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WASHINGTON, July 13 (Reuters) - Partnering with Coinbase Global (COIN.O) may hinder rather than help Nasdaq's (NDAQ.O) bid to win regulatory approval for a bitcoin exchange-traded-fund it wants to launch with BlackRock (BLK.N). The SEC has denied previous spot bitcoin ETF proposals on the basis that they would be vulnerable to manipulation. The SEC last month sued Coinbase, escalating SEC chair Gary Gensler's crackdown on the crypto industry. And with roughly 56% of U.S. dollar bitcoin trading, according to Nasdaq's filing, Coinbase is integral to the U.S. bitcoin market. All told, the SEC has 240 days after it accepts the bitcoin ETF filing applications to make a decision.

Persons: Larry Fink, Bitcoin, Coinbase, Gary Gensler's, John Reed Stark, Sui Chung, Gensler, Joseph Silvia, Dickinson Wright, Silvia, Chung, Richard Marshall, Katten, Marshall, Michelle Price, John McCrank, Hannah Lang, Will Dunham Organizations: Coinbase, BlackRock, Nasdaq, U.S . Securities, Exchange Commission, SEC, Cboe Global, Fidelity, FOX Business, Internet Enforcement, BlackRock's, Reuters, Thomson Locations: BlackRock, U.S

☆ US SEC scraps contentious pricing proposal in final money market fund reforms
▼ + stars: | 2023-07-12 | by ( John Mccrank | ) www.reuters.com time to read: +3 min

Money market funds saw massive outflows in March 2020 at the onset of the COVID-19 pandemic, prompting the U.S. government to intervene to stabilize them. The panic was reminiscent of 2008 when a run on money market funds threatened to freeze up global markets and prompted the government to backstop the sector. Critics have said money market funds, which are a key source of short-term corporate and municipal funding, now enjoy an implicit government guarantee. In December 2021, the SEC proposed new liquidity requirements for money market funds, as well as scrapping redemption fees and restrictions. "I believe that liquidity fees, compared with swing pricing, offer many of the same benefits and fewer of the operational burdens."

Persons: Gary Gensler, John McCrank, Douglas Gillison, Michelle Price, Nick Zieminski, Emelia Organizations: YORK, U.S . Securities, Exchange Commission, SEC, BlackRock, Vanguard, Fidelity, U.S, Securities Industry, Financial Markets Association, Investment Company Institute, U.S . Chamber of Commerce, Thomson

☆ Cboe exchange to partner with Coinbase on bitcoin market surveillance in ETF push
▼ + stars: | 2023-07-11 | by ( John Mccrank | ) www.reuters.com time to read: +2 min

NEW YORK, July 11 (Reuters) - Exchange operator Cboe Global Markets (CBOE.Z) on Tuesday filed amended applications to list and trade shares of three spot bitcoin exchange-traded funds, including one by Fidelity, to add surveillance-sharing agreements with crypto-trading platform Coinbase (COIN.O). Shares of Coinbase closed up 9.8% at $89.15 on Tuesday and hit their highest level since Aug. 16 of last year. To meet the standards, an exchange could show it "has a comprehensive surveillance-sharing agreement with a regulated market of significant size related to the underlying or reference bitcoin assets," the SEC said. Nasdaq (NDAQ.O) on June 29 refiled an application with the SEC to list a spot bitcoin ETF by BlackRock (BLK.N), the world's largest asset manager, which also included a surveillance-sharing agreement with Coinbase. Cboe had earlier said it expected to reach such an agreement with Coinbase, which attracted roughly half of U.S. dollar-bitcoin trading in May on its platform.

Persons: Cboe, Coinbase, John McCrank, Matthew Lewis Organizations: YORK, Cboe, Fidelity, U.S . Securities, Exchange Commission, SEC, Nasdaq, BlackRock, Coinbase, ., Thomson Locations: Manhattan, New York

The SEC raised the same concerns with Nasdaq (NDAQ.O) over a recent filing for a spot bitcoin ETF from BlackRock (BLK.N), the person said. According to Cboe's Fidelity bitcoin ETF filing, The company's platform represented roughly half of U.S. dollar-bitcoin trading in May. The recent filings for bitcoin ETFs by BlackRock and Fidelity have sent the price of bitcoin soaring more than 20% since June 15 to one-year highs. "It's not surprising to hear that the SEC is pushing back a little bit," he said of the bitcoin ETF applications. The SEC has rejected dozens of spot bitcoin ETF applications in recent years, including one from Fidelity in January 2022.

