SEC charges for disclosure failings
The Securities and Exchange Commission (SEC) has announced charges against Ensign Peak Advisers Inc., a non-profit entity operated by The Church of Jesus Christ of Latter-day Saints to manage the Church’s investments, for failing to file forms that would have disclosed the Church’s equity investments, and for instead filing forms for shell companies that obscured the Church’s portfolio and misstated Ensign Peak’s control over the Church’s investment decisions. To settle the charges, Ensign Peak agreed to pay a $4 million penalty and the Church agreed to pay a $1 million penalty.
FIA highlights need for regulatory harmony in Biden letter
In a published letter to President Biden, the Futures Industry Association president Walt Lukken highlights market access, regulatory harmonization, innovation and sustainability as key issues to be addressed. Noting the increase in cross-border transactions, Lukken says: “US and global regulators will need greater coordination when it comes to information-sharing and market oversight. There is also a need for harmonization and coordination among domestic regulators, too. Markets function more effectively and with less disruption when the rules of engagement are clear, simple, and transparent. At a time when US firms are facing regulatory fragmentation both domestically and abroad, we encourage regulators within the US and abroad to work together to harmonize rules and frameworks.” Lukken reference cross-border regulation again in his speech at the opening of the FIA’s International Derivatives Expo, again stressing the need for “robust information sharing, enhanced communication, and close coordination among regulators”
OCC issues latest CRA performance stats
The Office of the Comptroller of the Currency (OCC) has released a list of additional Community Reinvestment Act (CRA) performance evaluations for the period of September 1, 2022, through November 30, 2022. The list contains only national banks, federal savings associations, and insured federal branches of foreign banks that have received ratings. The possible ratings are outstanding, satisfactory, needs to improve, and substantial noncompliance. The CRA performance evaluation is designed to assess each bank’s record of helping to meet the credit needs of its entire community, consistent with safe and sound lending.
Of the 36 evaluations made public in September, October and November 2022, 23 are rated satisfactory, and 13 are rated outstanding.
A selected summary of key developments for regulated financial institutions
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