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Dissenting Statement Of CFTC Commissioner Dan M. Berkovitz Regarding Cross-Border Application Of The Registration Thresholds And Certain Requirements Applicable To Swap Dealers And Major Swap Participants

Date 18/12/2019

I dissent from today’s cross-border swap regulation proposal (the “Proposal”) because it would significantly weaken the Commission’s existing regulatory framework that protects the United States from risky overseas swaps activity. The existing cross-border framework has worked well over the past six years to protect the U.S. financial system from risks from cross-border swaps activity, while simultaneously enabling U.S. banks to compete successfully in overseas markets.[1] The Proposal would create multiple loopholes for U.S. banks to evade the Commission’s oversight of their cross-border activity and pose risks to the U.S. financial system. With a wink and a nod, U.S. banks could effectively guarantee their overseas swap dealing affiliates from losses while also enabling those affiliates to escape regulation as swap dealers. The Proposal would enable U.S. banks to book their swap trades in unregistered foreign affiliates that would not be required to report their swaps in the United States, and would not be subject to our capital, margin, and risk management requirements.
Statement On Reducing Investor Protections Around Private Markets By SEC Commissioner Robert J. Jackson Jr.

Date 18/12/2019

Thank you to the terrific Staff in our Division of Corporation Finance, including especially Director Bill Hinman, for their hard work in advance of today’s open meeting. This team has certainly earned the time off I hope you’ll take over the coming holiday season.[1]
Statement Of CFTC Commissioner Dawn D. Stump Regarding Proposed Rule: Cross-Border Application Of The Registration Thresholds And Certain Requirements Applicable To Swap Dealers And Major Swap Participants

Date 18/12/2019

As I have previously observed from this dais, when the G-20 leaders met in Pittsburgh in the midst of the financial crisis in 2009, they correctly recognized that the derivatives markets are global and that designing a workable solution, though complicated, demands coordinated policies and cooperation.[1] To do otherwise would ignore the reality that modern markets are not bound by jurisdictional borders. Yet, while each country agreed to this coordinated approach, our pace of implementation differed.
SEC: Metlife To Pay $10 Million For Longstanding Internal Control Failures

Date 18/12/2019

The Securities and Exchange Commission today charged MetLife, Inc. with violating the books and records and internal accounting controls provisions of the federal securities laws relating to two errors in its accounting for reserves associated with its annuities businesses. MetLife has agreed to pay $10 million to settle the charges.
Supporting Statement Of CFTC Commissioner Brian Quintenz Regarding Proposed Rule: Post-Trade Name Give-Up On Swap Execution Facilities

Date 18/12/2019

I will vote in favor of today’s proposal to prohibit post-trade name give-up practices for swaps that are anonymously executed on a swap execution facility (“SEF”) and cleared (“Proposal”) in order for the Commission to receive further comment on the Proposal’s potential market structure impact.

SEC Charges Broker-Dealers With Illicitly Profiting In Partial Tender Offer

Date 18/12/2019

The Securities and Exchange Commission today announced settled charges against two registered broker-dealers, Bluefin Trading LLC and Critical Trading LLC, for violating the so-called “short tender rule” and enriching themselves at the expense of other participants in a partial tender offer.
Statement Of CFTC Chairman Heath Tarbert In Support Of Final Amendments For Derivatives Clearinghouses

Date 18/12/2019

Clearinghouses—often called central counterparties or CCPs—are what make our futures, options, and much of our swaps markets work. Once a buyer and seller enter into a derivatives trade, the CCP takes on each party’s credit risk for the duration of the contract. Hundreds of thousands of trades occur in the United States because market participants never need to worry about counterparties not making good on their payment obligations. The entire risk of an exchange or even several exchanges is centralized within a given CCP. As a consequence, CCPs are the “risk controllers”[1] that stand at the very epicenter of our markets.
SEC: Issuer Settles Unregistered ICO Charges, Agrees To Return Funds And Register Tokens

Date 18/12/2019

The Securities and Exchange Commission today announced settled charges against blockchain technology company Blockchain of Things Inc. (BCOT) for conducting an unregistered initial coin offering (ICO) of digital tokens.
Statement At Open Meeting On Proposed Amendments To The Accredited Investor Definition By SEC Commissioner Elad L. Roisman

Date 18/12/2019

I want to thank the staff of the Division of Corporation Finance and the Division of Investment Management for putting together this proposal. Thank you also to Chairman Jay Clayton, who has prioritized this issue on the Commission’s agenda. The accredited investor definition stands at the intersection of two components of the SEC’s mission: protecting investors and facilitating capital formation. I think the proposal today makes important strides toward furthering both of these objectives. While I support it, I believe there is more we can learn from commenters and more we should deliberate before we consider adopting the staff’s recommendations as presented.
Joint Statement Of CFTC Chairman Heath Tarbert, Commissioner Rostin Behnam, And Commissioner Dan Berkovitz In Support Of Proposed Rule Restricting Post-Trade Name Give-Up

Date 18/12/2019

It is a hallmark of American exchange-style trading systems that the buyer and seller of a given financial instrument have no reason to know—and do not know—the identity of one another.[1] Trading anonymity can be viewed as a great equalizer, leveling the playing field for counterparties of all sizes and types by allowing traders to enter and exit the market without exposing their trading positions and strategies.[2] As a result, markets with pre- and post-trade anonymity are generally not only fairer, but also feature greater liquidity and greater competition between market participants.[3]