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Parliamentary Joint Committee On Corporations And Financial Services - Opening Statement - 15 July 2020 - Opening Statement By ASIC Chair, James Shipton At The Parliamentary Joint Committee On Corporations And Financial Services, Oversight Of ASIC, The Takeovers Panel And The Corporations Legislation No.1 Of The 46th Parliament, Public Hearing, Wednesday 15 July 2020, Parliament House, Canberra

Date 15/07/2020

Introduction

Good morning Chair and Committee members.

Representing ASIC today are: Deputy Chairs Dan Crennan and Karen Chester; Commissioners Cathie Armour, Danielle Press and Sean Hughes; and Executive Director, Assessment and Intelligence, Warren Day.

Update: CFTC Sanctions Two Firms Offering Digital Asset-Based Swaps For Illegal Off-Exchange Trading And Registration Violations

Date 14/07/2020

The Commodity Futures Trading Commission today issued an order filing and settling charges against respondents Plutus Financial, Inc. d/b/a Abra of California, and Plutus Technologies Philippines Corp. d/b/a Abra International of the Philippines for entering into illegal off-exchange swaps in digital assets and foreign currency with U.S. and overseas customers and registration violations. This case was brought in connection with the Division of Enforcement’s Digital Asset Task Force.

Remarks At The Emerging Markets Roundtable, SEC Commissioner Hester M. Peirce, July 9, 2020

Date 14/07/2020

Thank you, Chairman Clayton.  I am looking forward to today’s discussion on emerging markets.  I approach this topic the same way I approach other issues on the Commission’s agenda.  First, it is important to ensure that investors are able to build portfolios that achieve their objectives and manage risk.  In other words, we should seek to maximize investors’ opportunities so that they can choose the ones that work for them.  Second, it is important to ensure that investors get the information they need to understand those investment opportunities and the associated risks.  A necessary corollary of this is that they do not get misinformation.  Among other things, investors should know what standards apply to companies in which they are considering investing and when a jurisdiction in which they are considering investing is characterized by oversight or transparency challenges.  Investors should know, for example, whether the Public Company Accounting Oversight Board (PCAOB) is able to conduct inspections of the auditors of US-listed companies with operations in China.  Third, when we decide regulatory action is necessary to solve a problem, we should strive to minimize the costs it imposes.

US Financial Stability Oversight Council Meeting, Tuesday, July 14, 2020

Date 14/07/2020

On Tuesday, July 14, Secretary Mnuchin presided over a meeting of the Financial Stability Oversight Council (Council) at the Treasury Department.

SEC Issues $3.8 Million Whistleblower Award

Date 14/07/2020

The Securities and Exchange Commission today announced a $3.8 million award to a whistleblower who provided significant information that helped the SEC disrupt an ongoing fraudulent scheme.  The resulting enforcement action returned millions of dollars to harmed investors.

Statement By The IMF Managing Director On Ukraine

Date 14/07/2020

Ms. Kristalina Georgieva, the Managing Director of International Monetary Fund (IMF), made the following statement on Ukraine today:

“I had an open discussion today with President Volodymyr Zelenskyy on concerns about the pressures being put on the National Bank of Ukraine (NBU).

“The reform of the NBU and its performance over the past five years is a clear success story for Ukraine. An independent central bank helps macroeconomic stability, supports investors’ confidence, and protects the financial system—all crucial preconditions for investment and growth. The credible policy actions of the NBU have been instrumental in stabilizing the economy. The successful clean-up of the financial sector – which was ravaged by fraud – is also credit to the supervisory work of the NBU."

Navigating Monetary Policy Through The Fog Of COVID, Federal Reserve Governor Lael Brainard, At The Perspectives On The Pandemic Webinar Series, Hosted By The National Association For Business Economics, Washington, D.C. (Via Webcast)

Date 14/07/2020

The COVID-19 contraction is unprecedented in modern times for its severity and speed. Following the deepest plunge since the Great Depression, employment and activity rebounded faster and more sharply than anticipated. But the recent resurgence in COVID cases is a sober reminder that the pandemic remains the key driver of the economy's course. A thick fog of uncertainty still surrounds us, and downside risks predominate. The recovery is likely to face headwinds even if the downside risks do not materialize, and a second wave would magnify that challenge. Fiscal support will remain vital. Looking ahead, it likely will be appropriate to shift the focus of monetary policy from stabilization to accommodation by supporting a full recovery in employment and a sustained return of inflation to its 2 percent objective.

SEC Charges Wind Turbine Company And Individuals With Defrauding Investors

Date 14/07/2020

The Securities and Exchange Commission today announced charges against Thunderbird Power Corp., an Arizona-based company claiming to be developing a wind turbine technology, and three individuals for defrauding investors out of more than $1.9 million in the unregistered offer and sale of Thunderbird stock.

CFTC To Hold Open Commission Meetings On July 22 And 23

Date 14/07/2020

Commodity Futures Trading Commission Chairman Heath P. Tarbert announced the CFTC will hold open meetings on July 22 and 23. The meetings will be held via conference call in accordance with the agency’s implementation of social distancing due to the COVID-19 (coronavirus) pandemic.

BIS: CPMI Report Identifies Steps To Enhance Cross-Border Payments

Date 14/07/2020

• The CPMI report comprehensively sets out the necessary elements to improve cross-border payments to make them faster, cheaper, more transparent and inclusive.
• The CPMI is committed to taking a leading role in developing and implementing a global roadmap as part of the G20's mission to tackle this multidimensional task.
• Resolving the longstanding frictions and challenges in cross-border payments would boost global trade, development and economic growth.