Persons: Cboe, Coinbase, Binance, it's, John Reed Stark, bitcoin, Ed Moya, It's, Carolina Mandl, John McCrank, Manya, Michelle Price, Shinjini Ganguli, Alexander Smith, David Gregorio Our Organizations: Fidelity, U.S . Securities, Exchange Commission, SEC, Nasdaq, WisdomTree, Coinbase, Cboe, BlackRock, ., Internet, Manya Saini, Thomson Locations: BlackRock, Nasdaq, Manhattan, New York, Bengaluru

While there has been some scrambling to amend contracts linked to Libor over the past month, the transition was well telegraphed and no major issues are expected, loan and derivatives market participants and lawyers said in interviews. "I feel like it has been two to three years now that we have been re-papering all the legacy loans and legacy securities we purchased tied to Libor," said Scott DiMaggio, co-head of fixed income, at Alliance Bernstein. Friday at 11:55 a.m. British Summer Time (1055 GMT) marked the last publication for the 1-month, 3-month and 6-month U.S.-dollar Libor interest rates. Other U.S. dollar tenors were largely phased out for new contracts at the end of 2021 along with Libor rates linked to other currencies. Derivatives markets based on Libor had already mostly moved to new benchmarks without major disruption, while some corners of the loan markets, such as syndicated loans, have been busy with contract amendments, market participants said.

Persons: Scott DiMaggio, Alliance Bernstein, Shah, Federal Reserve Bank of New York's, Libor, Tal Reback, Gennadiy Goldberg, John McCrank, Gertrude Chavez, Dreyfus, Alden Bentley, Stephen Coates Organizations: YORK, Alliance, Regulators, Federal Reserve Bank of New, U.S, Britain's, Authority, Libor, TD Securities, Thomson Locations: London, Iran, U.S, New York

☆ Fidelity spot bitcoin ETF application refiled with U.S. SEC
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +2 min

June 29 (Reuters) - Asset manager Fidelity is once again seeking to list and trade shares of its Wise Origin Bitcoin Trust spot bitcoin exchange-traded fund, according to a filing by listing exchange Cboe Global Markets (CBOE.Z) with the U.S. Securities and Exchange Commission. Fidelity is one of several big asset managers that have applied to list bitcoin ETFs recent weeks. The SEC has rejected dozens of spot bitcoin ETF applications in the past few years, including one from Fidelity in January 2022. The first bitcoin futures ETF was approved in October 2021, helping send the volatile bitcoin to an all-time high of $69,000 in November 2021, and raising hopes that a spot bitcoin ETF would soon be approved. Spot ETFs directly track the price of the cryptocurrency, while futures-based ETFs follow the price of bitcoin futures contracts.

Persons: VanEck, Bitcoin, Niket, John McCrank, Shinjini Ganguli, Shweta Agarwal, Daniel Wallis Organizations: Fidelity, U.S . Securities, Exchange Commission, BlackRock, Nasdaq, NYSE Arca, Intercontinental Exchange Inc, Coinbase, SEC, Thomson Locations: Bengaluru, New York

☆ Factbox: Financial firms line up spot bitcoin exchange-traded fund applications
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +4 min

Stock picker Cathy Wood's Ark Invest and Swiss-based exchange-traded fund (ETF) issuer 21Shares on Wednesday amended their bitcoin ETF application, while asset manager Fidelity is also expected to file a spot bitcoin ETF application, trade publication The Block reported on Tuesday. The U.S. Securities and Exchange Commission (SEC) has rejected dozens of applications for spot bitcoin ETFs, saying the proposals have not met anti-fraud and investor protection standards. These are the major firms with live SEC applications:BLACKROCK(BLK.N) - The world's biggest asset manager filed for a bitcoin ETF on June 15. INVESCO(IVZ.N) AND GALAXY DIGITAL - Invesco reactivated its September 2021 application to launch the Invesco Galaxy Bitcoin ETF on Cboe's BZX exchange. VANECK - VanEck refiled on June 22 to for approval to launch the VanEck Bitcoin Trust on Cboe's BZX exchange.

