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☆ Top Wall Street analysts pick these 3 dividend stocks for higher returns
▼ + stars: | 2024-04-21 | by ( Tipranks.Com Staff | ) www.cnbc.com time to read: +6 min

Here are three attractive dividend stocks, according to Wall Street's top experts on TipRanks, a platform that ranks analysts based on their past performance. Enterprise Products PartnersThis week's first dividend stock is Enterprise Products Partners (EPD), a midstream energy services provider. (See EPD Technical Analysis on TipRanks)Goldman SachsLet's move to Goldman Sachs (GS), one of the leading investment banks in the U.S. In the first quarter, Goldman Sachs returned $2.43 billion of capital to shareholders through share repurchases worth $1.5 billion and dividends of $929 million. (See Goldman Sachs Stock Buybacks on TipRanks)Cisco SystemsFinally, let's look at Cisco Systems (CSCO), a networking equipment maker.

Persons: Wall, Elvira Scotto, Scotto, TipRanks, Goldman Sachs, Stephen Biggar, Tal Liani, Cisco's, Liani Organizations: Wall Street, Enterprise Products, Enterprise Products Partners, RBC Capital, U.S, Goldman, Biggar, Securities Industry, Financial Markets Association, Cisco Systems, Cisco, Bank of America Securities Locations: Delaware, industrywide

☆ Terraform Labs and founder Do Kwon found liable in US civil fraud trial
▼ + stars: | 2024-04-05 | by ( ) edition.cnn.com time to read: +4 min

Kwon designed TerraUSD and Luna, a more traditional token that fluctuated in value but was closely linked to TerraUSD. The SEC is seeking civil financial penalties and orders barring Kwon and Terraform from the securities industry. Kwon falsely attributed the recovery to the reliability of TerraUSD’s algorithms, according to the regulator. Earlier in the case, Terraform argued that securities laws did not apply to the cryptocurrencies it developed. After a final judgment in the case, Terraform will be able to challenge that ruling on appeal.

Persons: Kwon, Terraform’s blockchain, Luna, Jed Rakoff, Terraform, Gurbir Grewal, ” Grewal, ”, Laura Meehan, ” Meehan, Terraform’s, Louis Pellegrino, ” Pellegrino, Rakoff Organizations: Labs, US Securities and Exchange Commission, SEC, SEC Division Locations: Manhattan, Singapore, Montenegro, United States, South Korea

☆ Terraform Labs and founder Do Kwon found liable in U.S. civil fraud trial
▼ + stars: | 2024-04-05 | by ( ) www.cnbc.com time to read: +2 min

A police officer escorts Terraform Labs co-founder Do Kwon after he served a sentence for document forgery in Podgorica, Montenegro, March 23, 2024. A jury in Manhattan found Singapore-based Terraform Labs and its founder Do Kwon liable on civil fraud charges on Friday, agreeing with the U.S. Securities and Exchange Commission that they misled investors before their stablecoin's 2022 collapse shocked cryptocurrency markets. The regulator is seeking civil financial penalties and orders barring Kwon and Terraform from the securities industry. Kwon, who was arrested in Montenegro in March 2023, did not attend the trial, which began March 25. Kwon designed TerraUSD and Luna, a more traditional token that fluctuated in value but was closely linked to TerraUSD.

Persons: Kwon, Terraform's blockchain, Laura Meehan, Meehan, Louis Pellegrino, Luna Organizations: Terraform Labs, Labs, U.S . Securities, Exchange Commission, SEC Locations: Podgorica, Montenegro, Manhattan, Singapore, South Korea

☆ The average Wall Street bonus dipped 2% last year, to $176,500
▼ + stars: | 2024-03-19 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +3 min

New York CNN —Last year wasn’t the most lucrative for Wall Street bankers, but their bonus payouts still easily trounced US median household income. The average Wall Street bonus for 2023 was $176,500, according to estimates that will be released Tuesday morning by New York State Comptroller Thomas DiNapoli. Wall Street earnings last year were mixed, and merger and acquisition activity was underwhelming. Nevertheless, a little perspective: The average Wall Street bonus, which comes on top of the nearly half-a-million-dollar average Wall Street salary, was itself almost 2.5 times higher than the median US household income of $74,580, according to Census data for 2022. Beyond bringing in tax revenue for government coffers, Wall Street workers contribute substantially to the local Gotham economy.

