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CFTC: The Market Risk Advisory Committee Announces Agenda For September 28 Meeting

Date 27/09/2022

The Market Risk Advisory Committee (MRAC) today released the agenda for a public meeting that will be held on September 28, 2022, at 9:30 a.m. EDT at the Commodity Futures Trading Commission’s Washington, D.C. headquarters. Commissioner Kristin N. Johnson is the sponsor of the MRAC
Statement Of CFTC Commissioner Christy Goldsmith Romero Regarding Holding Wall Street Accountable - For Widespread Use Of Unauthorized Communications Platforms, Like Whatsapp And Signal, To Evade Regulatory Oversight

Date 27/09/2022

I vote to approve the Commodity Futures Trading Commission’s (“CFTC”) enforcement actions that hold 11 Wall Street banks and other financial institutions accountable for senior executives, traders, and other employees’ widespread use of unauthorized communications methods — like encrypted messaging apps and private emails and texts — to avoid creating records and evade regulatory and bank oversight. These cases shut down and bring transparency and public accountability to Wall Street’s pervasive and evasive bank practices that jeopardize market integrity and violate the law. The CFTC is requiring all defendants to admit wrongdoing, pay historically high penalties for recordkeeping violations of the law (a combined $1.8 billion between CFTC and parallel Securities and Exchange Commission (“SEC”) cases), and fix internal policies and practices to ensure that both U.S. regulators and bank executives can prevent, detect, and correct unauthorized illegal communications.
Statement Of CFTC Commissioner Kristin N. Johnson Regarding CFTC Orders For $700 Million Penalty Against Bank-Affiliated Entities For Offline Communications

Date 27/09/2022

Today, the Commodity Futures Trading Commission (CFTC or Commission) issued a series of orders settling charges against swap dealers and affiliated futures commission merchants[1] (Bank-Affiliated Entities) for failing to maintain, preserve, and produce records in compliance with CFTC recordkeeping requirements and for failing to diligently supervise matters related to their businesses as CFTC registrants. These orders require market participants who failed to meet legal and compliance obligations under the Commodity Exchange Act (CEA) and CFTC regulations to pay over $700 million in civil monetary penalties collectively and to implement immediate and effective remediation measures to ensure appropriate recordkeeping and supervision.
CFTC Orders 11 Financial Institutions To Pay Over $710 Million For Recordkeeping And Supervision Failures For Widespread Use Of Unapproved Communication Methods - Registered Swap Dealers And Fcms Admit Use Of Texts, Whatsapp And Other Unapproved Methods To Conduct Business

Date 27/09/2022

The Commodity Futures Trading Commission today issued orders simultaneously filing and settling charges against swap dealer and futures commission merchant (FCM) affiliates of 11 financial institutions for failing to maintain, preserve, or produce records that were required to be kept under CFTC recordkeeping requirements, and failing to diligently supervise matters related to their businesses as CFTC registrants.
Federal Reserve Board Invites Comment On Updates To Its Existing Guidance On Commercial Real Estate Loan Accommodations For Borrowers

Date 27/09/2022

The Federal Reserve Board on Tuesday announced that it has invited comment on updates to its existing guidance on commercial real estate loan accommodations for borrowers. The proposal from the Board is identical to a proposal issued by the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the National Credit Union Administration last month.

SEC Charges 16 Wall Street Firms wWth Widespread Recordkeeping Failures - Firms Admit To Wrongdoing And Agree To Pay Penalties Totaling More Than $1.1 Billion

Date 27/09/2022

The Securities and Exchange Commission today announced charges against 15 broker-dealers and one affiliated investment adviser for widespread and longstanding failures by the firms and their employees to maintain and preserve electronic communications. The firms admitted the facts set forth in their respective SEC orders, acknowledged that their conduct violated recordkeeping provisions of the federal securities laws, agreed to pay combined penalties of more than $1.1 billion, and have begun implementing improvements to their compliance policies and procedures to settle these matters.
Ontario Securities Commission Requests New Members For The Registrant Advisory Committee

Date 27/09/2022

The Ontario Securities Commission (OSC) is seeking applicants for membership on its Registrant Advisory Committee (RAC).
CFTC Seeks To Revoke Registrations Of Commodity Trading Advisor And Its Principal And Associated Person

Date 27/09/2022

The Commodity Futures Trading Commission today filed a Notice of Intent (notice) to revoke the registrations of Fintech Investment Group Inc., (Fintech), a registered commodity trading advisor (CTA) based in Florida, and its principal and associated person (AP), Alan Friedland of Florida (collectively, respondents).
Canadian Securities Regulators Propose Amendments To Implement An Access-Based Model For Investment Fund Reporting Issuers

Date 27/09/2022

The Canadian Securities Administrators (CSA) today published proposed amendments that would provide an alternative to delivering financial statements and management reports of fund performance for investment fund reporting issuers.
Larry Tabb Named STA's 2022 Dictum Meum Pactum Award Recipient

Date 27/09/2022

Security Traders Association (STA) today announced Larry Tabb as the 2022 Dictum Meum Pactum (DMP) Award recipient. Over the course of his four-decade career in the financial services industry, Tabb has built a formidable legacy of conducting and disseminating research and information to participants across the capital markets, enabling them to serve their clients with a higher degree of intelligence and confidence.