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☆ U.S. SEC obtained $6.4 bln from enforcement in fiscal 2022 -chair
▼ + stars: | 2022-11-02 | by ( Chris Prentice | ) www.reuters.com time to read: +1 min

WASHINGTON, Nov 2 (Reuters) - The U.S. Securities and Exchange Commission (SEC) obtained $6.4 billion from enforcement actions, including $4 billion in penalties, in fiscal 2022, the agency's chair Gary Gensler said on Wednesday. The large number of levies - collected in fines, judgments and other fees from about 700 enforcement actions - would mark a record, underscoring the Wall Street regulator's more aggressive stance against corporate wrongdoing under Democratic leadership. The total levied is higher than the previous year's $3.9 billion the SEC obtained from 697 actions and than 2020's record of $4.7 billion across 715 cases, according to a review of SEC's previous enforcement results. Gensler highlighted the SEC's enforcement activity in the year ended September 30 in prepared remarks at a Practicing Law Institute event. The agency is expected to publish its full enforcement report sometime this month.

LNG prices recently have cooled with Europe's gas storage levels rising to over 90% of target capacity and a slow start to winter. In Asia, however, a declaration of force majeure on gas supplies by Malaysian state-energy company Petronas (PETR.KL) has LNG customers in Japan scrambling for alternative cargoes. A total of 88 tankers carrying 6.27 million tonnes of LNG departed in October from U.S. ports, mostly heading to Europe, the data showed. LNG shipments from U.S. ports fell slightly to 6.27 million tonnes in October, with more cargoes going to Asia, where customers of Malaysian liquefied gas scramble to source alternative supplies. The shutdown of the second-largest U.S. LNG export plant has hit many customers, including Japan's biggest LNG buyer, JERA, which last week said it will book a $751-million loss mostly due to higher purchase costs.

☆ Australian software company ReadyTech gets $308 mln bid from PE firm
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +1 min

Nov 1 (Reuters) - Australia's ReadyTech Holdings (RDY.AX) said on Tuesday it has received an A$481.4 million ($308.3 million) buyout offer from Pacific Equity Partners (PEP), one of the country's biggest private equity firms. The A$4.50-per-share proposal, at a near 39% premium to the stock's last close, marks the third play for an Australian technology company since last week, highlighting increasing interest in the sector amid cheap valuations. read more read moreELMO Software (ELO.AX) last week agreed to a near-A$500 million takeover from Los Angeles-based K1 Investment Management, while Nitro Software (NTO.AX) on Monday backed a similar offer from KKR Inc's (KKR.N) Alludo. ReadyTech said funds managed by Pemba Capital Partners held 32.01% of its issued shares, and that PEP would seek to obtain the Australian corporate regulator's go-ahead for the company and Pemba to work together on the proposal. ($1 = 1.5615 Australian dollars)Reporting by Upasana Singh in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

☆ Italian court suspends decision on Amazon's record fine appeal
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: +1 min

ROME, Oct 28 (Reuters) - An Italian court has suspended a decision on a request by e-commerce giant Amazon (AMZN.O) to annul a record 1.13 billion euro ($1.12 billion) fine imposed by Italy's antitrust watchdog for alleged abuse of market dominance, a court ruling showed on Friday. Italian administrative court TAR del Lazio said it had suspended judgment pending a ruling by the European Union Court of Justice over the case. Last year Italy's competition watchdog ruled that Amazon had used its dominant position in the Italian market for intermediation services on marketplaces to favour the adoption of its own logistics service by sellers active on Amazon.it. Amazon said at the time it "strongly disagreed" with the Italian regulator's decision and would appeal. ($1 = 1.0054 euros)Reporting by Marco Carta, writing by Elvira Pollina Editing by Federico Maccioni and Keith WeirOur Standards: The Thomson Reuters Trust Principles.

☆ Russia holds rates at 7.5%, cautions on inflationary effects of mobilisation
▼ + stars: | 2022-10-28 | by ( Alexander Marrow | ) www.reuters.com time to read: +3 min

Central Bank Governor Elvira Nabiullina, dressed in black with a dab of floral print, said that the bank wanted to give a neutral signal to the market on rates. INFLATIONInflation, which the central bank targets at 4%, stood at 12.9% as of Oct. 24, according to the economy ministry. The central bank tweaked its year-end inflation forecast to 12-13% from 11-13%. "According to the Bank of Russia's forecast, given the monetary policy stance, annual inflation will drop to 5.0–7.0% in 2023 to return to 4% in 2024." The central bank improved its GDP forecast for this year to a contraction of 3-3.5% from an expected 4-6% decline previously.