Persons: Thomas DiNapoli, ” DiNapoli, DiNapoli Organizations: New, New York CNN, Wall Street, New York, Wall Locations: New York, New York State, New York City, Gotham

☆ How 3 big Supreme Court cases could derail the government
▼ + stars: | 2023-11-29 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +7 min

On Wednesday, the Supreme Court is hearing a case challenging the authority of federal agencies. AdvertisementThree major Supreme Court cases could upend the way the government works — and put Americans' federal benefits and consumer protections at risk. These are the other big cases to follow on the Supreme Court's docket. AdvertisementChanging how the federal government is allowed to make regulationsAnother Supreme Court challenge has big implications for the way all federal agencies function. AdvertisementThe Supreme Court will likely issue final decisions on these cases by June.

Persons: —, George Jarkesy, Jarkesy, Sheila Bair, Loper, Raimondo Organizations: Service, SEC, Securities and Exchange Commission, Center, American Progress, Social Security, Social Security Administration, Financial, Community Financial Services Association of America Ltd, Federal, Fifth Circuit, Federal Deposit Insurance, Loper Bright Enterprises, National Marine Fisheries Locations: Chevron

☆ SEC's in-house enforcement powers at risk in US Supreme Court case
▼ + stars: | 2023-11-28 | by ( Andrew Chung | ) www.reuters.com time to read: +6 min

The case involves hedge fund manager George Jarkesy, who the SEC fined and barred from the industry after determining he had committed securities fraud. Critics of the agency have argued that its in-house system gives it the unfair advantage of prosecuting cases before its own judges rather than before a jury in federal court. The case could make it harder for the SEC weed out bad actors in the securities industry, legal experts said. The court in 2018 faulted the way the SEC selected its in-house judges, and in April made it easier for targets of agency actions to mount challenges in federal court. The FINRA case - a constitutional challenge to its structure brought by Utah-based Alpine Securities Corp - is currently before another federal appellate court and eventually could come to the Supreme Court.

Persons: Andrew Kelly, Joe Biden's, George Jarkesy, Jarkesy, infringes, Benjamin Edwards, Edwards, FINRA, James Park, Andrew Chung, Will Dunham Organizations: U.S . Securities, Exchange Commission, SEC, Washington , D.C, REUTERS, Exchange, Circuit, 5th Circuit, Financial Industry Regulatory Authority, University of Nevada, Consumer, U.S, Constitution, Patriot28, Securities, Jarkesy, Alpine Securities Corp, Supreme, UCLA School of Law, Thomson Locations: Washington ,, New Orleans, Constitution's, Las Vegas, Houston, disgorge, Utah

☆ ICBC’s Entree Onto Wall Street Looked Like a Bargain—Until Hackers Crippled Its U.S. Unit
▼ + stars: | 2023-11-26 | by ( Justin Baer | ) www.wsj.com time to read: 1 min

After ICBC FS was hacked, it was forced to unplug from the U.S. Treasury market and begin to clear trades manually. Photo: Alexander Cohn/The Wall Street JournalIndustrial & Commercial Bank of China, the world’s largest bank, paid $1 for its place on Wall Street. It got more than it bargained for. The Chinese lender acquired a small New York broker-dealer in 2010, a move that extended its presence into the U.S. securities industry. It is now dealing with the fallout from a cyberattack this month that crippled that business and briefly triggered widespread concerns about the fragility of the largest cash market in the world.

Persons: Alexander Cohn Organizations: ICBC FS, U.S . Treasury, Street, Commercial Bank of China Locations: New York

☆ Business Insider changes back to its former name as Henry Blodget leaves CEO role
▼ + stars: | 2023-11-14 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Henry Blodget is stepping down as chief executive of Insider, a business news-focused website he co-founded in 2007 that has undergone many reinventions. In a statement, the company said she “played a pivotal role in skillfully steering Business Insider through the challenges of a pandemic and the sharp downturn in the advertising industry, while simultaneously fine-tuning Business Insider’s strategy.”Blodget, a former analyst who was charged with civil securities fraud in 2003 and barred from the securities industry, isn’t leaving Business Insider. The publication was originally named “Silicon Alley Insider” when it was launched in 2007, focusing on coverage of the New York business community, before changing its name to Business Insider two years later. A general news website called “Insider” was launched a year later. A return to Business Insider “reaffirms our center of gravity around business, tech, and innovation,” Peng wrote.

