CFTC fines trader for spoofing
UK-based trader Adam Cobb-Webb has been fined $150,000 by the Commodity Futures Trading Commission (CFTC) for spoofing in West Texas Intermediate (WTI) crude oil futures contracts on the NYMEX between December 2021 and January 2022.
Spoofing involves placing and canceling bids and offers to deceive other traders. Cobb-Webb’s scheme created a false impression of market depth and misled participants. The CFTC has stressed its committed to cracking down on spoofing and warns others against attempting it.
New Deputy Governor announced
Sarah Breeden has been announced as the next Deputy Governor for Financial Stability (DGFS) at the Bank of England. She will succeed Sir John Cunliffe.
Sarah will take up her role at the Bank on 1 November 2023 for a term lasting five years. Sarah is currently at the Bank of England, serving as Executive Director for Financial Stability Strategy and Risk and a member of the Financial Policy Committee (FPC). Prior to her current role, Sarah was the Executive Director responsible for supervising UK Deposit Takers, and before that was responsible for the supervision of the International banks.
ASIC publishes quarterly update
The Australian Securities & Investments Commission (ASIC) has published its latest enforcement and regulatory update to the end of June 2023. The report details key enforcement and regulatory action taken between April and June 2023 and summarizes court-based and non-court-based enforcement action, as well as detail around ASIC’s work to strengthen market integrity and foster industry compliance. The report also summarizes ASIC’s enforcement outcomes from January to June 2023, and provide an updated regulatory developments timetable.
APRA finalizes remuneration disclosure requirements
The Australian Prudential Regulation Authority (APRA) has introduced new requirements aimed at enhancing transparency and market discipline within the financial services industry. The updates to Prudential Standard CPS 511 Remuneration will now mandate authorized deposit-taking institutions (ADIs), insurers, and superannuation entities to publicly disclose specific information on their remuneration practices.
According to APRA Chair John Lonsdale, the changes will shed light on how remuneration frameworks are designed, governed, and what outcomes they produce. Larger and more complex entities will face additional requirements, including the disclosure of quantitative data on executive payments and the emphasis placed on non-financial measures, such as risk management.
The disclosure requirements will take effect for all entities from their first full financial year from 1st January 2024. APRA says it will provide more flexibility on the timing of disclosures, requiring annual reports within six months of an entity’s financial year-end.
A selected summary of key developments for regulated financial institutions
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