The price formation in Non-Walrasian markets is notoriously an open problem. Here we focus on urban housing markets, where the mismatch between supply and demand has important consequences in terms of social welfare. We propose a simple Agent-Based Model (ABM) that explicitly reproduces the market mechanism and which is specifically suited to study issues related to spatial income segregation. We first find the analytical solution of the ABM in some specific cases, shedding light on the structure of the model and on the effect of the parameters. We then simulate the fully-fledged ABM and find that: (i) the market mechanism easily implies income segregation; (ii) an increase of the demand in one part of the city can potentially increase the prices all over the city (in qualitative agreement with the data); (iii) subsidies are more efficient than taxes in mitigating income segregation. These non-trivial results provide an example of the kind of insights that can be gained if one considers bounded rationality, heterogeneity and the potential lack of (Walrasian) equilibrium, as it would have been much less natural to address these issues under more standard assumptions.
Price formation on a housing market and spatial income segregation. (arXiv:1606.00424v1 [q-fin.EC])
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Model selection consistency from the perspective of generalization ability and VC theory with an application to Lasso. (arXiv:1606.00142v1 [stat.ML])
Model selection is difficult to analyse yet theoretically and empirically important, especially for high-dimensional data analysis. Recently the least absolute shrinkage and selection operator (Lasso) has been applied in the statistical and econometric literature. Consis- tency of Lasso has been established under various conditions, some of which are difficult to verify in practice. In this paper, we study model selection from the perspective of generalization ability, under the framework of structural risk minimization (SRM) and Vapnik-Chervonenkis (VC) theory. The approach emphasizes the balance between the in-sample and out-of-sample fit, which can be achieved by using cross-validation to select a penalty on model complexity. We show that an exact relationship exists between the generalization ability of a model and model selection consistency. By implementing SRM and the VC inequality, we show that Lasso is L2-consistent for model selection under assumptions similar to those imposed on OLS. Furthermore, we derive a probabilistic bound for the distance between the penalized extremum estimator and the extremum estimator without penalty, which is dominated by overfitting. We also propose a new measurement of overfitting, GR2, based on generalization ability, that converges to zero if model selection is consistent. Using simulations, we demonstrate that the proposed CV-Lasso algorithm performs well in terms of model selection and overfitting control.
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The Business Blockchain: Promise, Practice, and Application of the Next Internet Technology
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Nasdaq Welcomes Additional Companies To The Nasdaq International Designation
Nasdaq, Inc. (Nasdaq:NDAQ) today announced that Nidec Corporation (OTC:NJDCY) (TYO:6594) and Clinuvel Pharmaceuticals Ltd. (OTC:CLVLY) (ASX:CUV) have joined the Nasdaq International Designation program. Through their membership, Nidec and Clinuvel will have access to Nasdaq’s investor relations services and unparalleled visibility assets to increase awareness with investors for their U.S.-traded Level 1 ADRs.
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CME Group Granted License To Clear Interest Rate Swaps In Japan
CME Group, the world's leading and most diverse derivatives marketplace, announced that Chicago Mercantile Exchange Inc. (CME) has been formally granted the status of Foreign Clearing Organisation (FCO) by the Prime Minister of Japan on 1 June 2016.
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Moscow Exchange Supervisory Board Appoints New Members To Committees
On 2 June 2016 Moscow Exchange (ticker MOEX) Supervisory Board named new members to its six committees.
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FINRA Fines E*Trade Securities LLC $900,000 For Supervisory Violations Related To Best Execution And Protection Of Customer Order Information
The Financial Industry Regulatory Authority (FINRA) announced today that it has censured and fined E*Trade Securities LLC $900,000 for failing to conduct an adequate review of the quality of execution of its customers’ orders and for supervisory deficiencies concerning the protection of customer order information.
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EBA Publishes Decision On Data For Supervisory Benchmarking
The European Banking Authority (EBA) published today its Decision on data for supervisory benchmarking. This Decision comes after the publication of the amended technical standards on benchmarking of internal approaches and requires Competent Authorities to submit data for the 2016 benchmarking exercise, focusing on High Default Portfolios and with reference to end-2015 data.
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Remarks Before The SEC Historical Society â âThe Continuous Process Of Optimizing The Equity Marketsâ
Thank you, David [Lynn], for that kind introduction and for inviting me to your annual meeting. It is truly my privilege and honor to serve as Chair of the Commission, and it is wonderful to share the room and microphone today with my friend and former Chairman Richard Breeden along with others who, from firsthand experience, deeply appreciate the value of the SEC as a critical institution with a long heritage of protecting investors and our markets. At the Commission, our history informs who we are and the work we do, and it is our great, good fortune that we have the SEC Historical Society to preserve that rich history.