Persons: New York CNN — Henry Blodget, Barbara Peng, “, ”, Axel Springer, ” Peng, we’ve Organizations: New, New York CNN, “, Business Locations: New York

The pay bumps could help win over some employees who balked at smaller bonuses last year that they blamed on losses from the retail operations. The firm's allocation for bonuses fell by as much as 40% in 2022, according to another source, after earnings slid 48%. Wall Street pay varies widely based on performance and market conditions, and bonuses account for a large share of compensation - in some cases more than double an employee’s annual salary. Goldman was involved in several major transactions in recent months that spurred optimism about a nascent market recovery. WALL STREET BONUS SLIDEThe potential compensation gains contrast with expectations for a broader industry slide.

Persons: Goldman Sachs, Stephen Biggar, Goldman, David Solomon, hasn't, we're, We're, Julian Salisbury, Dina Powell McCormick, They've, Christopher Connors, WALL, Thomas DiNapoli, Sheffield, Banks, Natalie Machicao, Lananh Nguyen, Saeed Azhar, Megan Davies, Matthew Lewis Organizations: Argus Research, Wall, Goldman, Sixth, MSD Partners, Bloomberg, Natural Resources, Exxon Mobil, Arm Holdings, Johnson Associates, York, Sheffield Haworth, Thomson Locations: Biggar, Sheffield Haworth, New York

☆ Exclusive: ICBC injected capital into U.S. unit after hack - sources
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: +1 min

The logo of Industrial and Commercial Bank of China (ICBC) is seen at its branch at its headquarters in Beijing, China, March 30, 2016. The rest of Wall Street has cut off the bank’s connection to their systems pending the review, the sources said. The attack, confirmed by ICBC on Thursday, is the latest in a string of ransom demands by hackers this year. ICBC Financial Services, the bank's U.S. unit, said on Thursday it was investigating the attack that disrupted some of its systems, and making progress toward recovering from it. Reporting by Paritosh Bansal and Lananh Nguyen; additional reporting by Carolina Mandl; editing by Megan DaviesOur Standards: The Thomson Reuters Trust Principles.

Persons: Kim Kyung, ICBC, SIFMA, Paritosh Bansal, Lananh Nguyen, Carolina Mandl, Megan Davies Organizations: Industrial, Commercial Bank of China, REUTERS, Securities Industry, Financial Markets Association, ICBC Financial Services, Thomson Locations: Beijing, China, U.S

☆ Exclusive: ICBC hack led to unit temporarily owing BNY $9 bln - sources
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: +1 min

The logo of Industrial and Commercial Bank of China (ICBC) is seen at its branch at its headquarters in Beijing, China, March 30, 2016. BNY has since been paid back, the sources said. The attack, confirmed by ICBC on Thursday, is the latest in a string of ransom demands by hackers this year. ICBC Financial Services, the bank's U.S. unit, said on Thursday it was investigating the attack that disrupted some of its systems, and making progress toward recovering from it. Reporting by Paritosh Bansal; editing by Megan DaviesOur Standards: The Thomson Reuters Trust Principles.

Persons: Kim Kyung, BNY, ICBC, Paritosh, Megan Davies Organizations: Industrial, Commercial Bank of China, REUTERS, Commercial Bank of China's, U.S, Bank of New York Mellon, ICBC Financial Services, Securities Industry, Financial Markets Association, Thomson Locations: Beijing, China, U.S

ICBC's U.S. unit told market participants on Friday it was hoping to finish the cyber review over the weekend, but the sources said they expected it would spill into next week. The cyberattack sent ripples through the U.S. Treasuries market, where ICBC acts as a broker for hedge funds and other market participants, helping them trade in the securities. The Chinese parent then injected capital into the U.S. unit, allowing it to settle the trades and pay back BNY Mellon, the sources said. They also told market participants about the capital injection but did not disclose the amount or the reason for it, the sources said. SIFMA, the trade group, organized calls for market participants with updates, the sources said.