☆ U.S. SEC to vote on executive compensation clawback rule
▼ + stars: | 2022-10-26 | by ( John Mccrank | ) www.reuters.com time to read: +2 min

Oct 26 (Reuters) - The U.S. Securities and Exchange Commission on Wednesday will vote on whether to adopt a rule that would expand the regulator's powers to clawback executives' compensation when companies restate their financials due to compliance lapses. The SEC could use the new power to recover compensation in excess of what the executive concerned should have received in the event a company has to restate its financials due to "material noncompliance" with securities laws. It would also direct U.S. stock exchanges to establish listing standards that would require each issuer to develop and implement such a policy. Issuers that do not adopt and comply with compensation recovery policies that meet the rule's standards would be subject to delisting. Reporting by John McCrank; Editing by Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

☆ Bill Hwang, Archegos demand end to SEC lawsuit over $36 bln firm's collapse
▼ + stars: | 2022-10-25 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

In court filings, Hwang and Archegos said the SEC failed to show how the New York-based firm traded deceptively or how its swaps trades, which they called "lawful," affected prices. "The SEC declares unlawful a number of practices that have long been accepted as entirely legitimate and commonplace in the market," Hwang said. Archegos imploded when it failed to meet margin calls after being caught short on trades through so-called total return swaps. Hwang and former Archegos Chief Financial Officer Patrick Halligan have pleaded not guilty to Department of Justice fraud and racketeering conspiracy charges over the collapse. The case is SEC v Hwang et al, U.S. District Court, Southern District of New York, No.

☆ SpaceX was fined more than $18,000 after an incident that put one of Elon Musk's workers in a coma for months
▼ + stars: | 2022-10-22 | by ( Sam Tabahriti | Kate Duffy | ) www.businessinsider.com time to read: +2 min

SpaceX was fined just over $18,000 following an accident at its facility in Hawthorne, California. Elon Musk's firm was charged with two violations by the Occupational Safety and Health Administration. The Occupational Safety and Health Administration (OSHA) said in an accident investigation summary that it fined SpaceX $18,475 for two safety violations following the incident, which was first reported by Semafor. The engineer was Francisco Cabada, a father of three from Los Angeles, former SpaceX intern Julia CrowleyFarenga told Insider. In the investigation summary, OSHA said he was performing checks on a Raptor V2 engine in January when he "suffered a skull fracture and head trauma and was hospitalized in a coma for months."

☆ South African financial regulator: crypto platforms must be licensed in 2023
▼ + stars: | 2022-10-20 | by ( Rachel Savage | ) www.reuters.com time to read: +2 min

A declaration on Wednesday that crypto assets are financial products does not mean that they are legal tender, Eugene Du Toit, head of the Financial Sector Conduct Authority's Regulatory Frameworks Department, said at a press conference. "We are not legitimising crypto assets," Du Toit said. "We are not giving credence to crypto assets." The FCSA deliberately referred to crypto assets rather than cryptocurrencies, as regulators do not believe the digital assets qualify as currencies, the regulator's head Unathi Kamlana said. Declaring that crypto assets are financial products will enable authorities to clamp down on scams and protect customers, whereas they previously had no power to do so, he said.

☆ U.S. FDA authorizes Novavax's COVID vaccine as booster for adults
▼ + stars: | 2022-10-19 | by ( Nancy Lapid | ) www.reuters.com time to read: +1 min

Oct 19 (Reuters) - The U.S. Food and Drug Administration on Wednesday authorized Novavax Inc's (NVAX.O) COVID-19 vaccine as a booster for adults. The booster authorization applies to people who are unable to get updated Omicron-tailored boosters, or those who would choose not to receive any other booster dose of a vaccine. The regulator's decision is in addition to the earlier clearance for the vaccine as a primary two-shot regimen for those 12 years and above. The company, however, has been struggling with sales of the vaccine and in August had halved its full-year revenue forecast, saying it does not expect further sales of its COVID-19 shot in the United States this year. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Leroy Leo in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ UK regulator's head of enforcement to step down in 2023
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: 1 min

