News Centre

Ontario Securities Commission And Royal Canadian Mounted Police Issue Joint Warning On Coronavirus Investment Scams

Date 23/04/2020

The Ontario Securities Commission (OSC), in partnership with the Royal Canadian Mounted Police (RCMP) – Integrated Market Enforcement Team (IMET), is warning the public about fraudulent investment opportunities related to the coronavirus (COVID-19).

Federal Reserve Board Announces Temporary Actions Aimed At Increasing The Availability Of Intraday Credit Extended By Federal Reserve Banks

Date 23/04/2020

The Federal Reserve Board on Thursday announced temporary actions aimed at increasing the availability of intraday credit extended by Federal Reserve Banks on both a collateralized and uncollateralized basis. These temporary actions are consistent with the series of actions the Board has announced to support the flow of credit to households and businesses and to mitigate the disruptions from COVID-19.1 In particular, these actions are consistent with and indeed reinforce the Board's efforts to encourage regular use of intraday credit by healthy financial institutions.

Cboe Global Markets To Host 2020 Virtual Annual Meeting Of Stockholders

Date 23/04/2020

As previously announced, Cboe Global Markets, Inc. (Cboe: CBOE), one of the world's largest exchange holding companies, will host the company's 2020 Annual Meeting of Stockholders (Annual Meeting) as a completely virtual meeting. Amidst the coronavirus (COVID-19) outbreak, we are mindful of our responsibility to do all that we reasonably can to safeguard against the virus. As a precaution and in order to support the health and well-being of our partners and stockholders, this year's Annual Meeting will be a completely virtual meeting and there will be no physical meeting location.

Federal Reserve Board Outlines The Extensive And Timely Public Information It Will Make Available Regarding Its Programs To Support The Flow Of Credit To Households And Businesses And Thereby Foster Economic Recovery

Date 23/04/2020

Building on its strong record of transparency and accountability around financial reporting and the policymaking process, the Federal Reserve Board on Thursday outlined the extensive and timely public information it will make available regarding its programs to support the flow of credit to households and businesses and thereby foster economic recovery. Specifically, the Board will report substantial amounts of information on a monthly basis for the liquidity and lending facilities using Coronavirus Aid, Relief, and Economic Security, or CARES, Act funding, including the:

COVID-19 Related Exemptions From IIROC Rules – Applications Received And Exemptions Granted

Date 23/04/2020

As announced in IIROC Notice 20-0063, COVID-19 Related Exemptions from IIROC Rules, the IIROC Board of Directors approved the offering of exemptive relief in a number of areas relating to hardships Dealer Members are experiencing in complying with related IIROC Dealer Member Rules (DMRs) because of the COVID-19 pandemic. IIROC’s objective, in doing so, was to provide firms, where necessary, flexibility to service their clients with mitigating controls or processes to maintain investor protection in this challenging operational environment.

Intercontinental Exchange Appoints David Clifton As Interim CEO Of Bakkt

Date 23/04/2020

Intercontinental Exchange, Inc. (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, has appointed David Clifton as Interim CEO of Bakkt, the digital assets trading and payments platform that is majority-owned by ICE. Clifton replaces Mike Blandina, who is leaving the company to pursue a new opportunity. Adam White, who was appointed President of Bakkt earlier this year, will continue in his role.

Federal Court Orders Defendants To Pay Over $1.7 Million To Settle CFTC Enforcement Action Charging Fraud And False Statements

Date 23/04/2020

The Commodity Futures Trading Commission announced that the U.S. District Court for the Southern District of New York entered a consent order of permanent injunction against defendants Simon Jousef of Ontario, Canada and his business, FuturesFX, imposing more than $1.7 million in civil monetary and equitable relief. The injunction and sanctions resolve a CFTC enforcement action filed on September 10, 2019 [See CFTC Press Release No. 8006-19]. The CFTC’s complaint charged the defendants with fraudulently soliciting members and prospective members in the United States and other countries to subscribe to a trading system that included a supposedly “live” foreign exchange (forex) and commodity futures online trading room, educational videos, and online support. The CFTC also charged Jousef with making false or misleading statements to the National Futures Association (NFA).

European Supervisory Authorities: Joint Consultation Paper On ESG Disclosures Standards For Financial Market Participants

Date 23/04/2020

The three European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) have today issued a Consultation Paper seeking input on proposed environmental, social and governance (ESG) disclosure standards for financial market participants, advisers and products.

EBRD Targets Coronavirus Financing Of €21 Billion Through 2021

Date 23/04/2020

The EBRD is rapidly stepping up support for its regions in the face of the coronavirus pandemic and now expects to dedicate the entirety of its activities to helping the 38 emerging economies where it invests to combat the economic impact of the crisis.

BIS: Insurance Regulatory Measures In Response To Covid-19

Date 23/04/2020

Highlights

• Currently, insurers are more likely to experience losses from financial market volatility than from higher insurance claims arising from Covid-19. Few insurance supervisors have seen a need to strengthen or adjust prudential requirements to insulate insurers from current financial market uncertainties.
• So far, authorities have responded mainly by taking measures to provide operational relief to insurers from regulatory and supervisory requirements so that they can continue providing insurance services. These measures will also help insurers to enhance risk monitoring of their Covid-19 financial exposures.
• Some authorities have set out expectations for insurers to conserve capital through prudent exercise of dividend and variable remuneration policies. The aim is to enhance their resilience against huge uncertainties from potential Covid-19 fallout. Other capital-related measures should relieve supervisory pressures and reduce the tendency of insurers to manage their investments in a procyclical manner. These measures include: extending the supervisory intervention ladder, triggering the countercyclical lever and recalibrating capital requirements.
• The far-reaching impact of Covid-19 calls for sustained vigilance by both supervisors and insurers. In the post-pandemic phase, the extraordinary measures currently warranted will need to be unwound through a carefully crafted exit strategy that preserves sound risk management practices and protects policyholders' interests.