Demand for integrated surveillance doubles as regulators up pressure
Surge comes as SEC logged a record $6.4 billion in penalties last year.
Tag: Securities and Exchange Commission
PIMCO charged by the SEC for swaps disclosure and procedures failures
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.
SEC proposes rule changes to enhance risk management and resilience of covered clearing agencies
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.
HSBC and Scotia Capital charged by SEC for off-channel communication recordkeeping failures
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.
Post-Trade
T+1 settlement: The seismic post-trade change impacting the trading desk
With the US confirming its shift to T+1 settlement in 2024, Wesley Bray looks at the impact this will have globally, whether or not the UK and EU should follow suit and how trading desks will be impacted by the move.
Chatham Asset Management and its founder charged by SEC for improper fixed income securities trading
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.
The SEC’s expiring no-action letter could result in equal treatment for US investors regarding research bundling
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.
SEC gives green light to T+1 implementation in May 2024
Commissioners disagreed on the proposed implementation date, with amendments narrowly passing by three votes to two.
Bloomberg settles $5 million SEC penalty for ‘misleading’ fixed income disclosures
SEC’s order finds that from at least 2016 to October 2022, Bloomberg’s paid subscription BVAL service failed to disclose that the valuations for specific fixed-income securities could be based on a single data input.
Regulation
SEC proposes series of seismic new trading reforms
The US regulator has shaken things up for the holiday season with a set of sweeping reforms designed to revamp and reinvigorate the US stock market. The TRADE brings you the latest, along with a detailed breakdown of the new proposals.