LONDON, Oct 18 (Reuters) - Mark Steward, head of enforcement at Britain's Financial Conduct Authority (FCA), is stepping down early next year, the markets watchdog said on Tuesday. The FCA said it would begin a global search for his successor shortly. "Mark has brought his formidable experience as a regulator and as a litigator to the FCA, delivering significant enforcement cases across a broad spectrum, as well as the FCA’s data-led approach to market oversight," said FCA Chief Executive Nikhil Rathi. Steward, who said it had been "a privilege to serve the FCA throughout many challenges over the last seven years", joined the watchdog in 2015. Register now for FREE unlimited access to Reuters.com RegisterReporting by Kirstin Ridley and Carolyn Cohn Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Britain's Ofgem to urge public to reduce energy usage - FT
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +1 min

Oct 13 (Reuters) - Britain's energy regulator Ofgem will on Thursday urge consumers to reduce their energy usage "where possible", the Financial Times reported, less than a week after climate minister Graham Stuart said that the country would not ask its people to use less energy. The energy regulator's move would come as it prepares to launch a campaign to help households reduce their electricity and gas usage, the FT said. Senior Cabinet Office Minister Nadhim Zahawi said on Sunday it was "extremely unlikely" Britain would have planned power cuts over winter, responding to a warning from National Grid (NG.L) that the country could face blackouts if it cannot import enough energy. Register now for FREE unlimited access to Reuters.com RegisterReporting by Jose Joseph in Bengaluru; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Kardashian, who is reportedly worth $1.8 billion, agreed to pay $1.26 million to settle the charges over a promotion on Meta 's Instagram for EthereumMax's crypto asset, the SEC said. She will also cooperate with an ongoing investigation, and has agreed to not promote crypto securities for three years, the regulator added. Kardashian had already felt regulatory heat over her EthereumMax promo, which she posted on Instagram in June of last year. She started the post by asking her approximately 250 million Instagram followers, "ARE YOU INTO CRYPTO??? Her failure to disclose the payment was a violation of federal securities laws, the SEC said.

☆ Mexican senator files criminal complaint against energy minister, Pemex CEO over methane leak
▼ + stars: | 2022-09-28 | by ( Stefanie Eschenbacher | ) www.reuters.com time to read: +2 min

Opposition Senator Xochitl Galvez, who sits on committees for the environment and energy, filed the complaint to the attorney general's office against Energy Minister Rocio Nahle, Pemex CEO Octavio Romero and Angel Carrizales, who heads environmental regulator ASEA. Reuters sought comment from Nahle, Romero and Carrizales through the press teams at the energy ministry, Pemex and the regulator. Reuters also contacted Nahle, Romero and Carrizales via email and Twitter without response. The methane leak at the Zaap-C platform, which first appeared on Dec. 8, was uncovered by researchers led by Itziar Irakulis Loitxate from the Polytechnic University of Valencia. The criminal complaint filed by Galvez on Wednesday is the third complaint the senator has submitted in recent weeks after Reuters reports on Pemex methane leaks.

☆ EXCLUSIVE Mexican regulator has no record of Pemex reporting methane leak, documents show
▼ + stars: | 2022-09-27 | by ( Stefanie Eschenbacher | ) www.reuters.com time to read: +5 min

A fuel burner is seen at Mexico's state-run oil monopoly Pemex platform "Ku Maloob Zaap" in the Northeast Marine Region of Pemex Exploration and Production in the Bay of Campeche April 19, 2013. REUTERS/Victor Ruiz Garcia/File PhotoMEXICO CITY, Sept 27 (Reuters) - Mexico's environmental regulator has no records of state oil company Pemex reporting a methane leak last December at the country's top oil field, according to the regulator's response to a freedom of information request filed by Reuters. The methane leak at the Zaap-C platform, which first appeared on Dec. 8, was uncovered by researchers led by Itziar Irakulis Loitxate from the Polytechnic University of Valencia. The methane leak from the Zaap-C platform was not among the 5,235 incidents ASEA disclosed to Reuters in its response. Pemex, the world's most indebted oil company, has acknowledged in public statements the challenges it faces in maintaining and repairing ailing infrastructure.