As you know better than anyone, the SEC has a tradition of being home to some of the smartest, most remarkable people in government. The staff of this agency are among the most talented and dedicated people I have ever met. They are who make the SEC strong and the special place it is.
President Theodore Roosevelt once famously said, “It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. The credit belongs to the man [or woman] who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly…who spends himself [or herself] in a worthy cause.”[1]
And while the Commission has always had its share of critics over the years, they are no match for the tremendous public servants at the agency who have served and do serve in the arena, striving valiantly and successfully in the cause of protecting America’s investors and our markets. I know we have many current and future SEC alumni here and watching the webcast today, so I would just like to emphasize my gratitude to all of you for your service to and support for this renowned institution and the public interest.
As has become the custom here, I will give you a very brief report on some of the current work of the Commission. As you know, between the implementation of the Dodd-Frank and JOBS Acts, and advancing an important range of discretionary mission critical initiatives, the SEC has undertaken probably the most complex and daunting period of rulemakings in its history. In that regard, I am pleased to report that in May, we completed all of the JOBS Act rulemakings,[2] and we have now reached the final phase of implementing the Dodd-Frank Act as we work to complete all of the rules in the two major remaining areas on which we made great progress in 2015 and early 2016: security-based swaps and executive compensation. But, as you know, the SEC’s mission extends far beyond that. As the markets and investor needs evolve, we must constantly evaluate areas where we can better further our mission of protecting investors, maintaining fair, orderly, and efficient markets, and facilitating capital formation. In other venues, I have recently detailed our progress on the ongoing modernization of the regulatory regime for the asset management industry and our disclosure effectiveness review, and extolled the record accomplishments of the Enforcement and Exam programs.[3]
Today, I thought would briefly update you on the status of our equity market structure agenda – not only because it has been a priority of mine and the agency for the past three-plus years, but also because it has been a priority for the Commission throughout its history, and always will be. That history began, of course, in 1934 with the adoption of the Exchange Act, which for the first time gave our newly created agency sweeping powers over securities trading in the secondary markets, including broad authority over the primary participants in that market: brokers, dealers, and national securities exchanges. And since the early twentieth century, the Commission has been engaged in an almost continuous review of equity market structure, constantly seeking ways to improve and optimize its operation. While I will not attempt a full historical tour today, I do want to mention a few highlights.
In 1971, the Commission, for example, issued the Institutional Investor Study, [4] finding that the markets had become increasingly complex and inefficient, due in part to exchange fixed commission schedules and institutional investor desire to avoid those commissions through direct trading relationships with broker-dealers. The market fragmentation noted in that study led the Commission to issue a Statement on the Future Structure of the Securities Markets in 1973 that advocated for a centralized market system.[5]
In the wake of those Commission actions in the early 1970s, Congress enacted the Securities Acts Amendments of 1975.[6] As you know, those amendments granted the Commission broad authority to establish a national market system with the specific (and sometimes competing) goals of promoting: (1) efficient execution of transactions; (2) fair competition among broker-dealers, exchange markets, and non-exchange markets; (3) the broad availability of quotes and transaction information; (4) the practicability of brokers executing investors’ orders in the best market; and (5) the opportunity for investors’ orders to be executed without the participation of a dealer. Despite the significant changes that have occurred in our markets since 1975, these same issues remain as relevant to our market structure today as they were in 1975.
The Commission used its new authority in 1975 to facilitate a national market system. Among other things, it abolished the long-standing fixed commission schedules and facilitated the creation of the consolidated market data plans that are still in use today. The Intermarket Trading System (ITS), an early predecessor of today’s Order Protection Rule, was also created to link various markets trading listed securities.
Of course, the markets evolved in response to these regulatory changes and advancements in technology, and the Commission again took stock of our market structure in the Market 2000 Report issued in 1994.[7] That study, which was initiated by former Chairman Breeden, analyzed structural issues that had existed in the markets since the passage of the Securities Act Amendments of 1975 and concluded that our equity market structure was sound, having benefited from enhancements in technology and competition that reduced trading costs, enhanced market transparency, and improved liquidity. It also included suggestions to further improve market transparency, competition, and the fair treatment of investors. That significant effort led to the Commissions’ order handling rules and the retail execution quality and order routing disclosure rules.
