With the expiry of the SEC ‘no-action’ letter based on enforcement surrounding research services, industry experts provide insights on the impacts and possible solutions.
The SEC claims the records were requested as part of at least 12 regulatory investigations; findings follow two previous orders settled by JP Morgan for failure to preserve records.
Without admitting or denying the regulator’s findings, PIMCO has agreed to a cease-and-desist order and a censure; will pay a combined penalty of $9 million.
If approved by the regulator, this would be the first publicly traded spot bitcoin ETF in the US.
Thoughts from across the industry as the countdown to T+1 drops below 12 months.
New proposals would include the requirement for covered clearing agencies to have policies to establish a risk-based margin system which monitors intraday exposure on an ongoing basis.
Both firms acknowledged that they violated recordkeeping provisions of the federal securities laws, with HSBC and Scotia agreeing to pay penalties of $15 million and $7.5 million, respectively.
Without admitting or denying the SEC’s findings, Chatham and its founder agreed to pay over $19.3 million in combined disgorgement, prejudgment interest and civil penalties to settle the charges.
Expected to expire on 3 July 2023, the SEC’s no-action letter would allow US investors to benefit from cost transparency and the freedom of broker selection that European investors have achieved through Mifid II.
Commissioners disagreed on the proposed implementation date, with amendments narrowly passing by three votes to two.