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Statement In The Matter Of JPMorgan Chase Bank, N.A., Regarding Order Under 506(d) Of The Securities Act Of 1933 Granting A Waiver Of The Rule 506(d)(1)(iii) Disqualification Provision, SEC Commissioner Kara M. Stein, Dec. 18, 2015

Date 18/12/2015

On December 18, 2015, the Securities and Exchange Commission (“Commission”) granted a conditional waiver to JPMorgan Chase Bank, N.A. (“J.P. Morgan”) from the automatic disqualification provision under Rule 506(d)(1)(iii) of the Securities Act of 1933 (“Securities Act”).  The request for this waiver arose from an order entered by the U.S. Commodity Futures Trading Commission (“CFTC”) making findings and imposing sanctions as a result of J.P. Morgan’s failure to adequately disclose certain conflicts of interest to clients.  The facts underlying the CFTC order are generally the same as those underlying the Commission order dated December 18, 2015.

SIFMA Statement On House Bills Introduced To Protect Retirement Savers

Date 18/12/2015

Today, SIFMA president and CEO Kenneth E. Bentsen, Jr., issued the following statement after Rep. Phil Roe (R-TN) introduced the “Affordable Retirement Advice Protection Act,” and Rep. Peter Roskam (R-IL) introduced the ‘‘Strengthening Access to Valuable Education and Retirement Support Act of 2015’’ or the ‘‘SAVERS Act of 2015.” The bills were introduced with Reps. Richard Neal (D-MA) and John Larson (D-CT):

“We applaud Reps. Roe, Roskam, Neal and Larson for taking bipartisan action to protect investors.  The Affordable Retirement Advice Protection Act is intended to enhance retirement security and promote a best interest standard for advisors serving retail investors by modifying current retirement law. The SAVERS Act similarly aims to promote the best interests of investors by modifying current tax law. SIFMA has long supported the creation of a best interest standard for brokers, yet the DOL’s proposal as written is fundamentally flawed and will hurt the very same investors it seeks to protect. We commend any congressional action that will help protect investor choice and access to guidance, without raising costs. Retirement savings is too important not to get this right.”

Autorité Des Marchés Financiers Adjusts Its Annual And Other Fees

Date 18/12/2015

As of January 1, 2016, the annual and other fees payable under the laws administered by theAutorité des marchés financiers (the “AMF”) will be adjusted.

MIAX Options Exchange: Securities Trader Registration Categories And Qualification Exam For Proprietary Trading

Date 18/12/2015

MIAX ("MIAX" or "the Exchange") is establishing a new Securities Trader registration category ("TD") and qualification examination (Series 57) for persons engaged in proprietary trading on the Exchange effective January 4, 2016.  MIAX is also establishing a new Securities Trader Principal registration category ("TP") applicable to persons responsible for supervision of persons engaged in proprietary trading effective January 4, 2016. 

SEC: Convicted Fraudster Using Aliases Charged Again For Defrauding Investors

Date 18/12/2015

The Securities and Exchange Commission today charged a known securities fraudster with conducting a new scheme since his release from prison by using fake names to solicit investors while hiding his criminal past.

CFTC Commitments Of Traders Reports Update

Date 18/12/2015

The current reports for the week of December 15, 2015 are now available.

US Justice Department Announces Joint Resolution With Two Banks Under Swiss Bank Program

Date 18/12/2015

The Department of Justice announced today that Edmond de Rothschild (Suisse) SA and Edmond de Rothschild (Lugano) SA (collectively EdR Switzerland) reached a joint resolution under the department’s Swiss Bank Program.  EdR Switzerland will pay a penalty of more than $45 million.

FINRA Sanctions Fidelity Brokerage Services LLC $1 Million For Supervisory Failures - Firm Failed To Follow Up On Red Flags To Detect Or Prevent Theft Of Funds From Senior Investors By Fraudster Posing As Fidelity Broker

Date 18/12/2015

The Financial Industry Regulatory Authority (FINRA) announced today that it fined Fidelity Brokerage Services LLC $500,000 and ordered the firm to pay nearly $530,000 in restitution for failing to detect or prevent the theft of more than $1 million from nine of its customers, eight of whom were senior citizens. Lisa Lewis posed as a Fidelity broker, obtained her victims' personal information, and systematically stole customer assets through numerous transfers and debit-card transactions.

SEC Issues Staff Report On Accredited Investor Definition

Date 18/12/2015

The Securities and Exchange Commission today issued a staff report on the accredited investor definition.  The Dodd-Frank Wall Street Reform and Consumer Protection Act directs the Commission to review the accredited investor definition as it relates to natural persons every four years to determine whether the definition should be modified or adjusted.  Staff from the Divisions of Corporation Finance and Economic and Risk Analysis prepared the report in connection with the first review of the definition.

SIFMA Statement On Passage Of Cybersecurity And Tax Provisions In Omnibus/Tax Extender Package

Date 18/12/2015

Today, SIFMA president and CEO Kenneth E. Bentsen, Jr. issued the following statement on the passage of the FY 2016 Omnibus Appropriations Act, which included the Cybersecurity Information Sharing Act (CISA), and the tax extenders package, which were voted on separately in the House and combined into one bill for Senate passage:

“We commend Congress for taking bipartisan action on the critically important issue of cybersecurity and moving forward, after years of effort, a voluntary, workable cyber threat information sharing bill to the President’s desk. Cyber threats posed by criminals, hacktavists, nation states and terrorists are among the most serious threats facing the financial services industry and our nation’s economic prosperity. SIFMA’s recent Quantum Dawn 3 cybersecurity exercise validated the importance of public-private information sharing in responding to a cyber attack that could disrupt confidence in the financial system and broader economy.”