News Centre

Improving The Effectiveness Of The Customer Protection Rule, SEC Commissioner Jaime Lizárraga, July 12, 2023

Date 12/07/2023

Today’s proposal to update the customer protection rule for carrying broker-dealers falls in the category of “there’s always room for improvement.”  By increasing efficiency, liquidity, and competitiveness, these updates will improve the daily functioning of our capital markets, increase confidence, and protect investors.

Statement On Final Money Market Fund Reforms; Form PF Reporting Requirements For Large Liquidity Fund Advisers; Technical Amendments To Form N-CSR And Form N-1A, SEC Commissioner Mark T. Uyeda, July 12, 2023

Date 12/07/2023

Thank you, Chair Gensler.  This is the third round of money market reforms since 2010.  This round is primarily designed to address vulnerabilities exposed during the market volatility of March 2020.  Notably, the Adopting Release acknowledges that one of the 2014 reforms - the ability of a money market fund to impose liquidity fees or redemption gates after crossing a specified liquidity threshold - contributed to investors’ incentives to redeem from institutional prime money market funds in March 2020.  In other words, the 2014 reforms exacerbated the very problems that they were supposed to address. 

SEC Proposes Rule Amendments To The Broker-Dealer Customer Protection Rule

Date 12/07/2023

The Securities and Exchange Commission today proposed amendments to Rule 15c3-3 (the Customer Protection Rule) to require certain broker-dealers to increase the frequency with which they perform computations of the net cash they owe to customers and other broker-dealers (known as PAB account holders) from weekly to daily. Net cash owed to customers and PAB account holders must be held in a special reserve bank account.

CFTC: Federal Court Orders Digital Asset Derivatives Platform And Florida Resident To Pay More Than $15 Million For Multiple Violations Of The Commodity Exchange Act - Defendant Facilitated Unlawful Futures Transactions, Failed To Register, Attempted To Manipulate The Price Of A Native Token

Date 12/07/2023

The Commodity Futures Trading Commission today announced that on July 5, Judge Roy K. Altman, in the U.S. District Court for the Southern District of Florida, issued a default judgment granting a permanent injunction against Florida resident Adam Todd and four companies he controlled – Digitex LLC, Digitex Limited, Digitex Software Limited, and Blockster Holdings Limited Corporation.

SEC Adopts Money Market Fund Reforms And Amendments To Form PF Reporting Requirements For Large Liquidity Fund Advisers

Date 12/07/2023

The Securities and Exchange Commission today adopted amendments to certain rules that govern money market funds under the Investment Company Act of 1940.

FSB Chair Outlines Work On Recent Banking Turmoil And To Finalise Crypto-Asset Recommendations

Date 12/07/2023

• Chair warns of challenging outlook for the global financial system.
• The FSB has reprioritised its work to focus on lessons learned from recent banking-sector turmoil, including lessons for the effective implementation of the international resolution framework, the interaction between interest rate and liquidity risk and the role of technology and social media.
• The FSB will issue next Monday its finalised recommendations for the regulation, supervision and oversight of crypto-assets and markets, and of global stablecoin arrangements. Attention will then turn to their full and effective implementation globally to avoid a fragmented regulatory system.

EBA Consults On Draft Technical Standards On Complaints Handling Procedures Under The Markets In Crypto-Assets Regulation

Date 12/07/2023

The European Banking Authority (EBA) published today a Consultation Paper on draft regulatory technical standards (RTS) on complaints handling procedures for issuers of asset-referenced tokens (ARTs) under the Markets in Crypto-Assets Regulation (MiCAR). These draft RTS aim at ensuring prompt, fair and consistent handling of complaints by holders of ARTs and other interested parties.

BIS: Basel Committee Finds The United States Largely Compliant With Its Net Stable Funding Ratio Standard And Large Exposures Framework

Date 12/07/2023

• Basel Committee publishes assessment reports on the implementation of its global standards in the United States (US).
• Assessments find US regulations largely compliant with the Basel Committee's Net Stable Funding Ratio standard and large exposures framework. 
• These publications form part of the Committee's Regulatory Consistency Assessment Programme (RCAP).

EBA Encourages Timely Preparatory Steps Towards The Application Of MiCAR To Asset-Referenced And Electronic Money Tokens

Date 12/07/2023

The European Banking Authority (EBA) today published a statement for the attention of financial institutions and other undertakings who intend to commence, or have commenced, asset-referenced token (ART) or electronic money token (EMT) activities prior to 30 June 2024 (the application date for the relevant provisions of the Markets in Crypto-assets Regulation - MiCAR) and for competent authorities. The statement is intended to encourage timely preparatory actions to MiCAR application, with the objectives to reduce the risks of potentially disruptive and sharp business model adjustments at a later stage, to foster supervisory convergence, and to facilitate the protection of consumers.

ACER Publishes A Report On Unit Investment Costs Indicators And Corresponding Reference Values Of European Energy Infrastructure

Date 12/07/2023

What is it about?

ACER, in collaboration with PwC consultants, publishes its second report on the development of unit investment costs (UICs) indicators and corresponding reference values for energy infrastructure projects.