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Statement On Proposed Amendments To The Volcker Rule “Covered Fund” Provisions - SEC Commissioners Elad L. Roisman and Hester M. Peirce

Date 30/01/2020

1. Introduction

Thank you to the SEC staff who worked on this proposal, particularly those in the Divisions of Investment Management, Trading and Markets, and Economic and Risk Analysis, and the Office of General Counsel.  Further thanks go to our banking agency colleagues for their collaboration.  As with other projects to implement or amend rules under the Volcker Rule’s Dodd-Frank Act mandate, developing today’s recommendation involved extensive coordination not only within the SEC, but also with many colleagues across the five banking agencies, who share responsibility for administering the Volcker Rule. 

Cboe Announces Launch Date For Cboe Market Close

Date 30/01/2020

• Planned for launch on March 6, 2020
• New, cost-effective alternative to primary market closing auctions and off-exchange venues for execution of Market-on-Close orders

Artemis.bm: ESG Qualities Of ILS Driving Greater Investor Interest: Wojciechowski, BSX

Date 30/01/2020

Artemis, a news, analysis and data media service, released an on-line article authored by Luke Gallin on 28 January 2020, titled “ESG qualities of ILS driving greater investor interest: Wojciechowski, BSX”.

Statement On Proposed Amendments To The Volcker Rule, SEC Chairman Jay Clayton, Jan. 30, 2020

Date 30/01/2020

Today, the Commission joined the Federal Reserve, OCC, FDIC and CFTC in proposing additional amendments to the implementing regulations under section 13 of the Bank Holding Company Act, commonly known as the “Volcker Rule.”  The proposed amendments, which principally relate to the “covered funds” provisions of the Volcker Rule, represent the next step in the Agencies’ efforts to better tailor and clarify the implementing regulations while furthering the Volcker Rule’s important statutory objectives.  

Statement Of Dissent Of CFTC Commissioner Rostin Behnam Regarding Position Limits For Derivatives; Proposed Rule

Date 30/01/2020

The ceremony for the 92nd Academy Awards will air in a little over a week.  I haven’t seen too many movies this year given my two young girls and hectic work schedule, but I did see “Ford v Ferrari.”[1]  “Ford v Ferrari” earned four award nominations, including best motion picture of the year.  The film tells the true story of American car designer Carroll Shelby and British-born driver Ken Miles who built a race car for Ford Motor Company and competed with Enzo Ferrari’s dominating and iconic red racing cars at the 1966 24 Hours of Le Mans.[2]  This high drama action film focuses foremost on the relationship between Shelby and Miles—the co-designers and driver of Ford’s own iconic GT40—and their triumph over the competition, the course, the rulebook, and the bureaucracy.  Even if you aren’t a car enthusiast, the action, acting, and accuracy of the story are well worth your time. However, there is a lot more to this movie than racing.

US Federal Agencies Propose Changes To Modify Volcker Rule "Covered Funds" Restrictions

Date 30/01/2020

Five federal financial regulatory agencies on Thursday invited public comment on a proposal to modify regulations implementing the Volcker rule's general prohibition on banking entities investing in or sponsoring hedge funds or private equity funds—known as "covered funds."

Dissenting Statement Of CFTC Commissioner Dan M. Berkovitz Regarding Proposed Rule On Position Limits For Derivatives

Date 30/01/2020

Introduction

I dissent from today’s position limits proposal (“Proposal”).  The Proposal would create an uncertain and unwieldy process with the Commission demoted from head coach over the hedge exemption process to Monday-morning quarterback for exchange determinations.[1]  The Proposal would abruptly increase position limits in many physical delivery agricultural, metals, and energy commodities, in some instances to multiples of their current levels.  It would provide no opportunity for the Commission to monitor the effect of these increases, or to act if necessary to preserve market integrity.  The Proposal provides inadequate explanation for other key approaches in the document, including the use of position accountability rather than numerical limits for energy and metals commodities in non-spot months.  The Proposal also ignores Congress’s mandate in the Dodd-Frank Act, and reverses decades of legal interpretations of the Commodity Exchange Act (“CEA”) by the Commission and the courts regarding the Commission’s authority and responsibility to impose position limits.  It would require, for the first time, the Commission to find that position limits are necessary for each commodity prior to imposing limits.

Federal Reserve Finalizes Rule To Simplify And Increase The Transparency Of The Board's Rules For Determining Control Of A Banking Organization

Date 30/01/2020

The Federal Reserve Board on Thursday finalized a rule to simplify and increase the transparency of the Board's rules for determining control of a banking organization. If a company has control over a banking organization, the company generally becomes subject to the Board's rules and regulations.

Eurojust And Europol: Action Taken Against Bitcoin Fraud In France And Belgium

Date 30/01/2020

Authorities in France and Belgium, with the support of Eurojust and Europol, have taken action against a criminal network which committed large-scale international fraud with the sale of bitcoins and other crypto-currencies. Approximately 85 victims in France and Belgium were defrauded of EUR 6 million by an Organised Criminal Group (OCG) operating from Israel. In total, 10 suspects were arrested. The investigations unveiled further plans to commit fraud, which were not realised.

ECB Welcomes Ratification Of Agreement On Orderly UK Withdrawal From European Union

Date 30/01/2020

• ECB regrets United Kingdom leaving European Union
• Central bank prepared for all contingencies, and monitoring financial market developments
• Banks now need to press ahead with implementation of Brexit plans