Persons: Tingshu Wang, BNY Mellon, ransomware, ICBC, SIFMA, Janet Yellen, Lifeng, Scott Skyrm, Jack McIntyre, Harry Robertson, James Pearson, Naomi Rovinick, Yoruk, Davide Barbuscia, Chris Prentice, Mike Derby, Carolina Mandl, Laura Matthews, Paritosh, Zeba, Megan Davies, Dhara Ranasinghe, Alexander Smith, Richard Chang, Anna Driver Organizations: Asset Management, Fair for Trade, Services, REUTERS, Commercial Bank of China, U.S ., ICBC Financial Services, Securities Industry, Financial Markets Association, ICBC, Treasury, China, U.S, New York Federal Reserve, Securities, Depository Trust, Clearing Corp, Thomson Locations: Beijing, China, ICBC's U.S, U.S, San Francisco, Treasuries, Hong Kong, Shanghai, London, Amsterdam, Carolina, New York

Industrial and Commercial Bank of China Ltd (ICBC)'s logo is seen at its branch in Beijing, China, March 30, 2016. REUTERS/Kim Kyung-Hoon/File Photo Acquire Licensing RightsCompanies Industrial and Commercial Bank of China Ltd FollowNov 9 (Reuters) - A ransomware attack on Industrial and Commercial Bank of China (ICBC) disrupted some trades in the U.S. Treasury market on Thursday, the Treasury Department said. In ransomware attacks, hackers encrypt an organization's systems and demand ransom payments in exchange for unlocking them. The Financial Times reported earlier on Thursday that the U.S. Securities Industry and Financial Markets Association (SIFMA) told members that ICBC (601398.SS) had been hit by ransomware that disrupted the U.S. Treasury market by preventing it from settling trades on behalf of other market players. We continue to monitor the situation," a Treasury spokesperson said in a response to a question about the FT report.

Persons: Kim Kyung, Urvi, Pete Schroder, Zeba Siddiqui, Alexander Smith, Michelle Price, Lisa Shumaker Organizations: Commercial Bank of China Ltd, REUTERS, Industrial, Commercial Bank of China, U.S . Treasury, Treasury Department, Financial Times, U.S . Securities Industry, Financial Markets Association, Treasury, Thomson Locations: Beijing, China, U.S, Bengaluru, Washington

China's foreign ministry said on Friday the lender is striving to minimise risk impact and losses after the attack. "We don't often see a bank this large get hit with this disruptive of a ransomware attack," said Allan Liska, a ransomware expert at the cybersecurity firm Recorded Future. TRADES CLEAREDICBC said it had successfully cleared Treasury trades executed on Wednesday and repurchase agreements (repo) financing trades done on Thursday. Some market participants said trades going through ICBC were not settled due to the attack and affected market liquidity. The Treasury market appeared to be functioning normally on Thursday, according to LSEG data.

Persons: Kim Kyung, ICBC, Wang Wenbin, Wang, Lockbit, Allan Liska, Scott Skrym, Michael Gladchun, Loomis Sayles, SIFMA, Urvi, Pete Schroder, Gertrude Chavez, Davide Barbuscia, Carolina Mandl, Paritosh Bansal, Joe Cash, Stephen Coates, Tomasz Janowski Organizations: Commercial Bank of China Ltd, REUTERS, Industrial, Commercial Bank of China, Commercial Bank of China's, U.S . Treasury, ICBC Financial Services, Cybersecurity, Infrastructure Security Agency, Boeing, U.S . Treasury Department, Treasury, Securities, Financial Times, U.S . Securities Industry, Financial Markets Association, Thomson Locations: Beijing, China, U.S, Bengaluru, Washington, Carolina

☆ Congress Must Aid Fight Against Illicit Use of Crypto, Treasury Official Says
▼ + stars: | 2023-11-08 | by ( Richard Vanderford | ) www.wsj.com time to read: 1 min

Deputy Treasury Secretary Wally Adeyemo. Photo: daniel leal/Agence France-Presse/Getty ImagesA senior Treasury Department official said the Biden administration wants new powers from Congress to aid in a crackdown on the illicit use of cryptocurrencies, citing digital asset flows allegedly connected to Palestinian militant group Hamas. Treasury has been in communication with Democrats and Republicans about actions that they could take, Deputy Treasury Secretary Wally Adeyemo said Tuesday in Washington at the annual meeting of the Securities Industry and Financial Markets Association, a trade group.

