News Centre

SEC Charges Former Panasonic Executives

Date 18/12/2018

The Securities and Exchange Commission today charged two former senior executives of the U.S. subsidiary of Panasonic Corp. with knowingly violating the books and records and internal accounting controls provisions of the federal securities laws and causing similar violations by the parent company.   

Canadian Securities Regulators Publish Trading Fee Rebate Pilot Study For Comment

Date 18/12/2018

The Canadian Securities Administrators (CSA) today published for comment a noticeoutlining a proposed Trading Fee Rebate Pilot Study to examine the effects of a prohibition of rebate payments by Canadian marketplaces (Proposed Pilot). The predominant trading fee models that have emerged in the Canadian equities market are the “maker-taker” trading fee model and the “inverted maker-taker” fee model. Under both of these models, a marketplace charges a fee to one party of the trade and pays a rebate to the other party.

Blythe Masters Steps Down As CEO Of Digital Asset

Date 18/12/2018

• Blythe Masters, Digital Asset’s CEO since 2015, has requested to step down for personal reasons and will remain a board member, strategic advisor and shareholder 
• AG Gangadhar, a Digital Asset Board member and tech industry veteran, has been appointed Chairman of the Board and acting CEO

SEC Publishes Two Reports On Credit Rating Agencies Showing Continued Focus On Compliance And Competition

Date 18/12/2018

Credit rating agencies registered with the SEC continue to promote compliance by enhancing their policies, procedures, and internal controls in response to Commission rules and staff examinations. SEC staff reports released today on nationally recognized statistical rating organizations (NRSROs) show that some firms are self-reporting instances of noncompliance and some smaller firms are continuing to compete with the larger firms in certain rating categories. 

European Insurance And Occupational Pensions Authority: Change Of Financial Market Data Provider For The Calculation Of Solvency II Risk-Free Interest Rate Term Structures

Date 18/12/2018

The European Insurance and Occupational Pensions Authority (EIOPA) in compliance with its Financial Regulation conducted a public procurement procedure for the provision of financial market data for the calculation of the technical information relating to the risk-free interest (RFR) term structures, namely of the following rates:

• Swap rates, i.e. the rates of the floating leg of the swaps - usually interbank offered rates
• Overnight indexed swap rates
• Government bond interest rates

SEC: Daniel Kahl Named Deputy Director Of The Office Of Compliance Inspections And Examinations

Date 18/12/2018

The Securities and Exchange Commission today announced that Daniel Kahl has been named Deputy Director of the agency’s Office of Compliance Inspections and Examinations (OCIE). Mr. Kahl has been with the SEC for over 17 years, serving as OCIE’s Chief Counsel since February 2016. He will continue to serve as Chief Counsel while also assuming this additional leadership role in OCIE. As a Deputy Director, Mr. Kahl will be based in Washington, D.C. and, together with current Deputy Director Kristin Snyder, will oversee many of OCIE’s strategic initiatives, as well as advise OCIE’s leadership on legal, strategic, and policy matters regarding the agency’s National Exam Program. 

MIAX Options & MIAX PEARL - Christmas And New Year's Holiday Schedule

Date 18/12/2018

Please be advised the MIAX Options Exchange will have an abbreviated trading session on Monday, December 24, 2018.  All Option Classes will close 3 hours early.

EBA Launches Consultation To Amend Regulation On Benchmarking Of Internal Models

Date 18/12/2018

The European Banking Authority (EBA) launched today a consultation to amend the Commission's Implementing Regulation on benchmarking of internal models to adjust the benchmarking portfolios and reporting requirements in view of the benchmarking exercise it will carry out in 2020. The proposed changes aim at simplifying the portfolio's structure for the credit risk part of the exercise, and getting more insights into the model used for pricing for the market risk part of the exercise. The consultation will run until 31st January 2019.

ESMA Updates Its Q&As Regarding The Benchmark Regulation

Date 18/12/2018

The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers (Q&As) on the Benchmarks Regulation (BMR).

New York State Department Of Financial Services Fines Barclays Bank Plc And New York Branch $15 Million Following Whistleblower Investigation - DFS Investigation Found Shortcomings In Barclays’ Governance, Controls And Corporate Culture Relating To The Bank’s Whistleblowing Function After CEO Personally Sought To Identify Whistleblowers

Date 18/12/2018

Financial Services Superintendent Maria T. Vullo today announced that the Department of Financial Services (DFS) has fined Barclays Bank PLC and its New York branch $15 million for violations of New York Banking Law stemming from a DFS investigation into attempts by the bank’s CEO to identify the author(s) of two whistleblowing letters in contravention of Barclays’ established whistleblowing policies and procedures.  The DFS investigation found that shortcomings in governance, controls and corporate culture relating to Barclays’ whistleblowing function permitted a sequence of events that potentially could have had a detrimental impact on the efficacy of Barclays’ whistleblowing program.  Several members of senior management failed to follow or apply whistleblowing policies and procedures in a manner that protected the CEO and the bank itself.  Limited gaps in the bank’s whistleblowing policies and procedures became apparent during the investigation, and it appears that the cultural transformation that Barclay’s Group Compliance had been working hard to instill in the more than one hundred thousand Barclays employees worldwide, was not nearly complete.