News Centre

CFTC’s Division Of Market Oversight Provides Time-Limited No-Action Relief For Swap Execution Facilities And Designated Contract Markets From The One Business Day Product Review Period Requirement Of Commission Regulation 40.2(A)(2) For Newly-Listed Swap Products

Date 30/09/2013

The Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight (DMO or Division) today announced the issuance of a time-limited no-action letter providing relief for swap execution facilities (SEFs) and Designated Contract Markets (DCMs) from the one business day product review period requirement of Commission regulation 40.2(a)(2) for newly-listed swap products.

SEC: Public Feedback On OFR Study On Asset Management Issues

Date 30/09/2013

Today, a webpage was opened on the SEC’s website for the public to provide feedback on a study entitled “Asset Management and Financial Stability” published by the Office of Financial Research of the Treasury Department.http://www.treasury.gov/initiatives/ofr/research/Pages/AssetManagementFinancialStability.aspx

CFTC Charges Lions Wealth Holdings, Inc., Lions Wealth Services, Inc., 20/20 Precious Metals, Inc. And Bharat Adatia In Multi-Million Dollar Fraudulent Precious Metals Scheme - CFTC Alleges That Defendants, Who Took In More Than $2.4 Million During The Past Two Years, Defrauded Customers In Connection With Precious Metals Transactions And Engaged In Illegal Off-Exchange Commodity Transactions

Date 30/09/2013

The U.S. Commodity Futures Trading Commission (CFTC) today filed an injunctive enforcement action in the U.S. District Court for the District of Nevada against three Nevada corporations:Lions Wealth Holdings, Inc. and Lions Wealth Services, Inc., both doing business as Lions Wealth Capital (collectively Lions Wealth), and 20/20 Precious Metals, Inc. (20/20 Metals), and their principal Bharat Adatia of San Juan Capistrano, California. The CFTC Complaint charges that the three companies and Adatia took in more than $2.4 million in customer funds between July 2011 and February 2013, while fraudulently marketing illegal, off-exchange trading of precious metals on a leveraged, margined or financed basis.

SEC: Slide Presentation (PDF): Update From The Division Of Corporation Finance And The Office Of The Chief Accountant, 2013 AICPA National Conference On Banks & Savings Institutions

Date 30/09/2013

Stephanie J. Ciboroski, Senior Assistant Chief Accountant; Matthew Schell, Professional Accounting Fellow; and Mark Shannon, Associate Chief Accountant

Sept. 18, 2013

Slide Presentation (PDF):  Update from the Division of Corporation Finance and the Office of the Chief Accountant, 2013 AICPA National Conference on Banks & Savings Institutions

CFTC Issues Order Relating To The Continuation, Shutdown And Resumption Of Certain Commission Operations In The Event Of A Lapse In Appropriations

Date 30/09/2013

The U.S. Commodity Futures Trading Commission (CFTC) today issued a final order to provide for the continuation, shutdown and resumption of certain operations of the CFTC and to alert all persons regulated by or engaged in proceedings at the CFTC of these provisions in the event of a lapse in appropriations.

SEC: Financial Reporting And Accounting Fraud, Andrew Ceresney, Co-Director Of The Division Of Enforcement, American Law Institute Continuing Legal Education, Washington, D.C.

Date 30/09/2013

1. Introduction

Thank you for that kind introduction.  At the outset, let me give the requisite reminder that the views I express today are my own and do not necessarily represent the views of the Commission or its staff.

It is great to be here today.  I am excited to speak about a topic that is near and dear to me – financial reporting and accounting fraud, and the SEC’s efforts to combat it.  I recently read a New York Timesarticle with a headline about the SEC bringing sexy back and referencing our efforts to combat accounting fraud – I had a hearty chuckle over that.  I couldn’t stop laughing about both the idea that the SEC was sexy and that the sexiness was due to a focus on accounting fraud.  But I guess it is all about context – you definitely take that kind of press whenever you can get it.  Better for the press to be talking about us as sexy than lots of other things. 

ISDA/IIF/GFMA Response To The BCBS 254 CD: The Non-Internal Model Method For Capitalising Counterparty Credit Risk Exposures

Date 30/09/2013

On September 27, the International Swaps and Derivatives Association, Inc. (‘ISDA’), the Institute of International Finance (‘IIF’) and the Global Financial Markets Association (‘GFMA’), responded to the Basel Committee on Banking Supervision (‘BCBS’) Consultative Document ‘The non-internal model method for capitalising counterparty credit risk exposures (NIMM)', dated June 2013. 

CFTC’s Division Of Market Oversight Issues Time-Limited No-Action Relief For Temporarily Registered Swap Execution Facilities from Commission Regulation 37.6(b) for Non-Cleared Swaps

Date 30/09/2013

The Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight (Division) issued a letter providing temporarily registered swap execution facilities (SEFs) with relief from the transaction confirmation requirement within CFTC regulation 37.6(b) for swaps that are not intended to be submitted for clearing (Non Cleared Swaps) and subject to conditions specified in the letter.  The relief expires no later than 12:01 a.m. eastern time on October 30, 2013 for Non-Cleared Swaps in the foreign exchange (“FX”), interest rate, and credit asset classes, and no later than 12:01 a.m. eastern time on December 2, 2013 for Non-Cleared Swaps executed in the equity and other commodity asset classes.

The NASDAQ Stock Market Leads U.S. Exchanges In IPOs For Q3 2013 - Strong September Brings NASDAQ's Quarterly IPO Total To 38 - 91 IPOs YTD At End Of Third Quarter 2013 - Remains The Leading U.S. Exchange For Technology, Biotechnology And Venture Capital-Backed Listings

Date 30/09/2013

The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) today announced that it welcomed 59 new listings in the third quarter of 2013, including 38 initial public offerings (IPO) – more IPOs than any other U.S. exchange. Combined proceeds raised by NASDAQ's 91 IPOs in 2013 year-to-date total more than $10 billion.

CFTC Orders ADM Investor Services, Inc. To Pay A $425,000 Penalty For Unlawfully Commingling Customer Funds With Funds In Non-Customer Accounts

Date 30/09/2013

The U.S. Commodity Futures Trading Commission (CFTC) today issued an Order filing and simultaneously settling charges against ADM Investor Services, Inc. (ADMIS), a CFTC-registered Futures Commission Merchant (FCM), for unlawfully commingling customer funds with funds held in its non-customer accounts. The CFTC Order requires ADMIS to pay a civil monetary penalty of $425,000, to cease and desist from violating Section 4d(a)(2) of the Commodity Exchange Act (CEA) and Commission Regulation 1.20(c), and to implement improved procedures, to the extent that it has not already done so, to ensure the proper classification of such accounts.