Persons: Cathy, 21Shares, BlackRock's, BNY, Cboe BZX, WisdomTree, refiled, John McCrank, Michelle Price, Daniel Wallis Organizations: U.S, Invest, Fidelity, U.S . Securities, Exchange Commission, SEC, BLACKROCK, Nasdaq, BNY Mellon, Ark, 21Shares, Company, U.S . Bank, National Association, Invesco, Galaxy, NYSE Arca, Valkyrie, Thomson Locations: BlackRock, Swiss

☆ Nasdaq expects expanded markets to justify $10.5 bln Adenza merger price tag
▼ + stars: | 2023-06-22 | by ( John Mccrank | ) www.reuters.com time to read: +5 min

By one metric, Nasdaq paid around what Thoma Bravo spent on creating Adenza through the merger of two software firms, the sources familiar with the deal said. Nasdaq also hopes to cut overlapping costs, which would boost profitability and make the deal look cheaper, one of the sources said. With Adenza, Nasdaq's recurring revenues, which investors like for their predictability, will comprise around 77% of overall revenues, up from 71%. A director at one of Nasdaq's largest shareholders, whose firm supports the Adenza deal, said there were few good companies left that could be synergistic to Nasdaq. One of the sources said once Nasdaq also cuts out costs, the multiple will be closer to the mid-20s.

Persons: Thoma, Adena, Thoma Bravo, Friedman, Rosenblatt, Andrew Bond, Adena's, she's, Bond, Morningstar, Michael Miller, pushback, Adenza, Verafin, John McCrank, Paritosh Bansal, David Gregorio Our Organizations: YORK, Nasdaq, Thoma Bravo, Adenza, Rosenblatt Securities, BBB, Adenza's, Thomson Locations: United States, Europe, Adenza

Adenza was created in 2021 when Thoma Bravo merged Calypso Technologies with AxiomSL and is expected to generate about $590 million in revenue this year. As part of the Adenza deal, Thoma Bravo will get a 14.9% stake in Nasdaq, making the private equity firm one of the company's biggest shareholders. Nasdaq said buying Adenza is expected to increase the medium-term organic revenue growth outlook for its Solutions Businesses, which designs and develops financial software for investors, from 7%-10% to 8%-11%. Goldman Sachs & Co and J.P. Morgan Securities are financial advisers to Nasdaq, while Qatalyst Partners is lead financial advisor to Thoma Bravo and Adenza. Wachtell, Lipton, Rosen & Katz is serving as legal adviser to Nasdaq, while Kirkland & Ellis is serving as legal adviser to Thoma Bravo and Adenza.

Persons: Thoma, Adena Friedman, Morningstar, Michael Miller, Friedman, Adenza, Andrew Bond, Holden Spaht, Thoma Bravo's Spaht, Goldman Sachs, Wachtell, Lipton, Katz, Ellis, Manya Saini, Anirban Sen, John McCrank, David French, Milana, Michelle Price, Sruthi Shankar, Nivedita Bhattacharjee, Nick Zieminski, Lisa Shumaker Organizations: Thoma Bravo, Nasdaq Nasdaq, Nasdaq, Calypso Technologies, REUTERS, OMX, International Securities Exchange, Rosenblatt Securities, Solutions, Goldman Sachs & Co, Morgan Securities, Qatalyst, Rosen, Kirkland, Adenza, Thomson Locations: New York City, U.S, Adenza, Bengaluru, New York, Washington

WASHINGTON, June 8 (Reuters) - Other U.S. crypto exchanges are likely to be in the firing line after the Securities and Exchange Commission (SEC) this week sued Coinbase and Binance, two of the world's largest crypto exchanges, for allegedly breaching its rules. Both Coinbase and Binance deny the SEC's allegations and have pledged to vigorously defend themselves in court. The Coinbase and Binance suits this week expand that list to include some commonly traded tokens, such as Solana, Cardano and Polygon. While big crypto companies can afford to fight the SEC, smaller companies have filed for bankruptcy following SEC enforcement actions, including crypto exchange Beaxy. "I think if there's a real value in these crypto tokens, then compliance will build trust and the business model might change," he said.