The Commission continued its review of equity market structure in a request for comment on market fragmentation issued in 2000.[8] In that action, the Commission solicited comments on a range of issues that included fragmentation, internalization practices, payment for order flow and best execution, and highlighted several potential options for addressing fragmentation. That effort culminated in the 2005 adoption of Regulation NMS, a landmark body of rules that govern all aspects of today’s national market system. Among these rules is Rule 611, the Order Protection Rule, which replaced the outdated ITS and, for the first time, required market participants to honor the best prices displayed in the national market system by automated trading centers. This established a critical linkage framework for the modern markets.
The Commission is now in the midst of another significant phase of market structure review, as technology advancements continue to accelerate the pace of change in how orders are generated and executed. While these advancements have generally served retail and institutional investor interests well, as I have remarked before, [9] it is critical that we, as regulators, keep pace with these changes with a keen focus on the fundamentals driving them.[10] We must fully understand the evolving marketplace, identify the issues with precision before making any fundamental changes, and assess the likely consequences that may follow.
The Commission’s continuing work in market structure is a substantial undertaking that requires updates in technology, and utilization of data and analytics to make informed decisions on enhancing market structure. That means new ways of using existing market data through tools like MIDAS, and it also means building new systems to provide even more powerful analytical capabilities for the Commission and our fellow regulators. That is why we have been moving forward on a proposed national market system plan to create a consolidated audit trail, which will be one of the world’s most comprehensive and sophisticated financial databases. That plan was put out for notice and comment in April and is expected to be finalized by the end of the year.
In addition to focusing on the need for robust data and enhanced regulatory capacity, through initiatives like MIDAS and CAT, I have also prioritized a number of other targeted initiatives to optimize our market structure—namely, ensuring the operational integrity of critical market infrastructures, enhancing market transparency and disclosures, and building more effective markets for smaller companies, to mention just a few.[11] More will follow.
We have made much progress across this agenda by improving market stability through initiatives such as Regulation SCI (Security Compliance and Integrity), which strengthened the technology infrastructure of the market and expanded Commission oversight of that technology. We have also worked closely with the exchanges to address issues like order types and operations, data feed disclosures, and “single points of failure” within infrastructure systems that have the ability to significantly disrupt trading. We and the SROs are also actively reviewing the operation of the limit up-limit down pilot plan, with a focus on issues that occurred during the volatile trading of August 24, 2015. This review has included extensive public analysis by SEC staff of that day’s events and the consideration of specific improvements to refine the plan’s operation.
We have also taken action to address enhanced market transparency and disclosure with our proposal last November to update Regulation ATS. This proposal is designed to shed light on dark pools and bring greater transparency about how ATSs operate, including the material conflicts of interests they can pose for investors and other market participants.[12] And, as a complement to the Regulation ATS proposal, I expect the Commission to consider very soon a proposal to provide customer-specific institutional order routing disclosures and targeted enhancements to existing order routing disclosures for retail customers. These two proposals would provide valuable new information to investors about how their orders our routed and executed in today’s markets.
We have also taken a significant step to do a data-driven assessment of how our market structure is working for smaller companies. In May 2015, the Commission approved a national market system plan for a two-year pilot program that will widen the minimum quoting and trading increments for stocks of smaller companies. This two-year pilot, which is scheduled to begin on October 3, 2016, will provide the Commission with valuable data on whether wider tick sizes would enhance the market quality for smaller company stocks for the benefit of issuers and investors.
In early 2015, as part of our broader market structure work, we created the Equity Market Structure Advisory Committee, comprised of diverse experts who consider specific initiatives and potential structural changes. The Committee was established to assist the Commission in its comprehensive review of the structure of the equity markets, and I have been very pleased with the progress of the Committee’s work over the past year. It is taking on the core issues that are key to our efforts to optimize our equity market structure. At their most recent meeting in April, for example, the Committee was presented with draft recommendations from two of their subcommittees for an access fee pilot and trading venue regulatory reforms. And I expect that the full Committee will vote soon on a formal access fee pilot recommendation.
As you can glean from my whirlwind summary of our market structure agenda, the Commission’s work throughout its history to promote fair, efficient and competitive markets continues with energy, thoroughness and the SEC’s characteristic focus on its mission. As I have said before, our work to optimize the equity markets is never finished. In order for our markets to remain the strongest and most reliable in the world, regulatory changes must be timely, effective, and informed – and a constant priority. Our current significant efforts are the latest in the Commission’s historical ongoing work to address the evolving market structure challenges. And we will continue to work hard and smartly to adapt and grow with the marketplace to better protect investors and to optimize the markets for the issuers who rely upon them. It is obviously one of the agency’s most important responsibilities.
