The media (including FTF News) are excited about the prospects of blockchain/distributed ledger technology (DLT). But a startling moment from the SEC’s seminal FinTech Forum last month (November 14) has opened a view into the anxiety around DLT. It’s a fair question to ask if this promising technology could eliminate back-office processing positions entirely. At… Read More >>
SEC’s Enforcement Director to Leave by Year-End
The exodus from the SEC continues as Andrew J. Ceresney, director for the SEC’s enforcement division — the largest division of the regulator — will be leaving his post by the end of the year after a four-year term that set enforcement action records. After he leaves the SEC, it is not known what Ceresney’s… Read More >>
PIMCO and SEC Agree to Settle ETF Investigation
Investment management giant PIMCO is agreeing to a nearly $20 million settlement with the SEC in order to end an investigation into charges that its investors were given misleading information about the performance of actively managed, exchange-traded funds (ETFs), and were not given the correct value of key fund securities. SEC officials also announced late… Read More >>
Top Officials in Key Divisions Leave SEC
In the wake of the news that SEC Chair Mary Jo White will be stepping down, other key officials of the regulator have announced their exits as the Obama administration draws to a close and President-Elect Donald J. Trump comes to power. Departures have been announced for the SEC’s division of trading and markets, the… Read More >>
‘Trump’-ing Dodd-Frank Would Be a Huge Effort
(Editor’s note: President-Elect Donald J. Trump and his new administration will be juggling many new policy issues, including changes to the financial services reform efforts that began under the Obama administration. In this first part of a two-part series, FTF News has asked industry analysts what market structure changes they think may come from the… Read More >>
SEC Chair Mary Jo White to Step Down
SEC Chair Mary Jo White will be stepping down as the Obama administration draws to a close, leaving behind a legacy of a reinvigorated agency amid criticism from the left. The departure will also allow President-Elect Donald J. Trump to reorient the SEC. SEC officials say that during White’s tenure, the regulator “brought more than… Read More >>
SEC Charges Movie Producer with Complex Fraud Scheme
The SEC has charged David R. Bergstein, a movie producer and private equity executive, with defrauding hedge-fund investors to “support his extravagant lifestyle.” Bernstein, 54, also is under indictment on seven federal criminal counts, brought in New York, charging him with defrauding investors of $26 million. He was arrested at his home in Hidden Hills,… Read More >>
Euroclear Announces an Executive Shuffle
Euroclear Appoints Mostrey CEO Euroclear has named Lieve Mostrey chief executive officer, effective at the start of the new year. The appointment follows Tim Howell’s decision to “step down from the group after six years at the helm,” Euroclear says in a statement, which recalls that Mostrey “joined Euroclear in October 2010” as executive director… Read More >>
SEC to Explore DLT at Nov. 14 Fintech Forum
Second SEC Panel Focuses on Clearing and Settlement SEC officials and industry participants will explore distributed ledger technology (DLT) and other IT innovations impacting trading, settlement and clearing via a panel session during the regulator’s Fintech Forum, slated for Nov. 14, at the SEC’s headquarters in Washington, D.C. The forum, which is open to the… Read More >>
SEC Approves FINRA’s Plan to TRACE U.S. Treasuries
The SEC has approved the Financial Industry Regulatory Authority’s proposal to require FINRA members to report transactions in U.S. Treasury securities, with the sole exception of savings bonds, to TRACE, FINRA’s trade reporting and compliance engine. July 10, 2017 is the implementation date for the bond-trade reporting requirement, says FINRA, the nonprofit industry organization that… Read More >>
