News Centre

CFTC: Federal Court In California Orders James D. Crombie To Pay Over $1.5 Million For Misrepresentations To The National Futures Association And For Solicitation Fraud

Date 27/11/2013

• The U.S. Commodity Futures Trading Commission (CFTC) obtained a federal court Order against defendant James D. Crombie of Virginia, requiring him to pay $789,540.47 in restitution to defrauded customers and a civil monetary penalty of $750,000. Crombie’s fraudulent scheme involved making false statements and providing false documents to the National Futures Association (NFA) and fraudulently soliciting funds for his former company, Paron Capital Management, LLC (Paron). The Order also imposes permanent trading and registration bans against Crombie and prohibits him from violating the Commodity Exchange Act, as charged.

CISI Comment On House Of Lords Vote Supporting Licensing Regime For Bankers

Date 27/11/2013

Simon Culhane, Chartered FCSI and CISI CEO said: “The Chartered Institute for Securities & Investment (CISI) welcomes the House of Lords Labour amendment yesterday to the Banking Reform Bill.

SEC Announces Agenda, Panelists For Roundtable On Proxy Advisory Services

Date 27/11/2013

The Securities and Exchange Commission today announced the agenda and panelists for its December 5 staff roundtable on the use of proxy advisory firm services by institutional investors and investment advisers.

Candidate For Boss Of EU Bank Supervisor Quizzed By MEPs

Date 27/11/2013

Danièle Nouy, the ECB's nominee for the new post of EU bank supervisor, was vetted by MEPs on Wednesday at a hearing in which she was quizzed about her views on banks' exposure to sovereign debt, the accountability of the future supervisor and the need to develop all the pillars of banking union.

UK's Financial Conduct Authority: Statement About Broker-Operated Systems Trading Physically Settled Gas And Power Forwards

Date 27/11/2013

Update on timetable

What we are doing

On 11 September 2013, we issued the statement below, explaining that brokers offering trading services in physically settled gas and power forwards were reviewing the appropriate classification of their systems under the Markets in Financial Instruments Directive (MiFID). These reviews were focusing on the interpretation of the multilateral trading facility (MTF) category under MiFID.

MEPs Not Convinced By Positive Reports Of Data Exchange Deals With The US

Date 27/11/2013

Civil Liberties MEPs criticised Home Affairs Commissioner Cecilia Malmström for "ignoring" Parliament's call to suspend the Terrorist Finance Tracking Programme (TFTP) deal with the US, in a debate on Wednesday. Most speakers asked for proof that the US had not breached the agreement and called for a data extraction system on EU soil to avoid sending bulk data to the US.

Restoring Trust In EU-US Data Flows - Frequently Asked Questions

Date 27/11/2013

What is the Commission presenting today?

Today the European Commission has set out actions to be taken in order to restore trust in data flows between the EU and the U.S., following deep concerns about revelations of large-scale U.S. intelligence collection programmes, which have had a negative impact on the transatlantic relationship.

ESMA Publishes Updated Q&A On ETFs And Other UCITS Issues

Date 27/11/2013

ESMA has published an updated Questions and Answers (Ref. 2013/1547) concerning the Guidelines on ETFs and other UCITS issues.

European Commission Calls On The U.S. To Restore Trust In EU-U.S. Data Flows

Date 27/11/2013

Today the European Commission has set out the actions that need to be taken to restore trust in data flows between the EU and the U.S., following deep concerns about revelations of large-scale U.S. intelligence collection programmes have had a negative impact on the transatlantic relationship. The Commission's response today takes the form of (1) a strategy paper (a Communication) on transatlantic data flows setting out the challenges and risks following the revelations of U.S. intelligence collection programmes, as well as the steps that need to be taken to address these concerns; (2) an analysis of the functioning of 'Safe Harbour' which regulates data transfers for commercial purposes between the EU and U.S.; and (3) a report on the findings of the EU-US Working Group (see MEMO/13/1059) on Data Protection which was set up in July 2013. In addition, the European Commission is also presenting its review of the existing agreements on Passenger Name Records (PNR) (see MEMO/13/1054) and theTerrorist Finance Tracking Programme (TFTP) regulating data exchanges in these sectors for law enforcement purposes (see MEMO/13/1060).

The EU-US TFTP Agreement: Main Elements

Date 27/11/2013