Thank you for listening.
[1] See Theodore Roosevelt, Citizen In A Republic, Remarks at the Sorbonne (Apr. 23, 1910), available at http://www.theodore-roosevelt.com/trsorbonnespeech.html.
[2] See Press Release 2016-81, SEC Adopts Amendments to Implement JOBS Act and FAST Act Changes for Exchange Act Registration Requirements (May 23, 2016), available at https://www.sec.gov/news/pressrelease/2016-81.html.
[3] See Mary Jo White, Chair, U.S. Securities and Exchange Commission, The Future of Investment Company Regulation, (May 20, 2016), available at: https://www.sec.gov/news/speech/white-speech-keynote-address-ici-052016.html and Mary Jo White, Chair, U.S. Securities and Exchange Commission, Beyond Disclosure at the SEC in 2016, (Feb. 19, 2016), available at https://www.sec.gov/news/speech/white-speech-beyond-disclosure-at-the-sec-in-2016-021916.html.
[4] Securities and Exchange Commission, Institutional Investor Study Report, H.R. DOC.NO. 64, 92d Cong., 1st Sess. (1971).
[5] Securities and Exchange Commission, Statement of the Securities and Exchange Commission on the Future Structure of the Securities Markets (Feb. 2, 1972), 37 FR 5286 (Feb. 4, 1972).
[6] Pub. L. No. 94-29, 89 Stat. 97 (1975).
[7] See Securities and Exchange Commission, Report of the Division of Market Regulation, Market 2000 An Examination of Current Equity market Developments (Jan. 1994), available at https://www.sec.gov/divisions/marketreg/market2000.pdf.
[8] See Request for Comment on NYSE's Statement of the Terms of Substance of the Proposed Rule Change, Release No. 34-42450 (Feb. 23, 2000), available at https://www.sec.gov/rules/sro/ny9948n.htm#link1.
[9] See Chair Mary Jo White, U.S. Securities and Exchange Commission, Enhancing Our Equity Market Structure, Remarks at the Sandler O’Neill & Partners, L.P. Global Exchange and Brokerage Conference (Jun. 5, 2014), available at https://www.sec.gov/News/Speech/Detail/Speech/1370542004312.
[10] See Chair Mary Jo White, U.S. Securities and Exchange Commission, Focusing on Fundamentals: The Path to Address Equity Market Structure, Remarks at the Security Traders Association 80th Annual Market Structure Conference (Oct. 2, 2013), available at https://www.sec.gov/News/Speech/Detail/Speech/1370539857459.
[11] See Chair White Oct. 2013 Speech, supra note 9.
[12] See Chair White Oct. 2013 Speech, supra note 9.and Regulation of NMS Stock Alternative Trading Systems, Release No. 34-76474 (Nov. 18, 2015), available at https://www.sec.gov/rules/proposed/2015/34-76474.pdf.
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You Only Live Once The Roadmap to Financial Wellness and a Purposeful Life
 |  | You Only Live Once: The Roadmap to Financial Wellness and a Purposeful Life by Jason Vitug, Founder and CEO of Phroogal, redefines the millennial mantra into a practice of mindful, financial decision-making to engineer one’s dream lifestyle. |
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Xignite Clients Nominated For 20 Benzinga Fintech Awards - Xignite Fintech Clients Execute Clean Sweep Of Innovation In Mobile Category And Win 11 Awards
Xignite, Inc., the leading provider of cloud-based financial data APIs, is proud to announce that 20 of its clients were recognized as among the most innovative financial technology companies at the 2016 Benzinga Fintech Awardsheld last week. Xignite clients won 11 awards, placed in 6 categories, including Founder of the Year and Overall Fintech Leader, and swept the Innovation in Mobile category winning first place, runner up and honorable mention.
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SEC Names Christopher Hetner As Senior Advisor To The Chair For Cybersecurity Policy
The Securities and Exchange Commission today announced that Christopher R. Hetner has been named Senior Advisor to the Chair for Cybersecurity Policy. In this role, Mr. Hetner will serve as a senior advisor to Chair Mary Jo White on all cybersecurity policy matters.
In his new role, Mr. Hetner will be responsible for coordinating efforts across the agency to address cybersecurity policy, engaging with external stakeholders, and further enhancing the SEC’s mechanisms for assessing broad-based market risk.
