News Centre

FINRA Sanctions 12 Firms A Total Of $6.7 Million For Failing To Apply Sales Charge Discounts To Customers' Purchases Of UITs - More Than $4 Million In Restitution Ordered To Affected Customers

Date 20/10/2015

The Financial Industry Regulatory Authority (FINRA) announced today that it has ordered 12 firms to pay restitution totaling more than $4 million and fines totaling more than $2.6 million for failing to apply available sales charge discounts to customers' purchases of Unit Investment Trusts (UITs), and related supervisory failures.

Keynote Remarks At The 2015 Women In Policing Conference: “Women In The NYPD: Hear Them Roar”, SEC Chair Mary Jo White, New York, New York, Oct. 20, 2015

Date 20/10/2015

Thank you Rikki [Klieman], for that terrific introduction.  There is no place that I would rather be than in New York speaking at your Women in Policing Conference, “Women Inspiring Women.”  There is no institution I admire more than the NYPD, and it is also a special privilege to join Commissioner Bill Bratton at this event.  I worked very closely with Commissioner Bratton when I was the U.S. Attorney, and we all owe him a tremendous debt of gratitude for his leadership and service to this City.  I also want to thank Rikki Klieman for her support of the Commissioner’s service and for her own dedication to overarching and important causes for women and children and acknowledge her extraordinary public-minded career as a renowned trial lawyer, TV commentator, author, actress, and teacher.

Speech By John Griffith Jones, Chairman, FCA, Delivered At Judge Business School

Date 20/10/2015

Good morning all. It is a great pleasure to join you. And a privilege to be here as a guest of the Judge Business School.

I note you have a big topic and a particularly distinguished panel of speakers and contributors following me, so I arrive with the aim of providing a clear message to start your day.

Wenchi Hu, Christian Sabella Named Associate Directors In The SEC Division Of Trading And Markets

Date 20/10/2015

The Securities and Exchange Commission today announced that it has named Wenchi Hu and Christian Sabella as Associate Directors in the Division of Trading and Markets’ Office of Clearance and Settlement

Investor Protection Under MiFID II - Speech By David Geale, Director Of Policy, FCA, Delivered At The FCA MiFID II Conference, London

Date 20/10/2015

The key focus of today’s conference is on the impact of MiFID II on the wholesale markets, reflecting the preparations that firms in that sector need to be making now. But, in focusing on the wholesale markets today, we are by no means intending to downplay the importance of the changes that the revised MiFID will bring to the retail sector. My name is David Geale and I am the FCA’s Director of Policy in the Strategy and Competition Division – and implementation of the retail aspects of MiFID II falls to my department. I want to use this speech as an opportunity to highlight key areas of MiFID II for the retail market and touch on the practical steps and preparations that we already know that firms need to make.

ESMA Publishes Responses To The Consultation On Draft RTS Under The ELTIF Regulation

Date 20/10/2015

The European Securities and Markets Authority (ESMA) has published the responses received to the Consultation on draft Regulatory Technical Standards under the ELTIF Regulation.

MiFID II – The Road Ahead, Speech By David Lawton, Director Of Markets Policy And International, FCA, Delivered At The FCA MiFID II Conference, London

Date 20/10/2015

Thank you Nick and welcome everyone to today’s conference. My name is David Lawton, and I’m the Director of Markets Policy and International at the FCA – one of the main areas working on the policy for MiFID II.

ISE Signs Memorandum Of Understanding With Korea Exchange

Date 20/10/2015

The Irish Stock Exchange (ISE) has signed a Memorandum of Understanding (MOU) with the Korea Exchange (KRX) which aims to foster a long term relationship between the exchanges.

Federal Court In Ohio Orders Over $31 Million In Restitution And Civil Monetary Penalties Against John R. Bullar And His Company, Executive Management Advisors L.L.C., For Commodity Pool Operator And Commodity Trading Advisor Fraud And Ponzi Scheme - In A Related Criminal Action, John R. Bullar Was Sentenced To 8 Years 4 Months In Prison And Ordered To Pay Over $6 Million In Criminal Restitution

Date 20/10/2015

The U.S. Commodity Futures Trading Commission (CFTC) today announced that Judge Michael R. Barrett of the U.S. District Court for the Southern District of Ohio entered an Order for Final Judgment by Default against Defendant John R. Bullar, a resident of Cincinnati, Ohio, and a Consent Order against his company, Defendant Executive Management Advisors L.L.C. (EMA), imposing restitution on Bullar and EMA of over $6.2 million. In addition, the Orders require Bullar and EMA to pay civil monetary penalties totaling more than $24.8 million for their fraud, misappropriation, embezzlement, and operation of a Ponzi scheme, while illegally acting as Commodity Trading Advisors (CTAs) and Commodity Pool Operators (CPOs) without registering as such with the CFTC.  The Orders also impose permanent trading and registration bans on the Defendants and prohibit them from further violations of the Commodity Exchange Act, as charged.

Reuters: Vitol Sees Oil Struggling To Break Above USD60/BBL By End-2016

Date 20/10/2015

At the Reuters Global Commodities Summit today, Vitol, the world's largest oil trader, said it believes the crude price will struggle to trade above $60 a barrel next year, as the effects of slowing global demand growth could be compounded by a return of Iranian and maybe even Libyan barrels. The price of oil has halved over the last 12 months, mainly as a result of unprecedented levels of production from some major exporting countries, but also as demand from China and other commodity consumers, such as Brazil and Russia, slackened.