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  • CFTC Approves One Final, Two Proposed Rules At December 10 Open Meeting

    Date 10/12/2019

    At an open meeting today, the U.S. Commodity Futures Trading Commission approved one final rule and two proposed rules.

  • New York Attorney General Letitia James' Statement On ExxonMobil Ruling

    Date 10/12/2019

    New York Attorney General Letitia James released the following statement after a ruling was rendered in the case of People of the State of New York v. ExxonMobil Corporation:

    “As Rex Tillerson admitted at trial, all investors are entitled to the truth. For the first time in history, ExxonMobil was compelled to answer publicly for their internal decisions that misled investors. The oil giant never took seriously the severe economic impact that climate change regulations would have on the company, contrary to what they were telling the public. Throughout this case, we laid out how Exxon made materially false, misleading, and confusing representations to the American people about the company’s response to climate change regulations. Exxon’s inability to tell the truth further underscores the lies that have been sold to the American public for decades. Despite this decision, we will continue to fight to ensure companies are held responsible for actions that undermine and jeopardize the financial health and safety of Americans across our country, and we will continue to fight to end climate change.”

  • More Than Half Of Canadians Surveyed Who Don't Invest Say It's Because They Lack Knowledge And Confidence - IIROC Research Uncovers Barriers To Advice

    Date 10/12/2019

    Canadians who do not currently invest say their lack of knowledge and confidence are preventing them from getting financial information and advice, according to national survey results from the Investment Industry Regulatory Organization of Canada (IIROC).

  • SIFMA Statement On USMCA Trade Agreement

    Date 10/12/2019

    SIFMA today released the following statement from Kenneth E. Bentsen, Jr., SIFMA president and CEO, commending the agreement to proceed on the United States, Mexico and Canada Agreement (USMCA) and strongly supporting its adoption:

    “USMCA includes a robust financial services chapter updating the existing language in the North American Free Trade Agreement. SIFMA and its members are now eager to see the necessary legislation introduced, passed and implemented. For the first time in any U.S. trade agreement, USMCA includes a prohibition on forced data localization while ensuring regulators maintain the necessary access. We strongly support this outcome and believe it should be replicated in future trade agreements beyond USMCA.”

  • Statement Of CFTC Commissioner Dan M. Berkovitz On Proposed Rule To Make Permanent Certain Anti-Evasion Measures For Inter-Affiliate Swaps

    Date 10/12/2019

    I support the proposed rule to make permanent the alternative compliance frameworks for certain swaps between the foreign affiliates of U.S. firms and their non-U.S. counterparties.  The proposed rule would make permanent, with modifications, anti-evasion provisions for inter-affiliate swaps that the Commission originally adopted in 2013, and then extended through staff no-action letters that remain in effect today.  The no-action letters require U.S. firms and their foreign affiliates to exchange variation margin in connection with swaps entered into by the foreign affiliate with non-U.S. counterparties, where such swaps are subject to the Commission’s clearing requirement and there is no comparable and comprehensive clearing regime in the foreign jurisdiction.  The proposed rule upholds the Dodd-Frank Act’s clearing mandate, deters evasion, and helps to protect against systemic risk to the U.S. from swaps executed overseas by foreign affiliates.