Mr. Hetner is the current Cybersecurity Lead for the Technology Control Program within the SEC’s Office of Compliance Inspections and Examinations (OCIE). He joined the SEC in January 2015. In his current role, Mr. Hetner coordinates cybersecurity efforts across OCIE and advises on enforcement matters.
“Cyber attacks are a constant threat to our markets,” said SEC Chair Mary Jo White. “With the cyber field steadily evolving and expanding, it is imperative we continue to enhance our coordinated approach to cybersecurity policy across the SEC and engage at the highest levels with market participants and governmental bodies concerning the latest developments in this area. We are very fortunate that Chris will take on this important role where he will apply his expertise and decades of experience in information security.”
“Having dedicated my career to information security, I am honored to have the opportunity to advise Chair White on cyber policy issues,” said Mr. Hetner. “I look forward to working with staff across the agency to enhance our risk-based approach to cybersecurity policy.”
Mr. Hetner has more than 20 years in information security and technology. He joined the SEC from Ernst and Young (EY) where, from November 2012 to January 2015, he led the Wealth and Asset Management Sector Cybersecurity practice. At EY, his team advised and delivered cybersecurity and risk management capabilities across major clients.
Prior to joining EY, he was the Chief Information Security Officer (CISO) at GE Capital where he was responsible for the global cybersecurity program. Mr. Hetner worked at GE from July 2008 to October 2012 and before that, he implemented information security and regulatory compliance programs for Citigroup’s Institutional Client Group global business and technology units.
Mr. Hetner holds industry-leading certifications including the CISSP (Certified Information Systems Security Professional), NSA INFOSEC (National Security Agency Information Security) Assessment Certification and CISM (Certified Information Security Manager). He earned a M.S. in Information Assurance from Norwich University and a B.S in Security Management from The City University of New York’s John Jay College of Criminal Justice.
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CFTC Orders Bitcoin Exchange Bitfinex To Pay $75,000 For Offering Illegal Off-Exchange Financed Retail Commodity Transactions And Failing To Register As A Futures Commission Merchant
The U.S. Commodity Futures Trading Commission (CFTC) today issued an Order filing and simultaneously settling charges against Hong Kong-based bitcoin exchange, BFXNA Inc. d/b/a Bitfinex (Bitfinex), for offering illegal off-exchange financed retail commodity transactions in bitcoin and other cryptocurrencies, and for failing to register as a Futures Commission Merchant (FCM) as required by the Commodity Exchange Act (CEA). The Order requires Bitfinex to pay a $75,000 civil monetary penalty and to cease and desist from future such violations of the CEA.
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SEC Halts EB-5 Scheme Stealing Investments In Cancer Center
The Securities and Exchange Commission today announced fraud charges and an asset freeze against a husband and wife accused of misusing two-thirds of the money they raised from investors for the purpose of building and operating a new cancer treatment center that would use proton beam radiation to help oncology patients in Southern California.
According to the SEC’s complaint unsealed today in federal court in Los Angeles, Charles C. Liu and Xin “Lisa” Wang raised $27 million for the proton therapy cancer treatment center from 50 investors in China through the EB-5 immigrant investor program. They touted in promotional materials that the project would create more than 4,500 new jobs and have a substantial impact on the local economy while giving foreign investors an opportunity for future U.S. residency. But presently there is no construction at the proposed site after more than 18 months of collecting investments. Liu meanwhile has transferred $11 million in investor funds to three firms in China and diverted another $7 million to his and his wife’s personal accounts.
In granting the SEC’s request to freeze the assets and accounts of Liu, Wang, and related entities, the court’s order prohibits them from raising further money from investors or spending remaining funds.
“We allege that Liu and Wang are using investor funds as their personal piggy bank and exploiting Chinese residents who were assured they were investing in an innovative project to create jobs and cure cancer patients,” said Michele Layne, Director of the SEC’s Los Angeles Regional Office.
According to the SEC’s complaint, one of the websites Liu and Wang have used to promote investments in the cancer center project includes a section entitled “Government Support” with photos of former president George Herbert Walker Bush and former California governor Arnold Schwarzenegger. Their photos are accompanied by what appear to be letters they wrote in support of proton therapy in general rather than the depicted EB-5 project, which had not even been initiated at the time the letters were written.