Persons: Coinbase, Binance, Jason Allegrante, Gary Gensler, “, Scott Freeman, Crypto, Kraken, OKCoin, Ripple's, Stuart Alderoty, Piper Sandler, Gensler, Bernstein, Katharine Wooller, Hannah Lang, John McCrank, Susan Heavey, Michelle Price, Stephen Coates Organizations: Securities and Exchange Commission, SEC, Cornerstone Research, Department of Justice, JST, Justice Department, Piper Sandler Global, Fintech Conference, CNBC, U.S, Executives, Thomson Locations: Solana, Cardano, U.S, United States, New York, Washington

June 8 (Reuters) - The chair of the U.S. Securities and Exchange Commission (SEC) on Thursday strongly rebutted criticism that the agency is trying to crush the crypto industry, and said many companies in the space had made a "calculated economic decision" to flout its rules. That means most crypto exchanges have to comply with the securities laws too, he added. "They may have made a calculated economic decision to take the risk of enforcement as the cost of doing business." The crypto industry has attacked Gensler in recent days after the SEC sued two of the world's largest crypto exchanges, Coinbase (COIN.O) and Binance, for allegedly breaking securities laws by failing to register their operations with the agency. The SEC alleged Coinbase traded at least 13 crypto assets that are securities, while it accused Binance of offering 12 cryptocurrency coins without registering them.

Persons: Piper Sandler, Gary Gensler, Gensler, Brian Armstrong, Binance, Changpeng Zhao, Binance.US, Coinbase, Heath Tarbert, John McCrank, Hannah Lang, Susan Heavey, Manya, Michelle Price, Chizu Nomiyama, Matthew Lewis Organizations: U.S . Securities, Exchange Commission, SEC, Twitter, Coinbase, Department of Justice, U.S, Reuters, Futures Trading Commission, Manya Saini, Thomson Locations: New York, Washington, Gensler, Bengaluru

NEW YORK, June 8 (Reuters) - Cryptocurrency operator Circle Internet Financial said on Thursday it has hired Heath Tarbert, former chair of the Commodity Futures Trading Commission, as the its chief legal officer and head of corporate affairs, effective July 1. Tarbert, a former corporate attorney and senior Treasury Department official, more recently worked for electronic trading firm Citadel Securities. Boston-based Circle, the issuer of stablecoin USDC, in December decided to end a $9 billion deal to merge with blank-check firm Concord Acquisition Corp . "As we continue building a bridge between traditional finance and Web3, Heath's perspective, legal acumen and global regulatory experience will help us advance the utility value of USDC worldwide," Jeremy Allaire, chief executive officer of Circle, said in a statement. Reporting by John McCrank; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

Persons: Heath Tarbert, Tarbert, Jeremy Allaire, John McCrank, Chizu Organizations: YORK, Futures Trading Commission, CFTC, Securities and Exchange Commission, Treasury Department, Citadel Securities ., Concord, Corp, Thomson Locations: U.S, Citadel Securities . Boston

The U.S. Securities and Exchange Commission (SEC) on Monday took aim at Binance, the world's largest cryptocurrency exchange. The SEC accuses Binance and its CEO Changpeng Zhao of operating a "web of deception". The SEC said Coinbase traded at least 13 crypto assets that are securities that should have been registered, including tokens such as Solana, Cardano and Polygon. Reuters GraphicsFounded in 2012, Coinbase recently served more than 108 million customers and ended March with $130 billion of customer crypto assets and funds on its balance sheet. Tuesday's SEC lawsuit seeks civil fines, the recouping of ill-gotten gains and injunctive relief.

