News Centre

CFTC: Federal Court Orders Commodity Pool Operators to Pay More Than $23 Million in Restitution and Penalties for Fraud and Misappropriation of Investors Funds

Date 19/12/2018

The Commodity Futures Trading Commission (CFTC) announced today that on December 3, a federal court in New York entered an Opinion and Order ( Opinion and Order) against defendants Haena Park, her companies Phaetra Capital GP LLC, Phaetra Capital Management LP, and Argenta Group LLC (collectively, Pool Defendants), requiring the firms to pay $22,917,551 in restitution to defrauded investors and the Pool Defendants to pay, jointly and severally a $100,000 civil monetary penalty in a CFTC enforcement action, filed on June 2, 2016 and charging Park Defendants with fraudulent solicitation and misappropriation of funds, among other charges. [See CFTC Complaint and Press Release 7382-16] This ruling resolves CFTC’s litigation against the defendants.

Statement Of SEC Commissioner Robert J. Jackson, Jr. Final Rules Regarding Disqualified Actors In The Security-Based Swaps Market: Rule Of Practice

Date 19/12/2018

Thank you, Chairman Clayton, and thank you and happy holidays to the terrific Staff in the Division of Trading and Markets. I'm especially grateful to Director Brett Redfearn, Natasha Greiner, Devin Ryan, and Ed Schellhorn from Trading and Markets; Claire O'Sullivan and Diana Knyazeva from the Division of Economic and Risk Analysis; and Lori Price, Robert Tepley, and Donna Chambers from the Office of General Counsel, each of whom provided especially thoughtful briefings throughout this process.

SIFMA Survey Forecasts Total Long-Term Municipal Issuance Of $317 Billion In 2019

Date 19/12/2018

Respondents to the 2019 SIFMA Municipal Issuance Survey expect total long-term municipal issuance to reach $317.0 billion in 2019, slightly below the $330.7 billion issuance expected in 2018.  Short-term issuance is expected to decline in 2019, with $36.5 billion in short-term notes expected to be financed compared to $43.0 billion in 2018.  Including short-term issuance, total municipal issuance is expected to decline to $353.5 billion in 2019 from $373.8 billion expected in 2018.

AFME Welcomes Temporary Equivalence Decisions For UK CCPs And CSDs In A No Deal Brexit

Date 19/12/2018

Following today’s Brexit Communication from the European Commission, Simon Lewis, Chief Executive of AFME said:

“We welcome today’s confirmation that the Commission has adopted temporary equivalence decisions for UK CCPs and CSDs. This is a very important step to enable continued access for EEA firms to clearing and settlement services in a no deal Brexit scenario."

SEC Charges Additional 13 Unregistered Brokers Who Sold Woodbridge Securities To Retail Investors

Date 19/12/2018

The Securities and Exchange Commission today announced charges against an additional 13 individuals and 10 companies for unlawfully selling securities of Woodbridge Group of Companies LLC to retail investors. Woodbridge collapsed into bankruptcy in December 2017 and the SEC previouslycharged the company, its owner and others with operating a $1.2 billion Ponzi scheme andcharged five of the top Florida-based sales agents for securities and broker-dealer registration violations.

Statement Of CFTC Chairman J. Christopher Giancarlo On European Commission Decision On Clearinghouses

Date 19/12/2018

U.S. Commodity Futures Trading Commission (CFTC) Chairman J. Christopher Giancarlo issued the following statement regarding the European Commission’s Decision on the temporary and conditional equivalence of the United Kingdom’s regulatory framework for central clearinghouses:

“The CFTC welcomes the European Commission’s adoption of an equivalence decision regarding the United Kingdom’s legal and supervisory arrangements for central clearinghouses (CCPs),” said Giancarlo.  “The CFTC also welcomes the additional statement by the European Securities and Markets Authority (ESMA) of its intention to complete the recognition of U.K. CCPs pursuant to the EC’s equivalence decision in a timely manner.  Together the equivalence decision of the EC and the final recognition decisions of ESMA will permit EU market participants to continue clearing through U.K. CCPs for 12 months as of March 30, 2019 in the case of a U.K. exit from the European Union without a transition period."

ESMA To Renew Restrictions On CFDs For A Further Three Months From 1 February 2019

Date 19/12/2018

The European Securities and Markets Authority (ESMA) has agreed to renew the restriction on the marketing, distribution or sale of contracts for differences (CFDs) to retail clients, in effect since 1 August, from 1 February 2019 for a further three-month period.

SEC: Statement On The Commission’s Consideration Of The Public Company Accounting Oversight Board’s Proposed 2019 Budget And Accounting Support Fee, SEC Commissioner Kara M. Stein, Dec. 19, 2018

Date 19/12/2018

I want to extend my thanks to the team in the Office of the Chief Accountant that works every day with the Public Company Accounting Oversight Board ("PCAOB").  I also want to thank the team in the Office of Financial Management.    

BME To Distribute A €0.6 Second Interim Dividend Against 2018 Earnings On 28th December

Date 19/12/2018

The Board of Directors of BME today agreed to distribute to its shareholders on December 28th the second interim dividend against 2018 earnings, with a value of €50 million. The figure represents a gross €0.6 per share, the same as that distributed a year ago.

SEC Proposes Rule Changes For Fund Of Funds Arrangements

Date 19/12/2018

The Securities and Exchange Commission today voted to propose a new rule and related amendments designed to streamline and enhance the regulatory framework for fund of funds arrangements. Funds of funds are created when a mutual fund or other type of fund invests in shares of another fund.