The SEC’s complaint names Liu and Wang along with the companies behind the EB-5 project: Pacific Proton Therapy Regional Center, Pacific Proton EB-5 Fund, and Beverly Proton Center LLC. They are charged with violating antifraud provisions of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5. The SEC seeks preliminary and permanent injunctions as well as the disgorgement of ill-gotten gains plus interest and penalties.
The SEC’s investigation was conducted by Tony Regenstreif and Lorraine L. Pearson and supervised by Victoria A. Levin of the Los Angeles office. The SEC’s litigation will be led by John Berry. The SEC appreciates the assistance of U.S. Citizenship and Immigration Services.
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Nasdaq, Inc. Prices $500,000,000 Senior Notes Offering
Nasdaq, Inc. (the “Company”) (Nasdaq:NDAQ) today announced that it priced a public offering of $500,000,000 aggregate principal amount of U.S. dollar-denominated 3.850% senior notes due 2026 (the “Offering”). The Company expects to use the net proceeds from the Offering, together with cash on hand and/or borrowings under the Company’s senior credit facility, to fund the cash consideration payable by the Company for its acquisition of 100% of the equity interests in U.S. Exchange Holdings, Inc. (the indirect owner of three electronic options exchanges: International Securities Exchange, ISE Gemini and ISE Mercury) (the “ISE Transaction”) and related expenses and for general corporate purposes, which may include, without limitation, the repayment of indebtedness or the funding of other future acquisitions.
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SEC: Adviser Steered Investor Money To His Own Companies
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CFTC To Reopen Comment Period For Specific Elements Of Regulation Automated Trading
The U.S. Commodity Futures Trading Commission (CFTC) will reopen the comment period for specific elements of Regulation Automated Trading (Regulation AT). This is being done in conjunction with a CFTC staff roundtable on Regulation AT on June 10, 2016. The additional comment period is intended to obtain public input solely on the specific topics listed in the agenda for the roundtable and that arise during the roundtable (See CFTC Press Release 7377-16 for agenda).
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SEC: Forex Trader Misrepresented Track Record And Hid Massive Losses
The Securities and Exchange Commission today charged a New York City-based trader with defrauding investors out of millions of dollars by misrepresenting her investment track record, the profitability of her investments, and her use of investor funds.
The SEC alleges that Haena Park touted her supposedly profitable futures and foreign currency (forex) trading strategy when soliciting friends, family, former Harvard classmates, and individuals with connections to them. She proceeded to pool investor funds and incur heavy trading losses month after month in the futures and forex markets, yet repeatedly told investors that their investments were profitable and sent them monthly account statements showing fictitious profits. At times, Park used new investor funds to make Ponzi-like payments to earlier investors. She raised at least $14 million from more than 30 investors since 2012, and has suffered more than $16 million in trading losses during that time period.
“We allege that Park brazenly obtained investor money under false pretenses and compounded her egregious conduct by using phony monthly statements to convince some investors to significantly increase their investments based on fictitious positive returns,” said Andrew M. Calamari, Director of the SEC’s New York Regional Office.
In a parallel action, the U.S. Attorney’s Office for the Southern District of New York today brought criminal charges against Park.
The SEC’s complaint charges Park with violations of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5. The SEC is seeking a permanent injunction as well as the return of alleged ill-gotten gains plus interest and penalties.
The SEC’s continuing investigation is being conducted by Wendy Tepperman, Rhonda Jung, and Teresa Rodriguez in the New York office. The litigation will be led by Jack Kaufman. The case is being supervised by Sanjay Wadhwa. The SEC appreciates the assistance of the U.S. Attorney’s Office for the Southern District of New York, the U.S. Department of Homeland Security, and the U.S. Commodity Futures Trading Commission.
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Federal Reserve Board Announces Schedule For Results from Dodd-Frank Act Stress Tests And Comprehensive Capital Analysis And Review (CCAR)
The Federal Reserve Board on Thursday announced that results from the latest supervisory stress tests conducted as part of the Dodd-Frank Act will be released on Thursday, June 23, and the related results from the Comprehensive Capital Analysis and Review (CCAR), will be released on Wednesday, June 29. Results for both exercises will be released at 4:30 p.m. EDT.
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Statement From New York Attorney General Eric T. Schneiderman On Case Against Hank Greenberg
Attorney General Eric T. Schneiderman issued the following statement today in connection with a State Court of Appeals decision in the case against Hank Greenberg, which will allow New York’s fraud claims to proceed to trial. The decision will also allow New York State to seek to recover bonuses the defendants earned while committing their alleged fraud:
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