Persons: Binance, Changpeng Zhao, Kevin O'Brien, Ford O'Brien Landy, Coinbase, Nansen, Paul Grewal, Coinbase's, Ed Moya, bitcoin, Oanda's Moya, Dado Ruvic, Gary Gensler, Gensler, Kristin Smith, Jonathan Stempel, Hannah Lang, Michelle Price, Kevin Buckland, Leslie Adler, Christopher Cushing Organizations: YORK, U.S . Securities, Exchange Commission, SEC, Global Inc, Exchange, REUTERS, Securities, Supreme, Beaxy Digital, Bittrex Global, CNBC, Blockchain Association, Reuters Graphics, U.S, Binance's U.S, Thomson Locations: Manhattan, Solana, Cardano, bitcoin, Binance, Binance.US, Binance's, Cayman Islands, New York, Washington, Tokyo

The U.S. Securities and Exchange Commission on Monday took aim at Binance, the world's largest cryptocurrency exchange. The SEC said Coinbase traded at least 13 crypto assets that are securities that should have been registered, including tokens such as Solana, Cardano and Polygon. More recently, it has taken aim at unregistered crypto broker dealer, exchange trading and clearing activity. Reuters GraphicsFounded in 2012, Coinbase recently served more than 108 million customers and ended March with $130 billion of customer crypto assets and funds on its balance sheet. Tuesday's SEC lawsuit seeks civil fines, the recouping of ill-gotten gains and injunctive relief.

Persons: Binance, Changpeng Zhao, Kevin O’Brien, Ford O’Brien Landy, Coinbase, Nansen, Paul Grewal, Coinbase's, Gary Gensler, Dado Ruvic, Gensler, Kristin Smith, Jonathan Stempel, Hannah Lang, Michelle Price, Lisa Shumaker, Leslie Adler Organizations: YORK, U.S . Securities, Exchange Commission, SEC, Global, Securities, Supreme, Exchange, REUTERS, Beaxy Digital, Bittrex Global, CNBC, Blockchain Association, Reuters Graphics, U.S, Thomson Locations: Manhattan, Solana, Cardano, U.S, Binance, New York, Washington

June 5 (Reuters) - Cryptocurrencies and shares in crypto and blockchain-related companies tumbled on Monday after the U.S. securities regulator sued crypto exchange Binance, another blow to the industry. The SEC crackdown has prompted some crypto companies to increase compliance, spike products, and expand overseas, moves that some marketwatchers said would likely be accelerated by this latest action against the world's largest crypto exchange. In April, the SEC charged crypto exchange Bittrex Inc with operating an unregistered securities exchange, broker and clearing agency, and settled with Kraken in February for $30 million over the exchange's U.S. crypto staking service. Shares of Coinbase (COIN.O) were down 9.1% on the news of the SEC's charges against Binance. Both Coinbase and crypto exchange Gemini launched international exchanges for crypto derivatives in May.

Persons: Binance, Changpeng Zhao, Binance's cryptocurrency, Gary Gensler, marketwatchers, John Reed Stark, Kraken, Bittrex, James Angel, Gemini, Rajeev Bamra, Sinéad Carew, John McCrank, Manya Saini, Hannah Lang, Michelle Price, Leslie Adler, Lisa Shumaker Organizations: U.S . Securities, Exchange Commission, Reuters, SEC, Washington , D.C, Internet, Coinbase Global Inc, Georgetown University, Binance, Inc, Marathon, Mining, Moody’s Investors Service, Thomson Locations: Washington ,, U.S, New York, Bengaluru, Washington

☆ Exchange operator Cboe gets nod to launch leveraged crypto derivative products
▼ + stars: | 2023-06-05 | by ( John Mccrank | ) www.reuters.com time to read: +2 min

The U.S. Commodity Futures Trading Commission approved Cboe Digital to be the first U.S.-regulated crypto exchange and clearinghouse platform to offer leveraged derivatives when the contracts launch in the second half. The margined contracts will let users trade crypto futures while putting less collateralized capital up front, with trades executed and cleared through an approved set of member futures commission merchants, Chicago-based Cboe said. Cboe Digital currently allows trading and clearing of bitcoin and ether futures on a fully collateralized basis, meaning users must provide the full amount of futures contracts upfront. Cboe Digital also supports the spot trading of bitcoin, bitcoin cash, ether, litecoin and USDC. On Oct. 20, 2021, Chicago-based Cboe announced its intention to buy crypto exchange and clearinghouse ErisX.

