatives Determinations Committee: iHeart Communications, Inc. Failure To Pay Credit Event

Date 21/12/2016

The International Swaps and Derivatives Association, Inc. (ISDA) today announced that its Americas Credit Derivatives Determinations Committee resolved that a failure to pay credit event occurred in respect of iHeart Communications, Inc.
CalPERS To Lower Discount Rate To Seven Percent Over The Next Three Years

Date 21/12/2016

The California Public Employees' Retirement System (CalPERS) Board of Administration today voted to lower the discount rate from 7.5 percent to 7.0 percent over the next three years. This incremental lowering of the discount rate will give employers more time to prepare for the changes in contribution costs.
Federal Reserve Board Assesses $27 Million Civil Money Penalty Against Banco Bilbao Vizcaya Argentaria, S.A., (BBVA) And Its Subsidiary, BBVA Securities, Inc.

Date 21/12/2016

The Federal Reserve Board on Wednesday assessed a civil money penalty of $27 million against Banco Bilbao Vizcaya Argentaria, S.A., Bilbao, Spain (BBVA), and its subsidiary, BBVA Securities, Inc., New York, New York (BSI), for exceeding limits on BSI's securities underwriting and dealing activities previously imposed by the Board.

SEC: G. Jeffrey Boujoukos Named Director Of Philadelphia Regional Office

Date 21/12/2016

The Securities and Exchange Commission today announced that G. Jeffrey Boujoukos has been named Director of its Philadelphia Regional Office, where he will oversee enforcement and examinations in the Mid-Atlantic region. Mr. Boujoukos’ appointment will be effective following the departure of Sharon B. Binger, who is leaving the agency at the end of the year.
CFTC Swaps Report Update

Date 21/12/2016

CFTC's Weekly Swaps Report has been updated, and is now available.
Sharon Binger, Director Of Philadelphia Regional Office, To Leave SEC

Date 21/12/2016

The Securities and Exchange Commission today announced that Sharon B. Binger, Director of the Philadelphia Regional Office, will leave the agency at the end of the year. Following her departure, G. Jeffrey Boujoukos, the Philadelphia office’s Associate Regional Director for Enforcement, will serve as Regional Director.
FINRA Fines 12 Firms A Total Of $14.4 Million For Failing To Protect Records From Alteration - Matters Reflect FINRA’s Focus On Cybersecurity

Date 21/12/2016

The Financial Industry Regulatory Authority (FINRA) announced today that it has fined 12 firms a total of $14.4 million for significant deficiencies relating to the preservation of broker-dealer and customer records in a format that prevents alteration. FINRA found that at various times, and in most cases for prolonged periods, the firms failed to maintain electronic records in “write once, read many,” or WORM, format, which prevents the alteration or destruction of records stored electronically.
SEC: Petrochemical Manufacturer Braskem S.A. To Pay $957 Million To Settle FCPA Charges

Date 21/12/2016

The Securities and Exchange Commission today announced that a Brazilian-based petrochemical manufacturer whose stock trades in the U.S. markets has agreed to settle charges that it created false books and records to conceal millions of dollars in illicit bribes paid to Brazilian government officials to win or retain business.