News Centre

Canadian Securities Regulators Seek Comment On Alternative Funds Framework

Date 22/09/2016

The Canadian Securities Administrators (CSA) today published for comment proposed amendments to National Instrument 81-102 Investment Funds (NI 81-102) and National Instrument 81-101 Mutual Fund Prospectus Disclosure as part of the final phase of the CSA’s efforts to modernize the regulation of publicly offered investment funds.

Ontario Securities Commission Announces Corporate Secretary To The Commission

Date 22/09/2016

Ontario Securities Commission (OSC) Chair and Chief Executive Officer (CEO) Maureen Jensen announced today the appointment of Grace Knakowski as Corporate Secretary to the Commission, effective October 3, 2016.

“Grace Knakowski’s extensive managerial and adjudicative experience, along with her expertise in tribunal administration and regulatory governance, make her the ideal candidate,” said Maureen Jensen, Chair and CEO of the OSC. “In this position, Grace will perform a vital senior advisory role at the OSC, supporting Members of the Commission in their statutory mandate as regulators and as a board of directors.”

Grace held progressively senior roles at the Law Society of Upper Canada (LSUC), most recently serving as Registrar and Senior Counsel at the Law Society Tribunal. Grace is an accomplished Executive and Senior Counsel with managerial and adjudicative experience delivering sound advisory leadership, strategic insight and business agility. Her areas of expertise include strategy and delivery, tribunal administration, regulatory governance and risk mitigation. Before joining the LSUC, Grace was an Associate with McGee & Fryer, Barristers & Solicitors where she practiced family law.

The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices and to foster fair and efficient capital markets and confidence in the capital markets. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at http://www.osc.gov.on.ca

Canadian Securities Regulators Announce Roundtables To Discuss Proposals To Enhance The Obligations Of Advisers, Dealers And Representatives Toward Their Clients

Date 22/09/2016

The Canadian Securities Administrators (CSA) today announced the dates for roundtables to further explore issues raised in CSA Consultation Paper 33-404 Proposals to Enhance the Obligations of Advisers, Dealers and Representatives Toward Their Clients, which proposes regulatory action to improve the client-registrant relationship. The deadline for written comments is September 30, 2016.

Office of Financial Research Update: "OFR Monitor Shows Accelerating Shift To Government Money Market Funds."

Date 22/09/2016

The OFR released a blog today by Stacey Schreft, OFR Deputy Director for Research and Analysis, "OFR Monitor Shows Accelerating Shift to Government Money Market Funds." The blog says assets of U.S. prime money market funds have decreased by more than $700 billion since the beginning of the year, while assets of government money market funds have increased by about the same amount, according to the OFR’s monthly U.S. Money Market Fund Monitor. This trend accelerated in August.

ISDA Publishes Recommendation For FpML Version 5.9

Date 22/09/2016

The International Swaps and Derivatives Association, Inc. (ISDA) today published the recommendation for Financial products Markup Language (FpML) version 5.9.

Testimony Before The Subcommittee On Capital Markets And Government Sponsored Enterprises Committee On Financial Services, Robert Colby, FINRA Chief Legal Officer, U.S. House Of U.S. House Of Representatives, September 22, 2016

Date 22/09/2016

Chairman Garrett, Ranking Member Maloney and Members of the Subcommittee:

On behalf of the Financial Industry Regulatory Authority, or FINRA, I would like to thank you for the opportunity to testify today about FINRA’s role in overseeing the municipal securities markets.

Testimony On Examining The Agenda Of Regulators, Sros, And Standards-Setters For Accounting, Auditing, And Municipal Securities - Wesley R. Bricker, SEC Interim Chief Accountant, Before The U.S. House Of Representatives Committee On Financial Services, Subcommittee On Capital Markets And Government Sponsored Enterprises, Washington, D.C.

Date 22/09/2016

Chairman Garrett, Ranking Member Maloney, and Members of the Subcommittee:

I am Wes Bricker, Interim Chief Accountant of the United States Securities and Exchange Commission (“Commission”). I serve as the principal advisor to the Commission on accounting and auditing matters and lead the Commission’s Office of the Chief Accountant (“OCA”). I appreciate the opportunity to appear before you today to testify on behalf of the Commission regarding current topics in the accounting and auditing profession that impact the capital markets and the related activities of OCA.

Nasdaq Appoints John Shay Global Head Of Fixed Income And Commodities

Date 22/09/2016

Nasdaq (Nasdaq:NDAQ) today announced the appointment of John Shay as Senior Vice President and Global Head of Fixed Income and Commodities.  In this role, Shay will be responsible for leading the global commodities and fixed-income areas within Nasdaq’s Global Trading and Market Services business. This includes our U.S. Treasuries, global commodities, as well as fixed income, clearing, and broker services activities in the Nordic and Baltic markets, which combined account for approximately 11% of Nasdaq’s Market Services revenue. Shay will report to Hans-Ole Jochumsen, President, Nasdaq. He will be based in New York and will join Nasdaq October 11, 2016.

Tel Aviv Stock Exchange CEO, Yossi Beinart's Resignation And Decision To Form A Selection Committee

Date 22/09/2016

The SEC Enforcement Division’s Focus On Auditors And Auditing, Andrew Ceresney, Director, Division Of Enforcement, Keynote Address: American Law Institute Conference On Accountants' Liability 2016: Confronting Enforcement And Litigation Risks, Washington, D.C., Sept. 22, 2016

Date 22/09/2016

Introduction

Good morning and thank you for that very kind introduction. It’s a pleasure to speak with you all today. Before I start, I must give our standard disclaimer that the views I express today are my own and do not necessarily reflect the views of the Commission or its staff.

This morning, I want to discuss our enforcement work in the area of auditing, a topic that is sure to be of interest to all of you. There is no doubt that the work of auditors, who function as critical gatekeepers in the area of issuer reporting and disclosure, is an important part of our renewed focus on financial reporting. As Chair White has emphasized, “[c]omprehensive, accurate, and reliable financial reporting is the bedrock upon which our markets are based, and is essential to ensuring public confidence in them,” and preparers “are the lynchpin of high-quality, reliable financial reporting."

 And, as the Supreme Court noted more than 30 years ago in Arthur Young, auditors play a crucial role in the financial reporting process by serving a “public watchdog function” that demands “total independence from the client at all times and requires complete fidelity to the public trust.”