News 

Global banks fear China will limit JV control through new rules

“Giving foreign financial firms a controlling stake in their China securities joint ventures is a key part of China’s pledge to ease foreign ownership curbs, especially in the country’s trillion-dollar financial sector” reports businessinsider.com. If the NAV rule applied to the Western banks’ local units, as opposed to the global entity, most international banks would be ruled out. Source: businessinsider.com Share This:

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Ex-Yahoo paying $35M to settle SEC charges over 2014 hack

“The SEC alleged that, although Yahoo senior managers and attorneys were told about the breach, the company failed to fully investigate” reports thebusinessjournal.com. Personal data was stolen from hundreds of millions of Yahoo users in the December 2014 breach attributed to Russian hackers.The Sunnyvale, California-based company, which is no longer publicly traded, neither admitted nor denied the allegations but did agree to refrain from further violations of securities laws.The Securities and Exchange Commission announced the action Tuesday against the company, which is now called Altaba after its email and other…

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US SEC fines Altaba, the company formerly known as Yahoo, $35 million over 2014 email hack

“U.S. regulators fined Altaba, the company formerly known as Yahoo, $35 million on Tuesday to settle charges that kept its massive 2014 cybersecurity breach a secret from investors for more than two years” writes unknown author for cnbc.com. The Securities and Exchange Commission’s case marks the first time it has ever gone after a company for failing to disclose a cybersecurity breach. The company agreed to settle the charges without admitting or denying any wrongdoing. Source: cnbc.com Share This:

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General Electric has set aside $1.5 billion to cover potential fines in a Justice Department probe of high-risk mortgages handled by its lending business before the 2008 financial crisis.

“General Electric has set aside $1.5 billion to cover potential fines in a Justice Department probe of high-risk mortgages handled by its lending business before the 2008 financial crisis” writes John Minchillo Associated for washingtonexaminer.com. GE completed the sale of WMC in December 2007, a transaction it said at the time was prompted by “pressures in the U.S. subprime mortgage industry.”. The Boston-based company learned that investigators were looking into GE Capital and its WMC subsidiary in December 2015, and Justice subsequently served the company with subpoenas.Such securities, which enabled…

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Crypto News 

Venture Capital Backers of Cryptocurrency Companies…

“Digital currency companies and their Silicon Valley backers are seeking a broad oversight exemption from the U.S. Securities and Exchange Commission (SEC), claiming it would slow digital coin growth” writes Rebecca Campbell for livebitcoinnews.com. It claimed that the mechanism for trading assets meets the definition of a ‘security’ under the federal securities laws. Source: livebitcoinnews.com Share This:

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BlackRock wants regulators to address unequal voting rights

“BlackRock, which manages $6.3 trillion, said while it appreciates the index provider’s attention to the issues, MSCI’s proposed changes could distort markets” reports businessinsider.com. FILE PHOTO: BlackRock logo is seen at the BlackRock Japan headquarters in Tokyo Thomson Reuters By Ross Kerber BOSTON (Reuters) – BlackRock Inc on Thursday called on securities regulators to set international standards for shareholder voting rights, suggesting they resolve one of the thorniest debates in corporate governance.MSCI and other providers last year made changes that excluded some stocks with unequal rights, like Snap, from widely…

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Brokers News 

Hong Kong brokerages rush to comply with new SFC rules on cyber risks

“A growing number of Hong Kong online trading companies are seeking to comply with the new rules outlined by the Securities and Futures Commission (SFC) on cyber risks” reports financefeeds.com. The rules also require from online trading companies to outline contingency plans for cyber incidents. Source: financefeeds.com Share This:

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Wall Street Titan Takes Aim at Law That Tripped Him Up

“The securities bill was introduced by Representative Tom MacArthur, a New Jersey Republican and a former A.I.G. executive who once worked for Mr” writes Danny Hakim for nytimes.com. In 2006, the company reached a $1.64 billion settlement with federal, state and insurance regulators related to business practices stretching back two decades.State regulators disagree, saying it would also hamper their criminal jurisdiction related to such securities. Regarding the legislation, he added, “I don’t know anyone who is saying we should have less regulation of securities fraud.”.  Source: nytimes.com Share This:

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Brokers Crypto News 

Coinbase might become a brokerage firm

“US cryptocurrency company Coinbase is in talks with the US Securities Exchange Commission (SEC) to be registered as a licensed brokerage firm and electronic trading venue” writes Lea Nonninger for businessinsider.com. However, as a licensed brokerage, Coinbase would be allowed to expand its offerings to securities, and thereby such assets.Crypto exchange operators like Coinbase are conventionally not allowed to offer assets to their clients that the SEC deems to be securities. Source: businessinsider.com Share This:

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Crypto Markets News 

Investors Remain Bullish on Cryptocurrency Market,…

“The cryptocurrency market has experienced a tough start to the year, with the first quarter representing the worst for bitcoin” writes Rebecca Campbell for livebitcoinnews.com. A further 88 percent of investors remain bullish of the direction the market will take, with 88 percent indicating it will increase in size. With bitcoin’s market value down to $114.3 billion, it remains to be seen if these bullish investors are right.Yet some analysts believe that the market will grow as it becomes more mature this year as volatility decreases.According to Adrian Lai, founding partner…

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