Events listed in United States
CFTC Unanimously Approves Proposed Rule to Codify No-Action Position Regarding the ...
ID 22283
The U.S. Commodity Futures Trading Commission, CFTC, has published a press statement to inform that it has finalized a proposed rule amendment to 17 CFR Part 39, §39.13, to implement previously issued no-action relief as regards the „Treatment of Separate Accounts of a Single Customer by Clearing Members“ with respect to initial margin withdrawals (§39.13 (g) 8 iii). Currently, the rule requires Derivatives Clearing ...
Report From FINRA Board of Governors Meeting – March 2023
ID 22282
The Financial Industry Regulatory Authority, FINRA, has published a press release to inform of the outcome on its latest Board Of Governors meeting on March 9 and March 10, 2023. Besides discussing issues such as „FINRA’s recently completed Digital Experience Transformation, a multi-year program that integrated and simplified brokerage firms’ digital interactions with FINRA, facilitating more innovative, efficient and effective compliance programs“ or FINRA’ ...
Federal Reserve announces July launch for the FedNow Service
ID 22277
The Board of Governors of the Federal Reserve System (FED) has published a press statement to inform that it will finally launch its FedNow℠ Service – a 24/7 interbank settlement service with clearing functionality to support instant payments in the United States – in July 2023. The FED also describes its way forward up until July which will include the formal certification of participating ...
SEC Proposes Changes to Reg S-P to Enhance Protection of Customer Information
ID 22276
The U.S. Securities and Exchange Commission (SEC) has published a press release to announce an upcoming consultation on revisions to Regulation S-P (17 CFR Part 248) which are aimed at enhancing (cyber) security management, customer information protection, and the disclosure of certain data breaches to customers. Among others, the Commission seeks to expand the current requirements under Regulation S-P to **(1) require covered institutions ...
SR-FINRA-2023-005
ID 22275
The Financial Industry Regulatory Authority, FINRA, has published on its website a proposal to revise FINRA Rule 1240 as regards the continuing education requirements of FINRA member firms. Specifically, FINRA seeks to modify this rule so as to „provide eligible individuals another opportunity to elect to participate in the Maintaining Qualifications Program (MQP)“ which is available to previously registered member firms to maintain their ...
Regulatory Notice 23-04
ID 22272
The Financial Industry Regulatory Authority (FINRA) has published a Regulatory Notice (23-4) to provide guidance to member firms as regards the treatment of deposits at the Silicon Valley Bank (SVB) and Signature Bank for purposes of meeting own funds and custody requirements and the withdrawal of funds from accounts held with the institutions. Specifically, FINRA states the following – as quoted: >- *All bank ...
Federal Reserve Board announces that Vice Chair for Supervision Michael S. Barr is ...
ID 22240
In view of the recent failure of the Silicon Valley Bank in California, the Board of Governors of the Federal Reserve System (FED) has published a press statement to inform that the FED will launch an investigation into this matter, thereby reviewing the supervision of the bank and corresponding regulations. The Chairman of the Board noted that „the events surrounding Silicon Valley Bank demand ...
Federal Reserve Board announces it will make available additional funding to ...
ID 22238
In view of the recent bank failures of the two U.S. banks Silicon Valley Bank and Signature Bank and the potential impact upon the U.S. banking system, the Federal Reserve Board (FED) has announced a new liquidity program for banks, the so-called Bank Term Funding Program (BTFP). The program which is currently limited to one year will provide up to $25 billion to eligible ...
Joint Statement by the Department of the Treasury, Federal Reserve, and FDIC
ID 22237
The U.S. Department of the Treasury (USDT), the Federal Reserve Board (FED), and the Federal Deposit Insurance Corporation (FDIC) have published a joint statement in which the three regulators affirm their commitment to maintain financial market stability in the U.S. in view of or following the recent bank failures of the Silicon Valley Bank and the Signature Bank. Additionally, the regulators confirm that ALL ...
CFTC Staff Announces Modifications to the Technical Specification for Parts 43 and ...
ID 22221
The U.S. Commodity Futures Trading Commission, CFTC, has published a revised version (Version 3.2) of its technical specifications for the reporting and public dissemination of swap contracts and transaction data under Statutory Instruments 17 CFR Part 43 (Real-Time Public Reporting) and 17 CFR Part 45 (Swap Data Recordkeeping and Reporting Requirements). The document – which sets out detailed instructions on such reporting, including „the ...