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Volkswagen To Spend Up To $14.7 Billion To Settle Allegations Of Cheating Emissions Tests And Deceiving Customers On 2.0 Liter Diesel Vehicles - Settlements Require VW To Spend Up To $10 Billion To Buyback, Terminate Leases, Or Modify Affected 2.0 Liter Vehicles And Compensate Consumers, And Spend $4.7 Billion To Mitigate Pollution And Make Investments That Support Zero-Emission Vehicle Technology

Date 28/06/2016

In two related settlements, one with the United States and the State of California, and one with the U.S. Federal Trade Commission (FTC), German automaker Volkswagen AG and related entities have agreed to spend up to $14.7 billion to settle allegations of cheating emissions tests and deceiving customers. Volkswagen will offer consumers a buyback and lease termination for nearly 500,000 model year 2009-2015 2.0 liter diesel vehicles sold or leased in the U.S., and spend up to $10.03 billion to compensate consumers under the program. In addition, the companies will spend $4.7 billion to mitigate the pollution from these cars and invest in green vehicle technology.
SEC: C. Dabney O’Riordan Named As Co-Chief Of The Asset Management Unit

Date 28/06/2016

The Securities and Exchange Commission today announced that C. Dabney O’Riordan has been named co-chief of the Division of Enforcement’s Asset Management Unit, a national specialized unit that focuses on misconduct by investment advisers, investment companies, and private funds. She joins Anthony Kelly as co-chief of the unit and succeeds Marshall Sprung, who left the agency in April.
MIAX Options - July 1, 2016 Fee Changes

Date 28/06/2016

Effective July 1, 2016, pending SEC approval, the MIAX Options Fee Schedule will be amended.
SEC Proposes Rule Requiring Investment Advisers To Adopt Business Continuity And Transition Plans - Reflects Commission’s Latest Action To Enhance Regulatory Safeguards In The Asset Management Industry

Date 28/06/2016

The Securities and Exchange Commission today proposed a new rule that would require registered investment advisers to adopt and implement written business continuity and transition plans. The proposed rule is designed to ensure that investment advisers have plans in place to address operational and other risks related to a significant disruption in the adviser’s operations in order to minimize client and investor harm.
Federal Open Market Committee Announces Its Tentative Meeting Schedule For 2017

Date 28/06/2016

The Federal Open Market Committee on Tuesday announced its tentative meeting schedule for 2017:

Doorstep Remarks By President Donald Tusk Before The European Council Meeting

Date 28/06/2016

First, I want to say that while respecting the will of the UK voters, we also have to respect our treaties; and, according to them, it is the British government who initiates the process of exit from the EU. And this is the only legal way we have. Everyone should be aware of this fact, which means that we also have to be patient if there is such a need.
Industry Groups Urge Focus On Risk Controls In CFTC’s Proposed Rule On Automated Trading

Date 28/06/2016

The FIA, FIA Principal Traders Group (FIA PTG), International Swaps and Derivatives Association, Inc. (ISDA), Managed Funds Association (MFA), and SIFMA’s Asset Management Group (SIFMA AMG) sent a joint letter to the Commodity Futures Trading Commission (CFTC) in response to the reopened comment period on its proposed rule on regulation automated trading (Reg AT).
MEPs Call For Swift Brexit To End Uncertainty And For Deep EU Reform

Date 28/06/2016

The UK must respect the wish of a majority of its citizens, entirely, fully and as soon as possible, by officially withdrawing from the EU before any new relationship arrangements can be made, says the European Parliament in a resolution voted after an extraordinary plenary debate on Tuesday. MEPs also stress the urgent need for reforms to ensure that the EU lives up to its citizens’ expectations.
European Parliament: Debate On Brexit And Its Consequences

Date 28/06/2016

Opening the extraordinary session, European Parliament President Martin Schulz noted that this was the first time that a plenary session had been convened at such short notice, but also that the UK citizens’ decision to leave the EU was equally unprecedented. He warmly welcomed Lord Hill and thanked him for his work in the EU Commission and deciding to step down, having campaigned for Britain to remain in the EU. His statement was followed by standing ovations from both MEPs and Commissioners.
UAE's Securities And Commodities Authority: In Response To The Directives Of H.E. Sultan Al Mansoori - SCA Introduces The Financial Supervision Program For Future Leaders To Empower Nationals In Leading Positions In The Securities Industry

Date 28/06/2016

In response to the directives of H.E. Eng. Sultan bin Saeed Al Mansoori, Minister of Economy and Chairman of the Board of the Securities and Commodities Authority (SCA), SCA introduces the Financial Supervision Program for Future Leaders, specifically designed for its employees, as part of a plan to empower UAE nationals. The program focuses primarily on practical training as well as on other aspects of career coaching.