Persons: Wally Adeyemo, daniel leal, Biden Organizations: Agence France, Treasury Department, Hamas, Treasury, Securities Industry, Financial Markets Association Locations: Washington

☆ US SEC proposes banning volume-based trading discounts for stock brokerages
▼ + stars: | 2023-10-18 | by ( Douglas Gillison | ) www.reuters.com time to read: +3 min

The headquarters of the U.S. Securities and Exchange Commission (SEC) are seen in Washington, July 6, 2009. FollowOct 18 (Reuters) - Wall Street's top regulator on Wednesday proposed new regulations it said should level the playing field among broker-dealers operating on U.S. stock exchanges by ending pricing schemes that tend to favor bigger players. At a public meeting in Washington, a divided five-member U.S. Securities and Exchange Commission voted 3-2 to propose banning stock exchanges from offering lower transaction prices and rebates to brokerages with higher trading volumes, something officials said creates unfair competitive advantages for larger firms. The ban on transaction price discounts and rebates would not apply when brokerages trade for themselves, SEC officials said in advance of the meeting. In those cases, stock exchanges will have to disclose pricing tiers and the number of exchange members who qualify to the SEC, which will make this available to the public.

Persons: Jim Bourg, Gary Gensler, Hester Peirce, Ellen Greene, Douglas Gillison, Jonathan Oatis Organizations: U.S . Securities, Exchange Commission, SEC, REUTERS, AddSekkei Inc, Exchange, Republican, American Securities Association, Securities Industry, Financial Markets Association, Thomson Locations: Washington, brokerages

☆ Wall St bonuses may drop 16% as higher rates threaten businesses - NY Comptroller
▼ + stars: | 2023-10-12 | by ( ) www.reuters.com time to read: +1 min

[1/2] The Wall Street sign is pictured at the New York Stock exchange (NYSE) in the Manhattan borough of New York City, New York, U.S., March 9, 2020. REUTERS/Carlo Allegri/File Photo Acquire Licensing RightsOct 12 (Reuters) - Wall Street bonuses could fall 16% this year as interest rates possibly staying higher for longer threatens the performance of financial companies, according to New York State Comptroller Thomas DiNapoli. The drop, however, would be less sharp than last year's 26% decline that shrank bonuses to $176,700 on average. While higher-for-longer rates could impede business activity, some experts have predicted the central bank would manage to guide the economy to a soft landing. Reporting by Niket Nishant in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Persons: Carlo Allegri, Thomas DiNapoli, DiNapoli, Goldman Sachs, Morgan Stanley, Niket, Vinay Dwivedi Organizations: New York Stock, REUTERS, New York, Federal, Securities, Thomson Locations: Manhattan, New York City , New York, U.S, New York City, Bengaluru

☆ Hedge funds using computers to sell up to $30 billion of stocks soon - UBS
▼ + stars: | 2023-10-02 | by ( Nell Mackenzie | ) www.reuters.com time to read: +2 min

A logo of Swiss bank UBS is seen in Zurich, Switzerland March 29, 2023. REUTERS/Denis Balibouse/File Photo Acquire Licensing RightsLONDON, Oct 2 (Reuters) - Hedge funds using computers to trade equities are expecting to start selling to the tune of $20 billion to $30 billion in the next two weeks given retreating stock markets, a UBS (UBSG.S) note seen by Reuters shows. Hedge funds using algorithms to follow market trends have turned neutral from bullish on stocks, the UBS note said. This will be the first time these hedge funds will be net short equity markets since November 2022, the bank said. The size of the U.S. stock market is estimated to be $46.2 trillion, according to the Securities Industry and Financial Markets Association.

