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SEC Names John Moses As Deputy Director Of Office Of Investor Education And Advocacy - Will Lead Efforts To Promote Agency’s Increased Focus On Financial Inclusion And Outreach To Underserved Communities

Date 21/12/2020

The Securities and Exchange Commission today named John Moses as Deputy Director of the SEC’s Office of Investor Education and Advocacy (OIEA).
Market Participants Division Director Joshua B. Sterling To Depart CFTC In January

Date 21/12/2020

The Commodity Futures Trading Commission today announced that Market Participants Division (MPD) Director Joshua B. Sterling will depart the agency by the end of January 2021. Mr. Sterling has led MPD since joining the agency from private practice in August 2019.
NZX Appoints Chief Information Officer

Date 21/12/2020

NZX today announced the appointment of Robert Douglas to the company’s Senior Leadership Team as Chief Information Officer.
SEC Charges Company And CEO For $119 Million Securities Fraud Targeting Members Of The South Asian American Community

Date 21/12/2020

The Securities and Exchange Commission today announced that it filed an emergency action against California-based real estate development company SiliconSage Builders LLC, aka Silicon Sage Builders, and its sole owner, Sanjeev Acharya, in connection with an alleged $119 million fraudulent offering.
FINRA Sanctions Transamerica Financial Advisors, Inc. $8.8 Million For Supervisory Violations Related To Variable Annuities, Mutual Funds And 529 Plans - Firm Ordered To Pay $4.4 Million In Restitution To Approximately 2,400 Affected Customers

Date 21/12/2020

FINRA announced today that Transamerica Financial Advisors, Inc. (TFA) has agreed to pay approximately $4.4 million in restitution to approximately 2,400 customers for failing to supervise its registered representatives’ recommendations of three different products - variable annuities, mutual funds, and 529 plans. FINRA also fined TFA $4.4 million.

SIFMA Issues Checklist In The Event US Interest Rates Turn Negative

Date 21/12/2020

SIFMA today issued a white paper titled “U.S. Negative Interest Rates Policy Checklist.” The checklist, which was co-authored by SIFMA and Ernst & Young LLP (EY), was developed to assist SIFMA and other market participants with planning for the potential of a negative interest rate policy in the U.S., accelerate readiness, and mitigate the risk of disruption to business activities and investors.
CFTC Staff Extends No-Action Relief For Shanghai Clearing House

Date 21/12/2020

The Commodity Futures Trading Commission’s Division of Clearing and Risk (DCR) today issued a no-action letter extending the relief originally provided to Shanghai Clearing House (SHCH) in CFTC Letter No. 16-56, which— pursuant to CFTC Letter No. 18-18— will expire on July 31, 2021. The extension ends the earlier of July 31, 2022 or the date on which the CFTC exempts SHCH from registration as a derivatives clearing organization (DCO).
Statement On Recent And Upcoming Regulation Best Interest Examinations From The SEC Division Of Examinations, Division Of Examinations Staff

Date 21/12/2020

[1]Regulation Best Interest established a new, substantially elevated standard of conduct under the Exchange Act for broker-dealers and associated persons of a broker-dealer (collectively “broker-dealers” or “firms”).[2] After Regulation Best Interest’s June 30, 2020 compliance date, the Division of Examinations (“Division”) (formerly the “Office of Compliance Inspections and Examinations”) launched examinations to assess the Regulation Best Interest implementation efforts of broker-dealers. Division staff has assessed the results of its initial Regulation Best Interest examinations and now that approximately six months have passed since the Regulation Best Interest compliance date, the Division intends to begin its next phase by conducting more focused examinations as outlined below beginning in January 2021. As part of this effort, Division staff will examine whether broker-dealers have written policies and procedures and systems in place to achieve compliance with the Regulation.
Finansinspektionen: Households’ Finances And Financial Literacy 2020

Date 21/12/2020

Single-adult households with children continue to have a more difficult financial situation than other households. FI has measured households’ financial literacy and found that it has improved in almost all areas compared to previous surveys.
Interview: It's About Time To Access The Benefits Of Listed FX - Barclays And DZ PRIVATBANK S.A. To Provide Union Investment Access To Eurex FX

Date 21/12/2020

Listed FX volumes and open interest are continuing to grow at Eurex. With a strong December roll, the exchange traded more than 600,000 futures contracts in 2020 despite the COVID-19 crisis. Progress is also visible in market access. Most recently, Barclays and DZ PRIVATBANK S.A. provided Union Investment access to Eurex FX.