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  • Statement Of Commissioner Kara M. Stein - SEC Commissioner Kara M. Stein, Washington, D.C., July 23, 2014

    Date 23/07/2014

    I want to thank the staff for your thoughtful engagement with my office and all of the hard work that went into these recommendations.  These rules are better for your great work, and your tireless efforts to reach the best policy outcome are commendable.

  • SEC Approves FINRA Rule To Prohibit Conditioning Settlements On Expungement

    Date 23/07/2014

    The Financial Industry Regulatory Authority (FINRA) today announced that the Securities and Exchange Commission (SEC) has approved a new rule prohibiting firms and registered representatives from conditioning settlement of a customer dispute on—or otherwise compensating a customer for—the customer's agreement to consent to, or not to oppose, the firm's or representative's request to expunge such information from the Central Registration Depository (CRD™) system.

  • Strengthening Money Market Funds To Reduce Systemic Risk - SEC Commissioner Luis A. Aguilar Washington, D.C., July 23, 2014

    Date 23/07/2014

    Today, the Commission considers adopting long-considered reforms to the rules governing money market funds.  I commend the hard work of the staff, particularly the Division of Investment Management and the Division of Economic and Risk Analysis (“DERA”), who worked tirelessly to present these thoughtful and deliberate amendments.  It is well known that the journey to arrive at the amendments considered today was a difficult one, and I can confidently say that this has been, at times, perhaps one of the most flawed and controversial rulemaking processes the Commission has undertaken. 

  • SIFMA Statement On SEC Money Market Fund Reform

    Date 23/07/2014

    SIFMA today issued the following statement from Kenneth E. Bentsen, Jr., SIFMA president and CEO, after the Securities and Exchange Commission (SEC) issued a final rule to reform money market funds:

    "Money market funds play a vital role in capital formation and credit availability by providing retail and institutional investors with an attractive option for cash investing and enabling businesses to access the short-term funding they need to carry out their daily operations, pay employees and spur economic growth. SIFMA commends Chair White's leadership in navigating the rule to completion and acknowledges the balanced, inclusive and transparent approach taken by the SEC in developing this regulation. Today's final rule will provide the marketplace with a degree of certainty regarding the future of these funds."

  • SEC Adopts Money Market Fund Reform Rules - Rules Provide Structural And Operational Reform To Address Run Risks In Money Market Funds

    Date 23/07/2014

    The Securities and Exchange Commission today adopted amendments to the rules that govern money market mutual funds.  The amendments make structural and operational reforms to address risks of investor runs in money market funds, while preserving the benefits of the funds.

  • Intercontinental Exchange Completes Sale Of Wombat Financial Software To SR Labs

    Date 23/07/2014

    Intercontinental Exchange (NYSE: ICE), the leading global network of exchanges and clearing houses, announced today that it has completed its previously announced transaction with SR Labs for the sale of the Wombat Financial Software, a unit of NYSE Technologies. The transaction closed today and terms were not disclosed.

  • Statement Of Commissioner Daniel M. Gallagher, SEC Commissioner Daniel M. Gallagher, Washington, D.C., July 23, 2014

    Date 23/07/2014

    Thank you, Chair White.  I would like to join my colleagues in thanking the staff again for all of the hard work that went into today’s adopting release.  I would like to extend a special thank you to Norm Champ, David Grimm, Diane Blizzard, Sarah ten Siethoff, and Thoreau Bartmann in the Division of Investment Management, as well as Jennifer Marietta-Westberg, Vanessa Countryman, Jennifer Bethel and our former colleague Craig Lewis in the Division of Economic and Risk Analysis for their tremendous – and often thankless – efforts on a rulemaking process that has spanned several years and followed a circuitous and sometimes contentious path.  It is because of the staff’s dedication and perseverance that we have arrived where we are today.

  • Only-Apartments To Start Trading On MAB On 28 July - MAB, An Efficient Expansion Mechanism For Companies

    Date 23/07/2014

    The Admissions Committee of the Mercado Alternativo Bursátil (MAB) has submitted to the Board of Directors a favourable report on Only-apartments, stating that the company is eligible for admission to the market’s growth companies segment following a thorough review of all the information presented by the company. The final approval of MAB’s Board of Directors is required before the shares of the company can be admitted for trading, next Monday, 28th July.

  • Italian Corporate Governance Committee: New Entries, Confirmation Of The Chairman And Vice-Chairman - Amendments To The Corporate Governance Code

    Date 23/07/2014

    In a meeting held on July 14, 2014 at Borsa Italiana’s headquarters, the Italian Corporate Governance Committee confirmed Gabriele Galateri di Genola, Chairman of Assicurazioni Generali, and Giordano Lombardo, Chairman of Assogestioni, respectively, as Chairman and Vice-chairman of the Committee.

  • Statement At Open Meeting Regarding Money Market Fund Reform - SEC Commissioner Michael S. Piwowar, Washington, D.C., July 23, 2014

    Date 23/07/2014

    Thank you, Chair White.

    The money market fund reforms before us today address many complex issues, and I want to join my fellow commissioners in thanking the rulemaking team for all of their hard work and dedication.  They spent countless hours, including many late nights and weekends over the past several months, working through the issues, reviewing numerous detailed comment letters, and formulating their three recommendations for our consideration today.  As to the first recommendation, while I support the adoption of all the amendments to the disclosure, reporting, and stress testing requirements, I am not able to support the adoption of the so-called combination approach which would require institutional prime and tax‑exempt money market funds to price and transact at a floating net asset value (NAV) calculated to the fourth decimal place (nearest basis point) and also would require liquidity fees and discretionary redemption gates.  As to the second recommendation, I support the issuance of a notice of the proposed order to allow broker‑dealers to continue to provide money market fund shareholders transaction information on a monthly basis.  As to the third recommendation, I am pleased to support the re-proposed amendments to replace references to credit rating in the money market fund rule, modify disclosures of credit ratings in Form N-MFP, and the proposed amendments to eliminate an exclusion in the money market fund rule’s issuer diversification requirement.