Persons: Denis Balibouse, CTAs, Nell Mackenzie, Dhara Ranasinghe, Alison Williams Organizations: Swiss, UBS, REUTERS, Reuters, Securities Industry, Financial Markets Association, Currency, Bank for International, Thomson Locations: Zurich, Switzerland, U.S

The Treasury Department subsequently kicked off a rule-making process to implement the order, and financial firms have been rushing to meet a Sept. 28 to provide input. "It could apply to companies that are outside of China but are subsidiaries of Chinese companies or controlled by a Chinese person." While the U.S. already has restrictions on some Chinese investments in the U.S. and U.S. investments in China, the order creates a new program. The program proposes exempting publicly traded securities and index and mutual funds, but financial firms want those securities to be more tightly defined. Financial firms say they support the administration's national security goals but worry about increased liability and the economic costs of restricting capital flows.

Persons: Florence Lo, Joe Biden, Timothy Keeler, Mayer Brown, Jen Fernandez, Sidley Austin, Jay Clayton, Sullivan, Cromwell, Keeler, Peter Matheson, Fernandez, Pete Schroeder, Carol Mandl, Michelle Price, Deepa Babington Organizations: REUTERS, WASHINGTON, Treasury Department, Foreign Investment, Treasury, Former Securities and Exchange, DE, Financial, U.S, Securities Industry, Financial Markets Association, Thomson Locations: China, U.S, United States

LONDON, Sept 15 (Reuters) - The world's five biggest hedge funds have doubled their footprint in the U.S. stock market through leverage and trading positions since 2014, according to a Goldman Sachs (GS.N) note to clients seen by Reuters. "At this point, we estimate that multi-manager hedge funds hold 30% of the gross market value in U.S. equities," said the note referring to just the hedge fund industry's market footprint in U.S. stocks. Goldman calculates that the biggest hedge funds have about 1% of this stock. The size of the assets held by the biggest hedge funds also outstripped the rest of the industry, growing by 21% in the last 12 months versus 9% for the rest of the hedge fund industry, the note said. This was the first time in Goldman's data that multi-manager hedge funds underperformed the risk free rate, or core government bond yields, Goldman said.

Persons: Goldman Sachs, Goldman, Nell Mackenzie, Dhara Ranasinghe, Mark Potter Organizations: Reuters, Securities Industry, Financial Markets Association, Goldman, Thomson Locations: U.S, Carolina

The groups argued that banks cannot properly respond to the proposal, which would require lenders to hold more cash to absorb losses, without that analysis. The Fed drafted the rules with the Federal Deposit Insurance Corp (FDIC) and Office of the Comptroller of the Currency (OCC). The "Basel Endgame" proposal implements international capital standards agreed by the Basel Committee on Banking Supervision in the aftermath of the 2007-2009 financial crisis. The U.S. central bank has estimated it will increase industry capital requirements by $170 billion. "These capital rules will have an impact on economic growth and that will affect large businesses and small businesses and their access to capital."

Persons: Rick Wilking, Goldman Sachs, Morgan Stanley, Banks, David Solomon, Jamie Dimon, Morgan Stanley's, Dan Simkowitz, Pete Schroeder, Saeed Azhar, Lananh Nguyen, Tatiana Bautzer, Michelle Price, Paul Simao, Deepa Babington Organizations: Deposit Insurance Corporation, REUTERS, Rights, Federal Reserve, JPMorgan Chase, Citigroup, APA, Fed, Federal Deposit Insurance Corp, Currency, OCC, Banking, Reuters, JPMorgan, FDIC, Republican, Financial, Bank Policy Institute, American Bankers Association, Financial Services, Institute of International Bankers, Securities Industry, Financial Markets Association, Chamber of Commerce, Thomson Locations: Westminster , Colorado, U.S, Washington

☆ US SEC approves new fee rules on market data surveillance system
▼ + stars: | 2023-09-06 | by ( Douglas Gillison | ) www.reuters.com time to read: +3 min

REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsSept 6 (Reuters) - Wall Street's top regulator on Wednesday approved new rules on the funding of a comprehensive market data surveillance system to split its operating costs among buyers, sellers and the stock exchanges where they trade. This shifts away from a structure based on message traffic and market share, while allowing stock exchanges several years to recoup hundreds of millions already spent. The new rules aim to split the cost burden into equal thirds between exchanges, buyers and sellers, according to SEC officials. While the CAT system is partially operational, buyers and sellers have yet to begin paying in, officials said prior to the vote. A year ago, the SEC cited CAT data in the prosecution of an alleged $47 million front-running scheme.

