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Statement Of Concurrence By CFTC Commissioner Rostin Behnam On Segregation Of Assets Held As Collateral In Uncleared Swap Transactions; Amendments

Date 28/03/2019

I respectfully concur with the Commodity Futures Trading Commission’s (the “Commission” or “CFTC”) approval of amendments to subpart L of the Commission’s Regulations (“Segregation of Assets Held as Collateral in Uncleared Swap Transactions” consisting of Regulations 23.700 through 23.704), which implement Section 4s(l) of the Commodity Exchange Act (“CEA” or the “Act”). The amendments to subpart L respond to ongoing concerns and confusion created by the finalization of the CFTC and Prudential Regulator Margin Rules and CFTC interpretive guidance.
Federal Reserve Board Releases Document Providing Additional Information On Its Stress Testing Program

Date 28/03/2019

The Federal Reserve Board on Thursday released a document providing additional information on its stress testing program. The release of the document follows an announcement in February that the Board had finalized changes intended to increase the transparency of its stress tests without compromising their ability to test the resiliency of the nation's largest banks.
Statement Of CFTC Commissioner Dan M. Berkovitz On Less Is More – Segregation Of Assets Held As Collateral In Uncleared Swap Transactions; Amendments

Date 28/03/2019

The final rule amends CFTC regulations giving certain swap counterparties the right to require initial margin segregation. I support the amendments.
Remarks At The March 2019 Investor Advisory Committee Meeting, SEC Commissioner Elad L. Roisman, March 28, 2019

Date 28/03/2019

Thank you, Chairman Clayton. And, thank you to all of the Committee members for contributing your time and expertise here today. I also want to thank the SEC staff who support the important work of this Committee.
Statement Of CFTC Commissioner Dan M. Berkovitz On Financial Surveillance Examination Program Requirements For Self-Regulatory Organizations

Date 28/03/2019

I support the targeted amendments to Commission Regulation 1.52 made in today’s final rules regarding third-party expert examinations of self-regulatory organization (“SRO”) financial surveillance programs. The amendments adopted in these final rules are an outgrowth of the Commission’s experience with Regulation 1.52 since 2013, and they maintain the Commission’s strong commitment to customer protection while modifying certain requirements found to provide no incremental regulatory benefit. The Commission’s customer protection rules are fundamental to safeguarding customer assets, promoting the safety and soundness of U.S. derivatives markets, and maintaining public confidence in our markets. I strongly support these customer protection rules.

SEC Charges New Jersey Man With Fraudulently Causing Advisory Firm To Overbill Clients

Date 28/03/2019

The Securities and Exchange Commission today filed charges against the former chief operating officer (COO) of a Commission-registered investment adviser for aiding and abetting the advisory firm’s actions to overbill its clients as part of a fraudulent scheme to improperly inflate his own pay.
Ontario Securities Commission Outlines Priorities For 2019-2020

Date 28/03/2019

The Ontario Securities Commission (OSC) today published for comment its 2019-2020 Draft Statement of Priorities. The draft includes four proposed regulatory goals with 15 priority areas where the OSC plans to focus resources and actions in the 2019-2020 fiscal year, as well as the expected outcomes.
The Canadian Securities Administrators Renew Term Of Chair And Appoint New Vice-Chair

Date 28/03/2019

The Canadian Securities Administrators (CSA) today announced that the term of CSA Chair Louis Morisset, President and CEO of the Autorité des marchés financiers, has been renewed for a further two years, until March 31, 2021. Mr. Morisset was first appointed CSA Chair in March 2015.
CFTC: Federal Court Orders Futures Trader To Pay A Penalty Of More Than $1 Million For Fraud

Date 28/03/2019

The Commodity Futures Trading Commission (CFTC) announced today that a federal court in Illinois ordered William H. Powderly IV (Powderly) of New Hope, Pennsylvania, to pay a civil monetary penalty of $1,083,138 for fraudulently soliciting customers and distributing false account statements. The Order stems from a CFTC Complaint filed on May 1, 2017. [See CFTC Press Release 7553-17]
Julie Mercer Joins Education Strategy Consultants, Cairneagle, From Deloitte

Date 28/03/2019

Cairneagle Associates are delighted to announce the appointment of Julie Mercer as Partner.