Persons: Cboe, John Palmer, Jane Street, FTX, John McCrank, Hannah Lang, David Gregorio Our Organizations: YORK, U.S . Commodity Futures Trading Commission, Cboe, Robinhood Markets, Interactive, Virtu, IG Group, CFTC, Thomson Locations: U.S, Chicago, Washington

☆ Exchange operator Cboe launches global listing offering
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: +1 min

NEW YORK, June 2 (Reuters) - Exchange operator Cboe Global Markets (CBOE.Z) said on Friday it will let companies list across its U.S. and international exchanges, expanding in a fiercely competitive field dominated in the United States by the New York Stock Exchange and Nasdaq Inc (NDAQ.O). Cboe, which has stock exchanges in North America, Europe, and the Asia-Pacific region, currently lists only its own stock, along with exchange-traded funds, on its U.S. exchange. But financial software firm Abaxx Technologies Inc (ABXX.NLB), which is listed on Cboe Canada, has received conditional approval to be intralisted on Cboe U.S., the exchange operator said. "Cboe has built an expansive, global equities footprint unrivalled in the industry that uniquely positions us to deliver the first-ever truly global listing experience for issuers seeking to tap new markets beyond their home region," Dave Howson, global president of Cboe Global Markets, said in a statement. Exchanges earn recurring revenue from listings and charge various listing fees based on factors such as the amount of shares a company lists.

Persons: Cboe, Dave Howson, John McCrank, Hugh Lawson Organizations: YORK, Cboe, New York Stock Exchange, Nasdaq Inc, Abaxx Technologies, Intercontinental Exchange Inc, NYSE, Nasdaq, Thomson Locations: United States, North America, Europe, Asia, Pacific, Cboe Canada, Cboe, Canada, Netherlands, Australia, Chicago

[1/9] Investors and guests arrive for the Berkshire Hathaway annual shareholders' meeting in Omaha, Nebraska, U.S. May 6, 2023. Speaking at Berkshire's annual shareholder meeting, Buffett criticized how politicians, regulators and the press have handled the recent failures of Silicon Valley Bank, Signature Bank and First Republic Bank, saying their "very poor" messaging has unnecessarily frightened depositors. At the meeting, Berkshire shareholders reelected all directors and rejected shareholder proposals concerning climate change, diversity and political activities. LIGHTED MATCHBuffett said regulators were right to guarantee depositors of Silicon Valley Bank, saying that not doing so "would have been catastrophic." He also said bank shareholders and executives should bear the risks of mismanagement, with Munger criticizing executives concerned more with getting rich than with customers.

☆ Warren Buffett says Berkshire is cautious on banking sector
▼ + stars: | 2023-05-06 | by ( John Mccrank | ) www.reuters.com time to read: +4 min

REUTERS/Rachel MummeyNEW YORK, May 6 (Reuters) - Warren Buffett on Saturday said Berkshire Hathaway (BRKa.N) is cautious around the banking sector, largely because of poor messaging by officials around government-insured deposits, as well as distorted incentives he said were brought on by banking regulation. "The U.S. government and the American public have no interest in having a bank fail and having deposits actually lost by people," he said. Part of the reason for that is that incentives in banking regulation are "so messed up," he said. First Republic Bank, the latest regional U.S. bank to fail, disclosed that it was offering non-guaranteed jumbo-sized mortgages at fixed rates in its annual report. "The incentives in bank regulation are so messed up and so many people have an interest in having them messed up -- it's totally crazy," Buffett said.

Speaking at the annual meeting of his conglomerate Berkshire Hathaway Inc (BRKa.N), criticized how politicians, regulators and the press have handled the recent failures of Silicon Valley Bank, Signature Bank and First Republic Bank, saying their "very poor" messaging has unnecessarily frightened depositors. The meeting featured Buffett, 92, who is Berkshire's chairman and chief executive, and Vice Chairman Charlie Munger answering five hours of shareholder questions. LIGHTED MATCHBuffett said regulators were right to guarantee depositors of Silicon Valley Bank, saying that not doing so "would have been catastrophic." Buffett defended the size of Berkshire's $151 billion Apple investment, saying consumers are less likely to shed their $1,500 iPhones than, for example, their $35,000 second cars. Many recognized it could be one of their last chances to see Buffett and Munger, given their ages.