Persons: Andrew Kelly, Kara Stein, Douglas Gillison, Chizu Nomiyama, David Gregorio Our Organizations: U.S . Securities, Exchange Commission, Washington , D.C, REUTERS, Audit, CAT, SEC, The Securities Industry, Financial Markets Association, Thomson Locations: Washington ,

☆ US SEC poised to adopt rules for $20 tln private fund industry
▼ + stars: | 2023-08-17 | by ( Douglas Gillison | ) www.reuters.com time to read: +3 min

Signage is seen at the headquarters of the U.S. Securities and Exchange Commission (SEC) in Washington, D.C., U.S., May 12, 2021. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsAug 17 (Reuters) - Wall Street's top regulator is set next week to adopt new transparency rules for the $20-trillion private investment fund industry, according to an official notice, acting on a proposal that has drawn sharp industry objections. In early 2022, the SEC proposed a set of changes for private fund advisers that would, among other things, require them to produce quarterly statements on performance and fees and submit to annual audits. Under current rules, some broker-dealers who perform proprietary trades on exchanges of which they aren't members need not join FINRA. The proposal would now require FINRA membership for such broker-dealers unless they are members of national securities exchanges and carry no customer accounts.

Persons: Andrew Kelly, Mary Jo White, Douglas Gillison, Andy Sullivan, Alistair Bell Organizations: U.S . Securities, Exchange Commission, SEC, Washington , D.C, REUTERS, Financial Industry Regulatory Authority, Democratic, Industry, Securities Industry, Financial Markets Association, Thomson Locations: Washington ,

HONG KONG, Aug 15 (Reuters Breakingviews) - Hong Kong has lost some permanent appeal. The introduction of two sets of approvals was mandated three decades ago when foreign investors wanted additional protections to invest in the first wave of Chinese firms listing in Hong Kong. China's domestic securities laws have since developed and global investors can now directly buy shares onshore through various channels. That could lead to more onshore shares being issued relative to offshore shares, further diluting minority owners in Hong Kong. In 2020, Hong Kong shareholders vetoed the Bank of Zhengzhou's proposal to avoid such an outcome.

Persons: Hong Kong, HKEX, Una Galani, Thomas Shum Organizations: Reuters, Hong Kong Exchanges, HK, China Securities Regulatory Commission, Asia Securities Industry, Financial Markets Association, Corporate Governance Association, China Life Insurance, Wall, Hong, Bank of, Companies, Global, Hang Seng China Enterprise Index, Graphics Global, Thomson Locations: HONG KONG, Hong Kong, China, Shanghai, Shenzhen, Hong

☆ Goldman Sachs says chief of staff John Rogers to step back from longtime role
▼ + stars: | 2023-08-08 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

John Rogers, who joined Goldman in 1994 and served as chief of staff to four of the bank's CEOs, is giving up that role next month, Solomon said in the employee memo. For decades, Rogers, 67, wielded outsized influence at Goldman, an institution sometimes called "Government Sachs" because former executives have gone on to presidential administration roles. While Rogers is ceding his chief of staff responsibilities to Russell Horwitz, a former deputy of his who was most recently global affairs chief of Citadel, he is retaining other roles. As incoming chief of staff, Horwitz, who spent 16 years at Goldman before departing in 2020, will oversee corporate communications and government and regulatory affairs. "Please join me in thanking John for his long and impactful tenure as chief of staff, as well as his continued commitment to Goldman Sachs in his other firmwide responsibilities, and in welcoming Russell back to Goldman Sachs," Solomon said.

Persons: John Rogers, Goldman Sachs, David Solomon, Goldman, Solomon, Rogers, Sachs, Hank Paulson, Russell Horwitz, Horwitz, John, Russell Organizations: Securities Industry, Financial, Washington , D.C, Goldman, The New York Times, Citadel Locations: Washington ,

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