Buffett spoke hours after Berkshire posted a $35.5 billion quarterly profit and said it bought back $4.4 billion of its own stock, a sign it considered the shares undervalued. The meeting features Buffett, 92, who is Berkshire's chairman and chief executive, and Charlie Munger, 99, a vice chairman, answering five hours of shareholder questions. Many recognized it could be one of their last chances to see Buffett and Munger, given their advanced ages. Yongsheng Zhao, who lives in Shanghai and is a researcher for an asset management firm, said he showed up at midnight to attend his eighth Berkshire meeting. "I am inspired by their passion and normalcy," he said, referring to Buffett and Munger.

OMAHA, Nebraska, May 6 (Reuters) - Warren Buffet on Saturday said he is more comfortable with Berkshire Hathaway Inc (BRKa.N) deploying capital in Japan than Taiwan, reflecting the growing tensions between the United States and China. The billionaire investor contrasted Berkshire's recently increased investments in five Japanese trading houses with its recent U-turn on a multi-billion dollar investment in Taiwan Semiconductor Manufacturing Co, or TSMC (2330.TW). "It's a marvelous company," Buffett said at Berkshire’s annual meeting, referring to Taiwan Semiconductor. But "I would feel better about capital that we've got deployed in Japan than in Taiwan.... That's the reality." Tensions between the U.S. and China have simmered in recent months, with some investors worried that China might invade Taiwan.

OMAHA, Nebraska, May 6 (Reuters) - Warren Buffett on Saturday offered a vote of confidence in the United States, saying he could not imagine the government letting it default on its debt and risk letting the world's financial system "go into turmoil." Buffett, 92, who is Berkshire's chairman and chief executive, and Charlie Munger, 99, a vice chairman, are answering five hours of shareholder questions at the meeting. Many recognized it could be one of their last chances to see Buffett and Munger, given their advanced ages. Yongsheng Zhao, who lives in Shanghai and is a researcher for an asset management firm, said he showed up at midnight to attend his eighth Berkshire meeting. "I am inspired by their passion and normalcy," he said, referring to Buffett and Munger.

☆ U.S. SEC adopts new rules around private fund disclosures, share buybacks
▼ + stars: | 2023-05-03 | by ( John Mccrank | ) www.reuters.com time to read: +2 min

NEW YORK, May 3 (Reuters) - The U.S. Securities and Exchange Commission on Wednesday adopted new disclosure rules for hedge fund and private equity fund advisors aimed at increasing transparency, competition, and efficiency in the $25-trillion marketplace. The regulator also adopted a final rule to enhance the disclosures companies make around share buybacks that requires quantitative disclosure of daily repurchases on a quarterly or semi-annual basis, depending on the type of issuer. The aim of the rule is to provide investors with more information to assess the purposes and effects of share repurchases, which last year amounted to nearly $950 billion, the SEC said. "Through these disclosures, investors will be able to better assess issuer buyback programs," Gensler said. "The disclosures will also help lessen some of the information asymmetries inherent between issuers and investors in buybacks.

☆ U.S. SEC issues guidance on broker and adviser 'care obligations'
▼ + stars: | 2023-04-20 | by ( John Mccrank | ) www.reuters.com time to read: +2 min

The guidance, which is the third in a series of such documents, specifically clarifies brokers' and advisers' so-called "care obligations" under the SEC's long-standing investment adviser fiduciary standard and its Regulation Best Interest rule (Reg BI), passed in 2019. Reg BI is a package of rules requiring brokers to disclose potential conflicts in the fees investors pay and the commissions brokers earn when giving financial advice. The rules also require brokers to raise the standard for giving advice to meet a client's best interest when recommending stocks, mutual funds and other financial products. Consumer groups criticized the Reg BI rule for being too vague in its definition of "best interest" while not addressing all potential conflicts. The guidance under the current Democratic-led SEC, seeks to plug some of these gaps, analysts have said.

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