☆ Britain's pensions trustees should check cash flow positions for market stress - regulator
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +1 min

LONDON, Sept 27 (Reuters) - Britain's pension scheme trustees should review their cash flow positions and assess if they can cope with further market stresses, following a sharp rise in gilt yields in recent days, The Pensions Regulator's policy director said on Tuesday. Register now for FREE unlimited access to Reuters.com RegisterThis may require them to set aside cash or sell more liquid assets to meet those collateral demands, the advisers add. Trustees and their advisers should look at the resilience of their investments, risk management and funding arrangements "in more detail", Fairs said. He added the regulator expected trustees to "understand the source of those cash flows and how their availability might be affected by the ability to liquidate assets held and by the collateral requirements in a variety of markets, including one under greater stress." Register now for FREE unlimited access to Reuters.com RegisterReporting by Carolyn Cohn Editing by Louise Heavens and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ YouTubers are pushing dodgy crypto investment advice. Here’s why you should ignore it.
▼ + stars: | 2022-09-26 | by ( Rob Price | Meghan Morris | ) www.businessinsider.com time to read: +15 min

Together, these revenue streams mean cryptocurrency influencers profit off their viewers no matter which way the market turns. Of course, crypto YouTube is a far cry from the regulated world of traditional finance. Armstrong told the Post that he made "maybe close to a million" from before dropping sponsored content in January 2022. A price list leaked by ZachXBT appears to show that dozens of small crypto influencers also have menus for similar undisclosed deals. But with little regulatory oversight, crypto influencers show little sign of slowing down — despite the precipitous decline of the crypto market.

☆ Russian banks lost around $25 billion from Ukraine conflict - central bank official
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: 1 min

Sept 23 (Reuters) - Russia's banks have lost an estimated 1.5 trillion roubles ($25.5 billion) as a result of the fallout from the conflict in Ukraine, a central bank official said on Friday. Maxim Lyubomudrov, who heads the regulator's department that supervises the country's largest banks, said this was an "acceptable" level of losses and that the government had plans in place to support Russia's lenders through the crisis. ($1 - 58.85 roubles)Register now for FREE unlimited access to Reuters.com RegisterReporting by ReutersOur Standards: The Thomson Reuters Trust Principles.

☆ Federal investigators recommend changes to FDA's EUA policy for tests
▼ + stars: | 2022-09-21 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterPeople wait to take coronavirus disease (COVID-19) tests at a pop-up testing site in New York City, U.S., July 11, 2022. REUTERS/Brendan McDermidSept 21 (Reuters) - Federal investigators on Wednesday recommended that the U.S. Food and Drug Administration revise its emergency use authorization (EUA) policies for tests to ensure better availability and quality during future infectious disease outbreaks. The recommendations were made by the Office of Inspector General at the Department of Health and Human Services after conducting a review of FDA's EUA activities and decision making for COVID-19 tests in the early months of the pandemic. The recommendations include revision of FDA's EUA submission policy, expansion and improvement of resources for test developers, better communication between the regulator and lab community, and developing a national testing strategy that goes beyond the EUA process. Register now for FREE unlimited access to Reuters.com RegisterReporting by Mrinalika Roy in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. FDA approves Fennec's hearing loss therapy
▼ + stars: | 2022-09-21 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterSignage is seen outside of the Food and Drug Administration (FDA) headquarters in White Oak, Maryland, U.S., August 29, 2020. REUTERS/Andrew Kelly/File PhotoSept 21 (Reuters) - The U.S. Food and Drug Administration has approved Fennec Pharmaceuticals Inc's (FENC.O) intravenous therapy to prevent chemotherapy-induced hearing loss in children, according to the health regulator's website. Cisplatin is used in treating a range of cancers in children such as liver, bone and brain cancer, but can cause permanent hearing loss. Register now for FREE unlimited access to Reuters.com RegisterPedmark is now the only approved therapy to prevent cisplatin-induced hearing loss in the United States, with most patients opting for either cochlear implants or hearing aids. Register now for FREE unlimited access to Reuters.com RegisterReporting by Raghav Mahobe and Mrinalika Roy in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ Nasdaq bets big on digital assets despite crypto turmoil
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterThe Nasdaq logo is displayed at the Nasdaq Market site in Times Square in New York City, U.S., December 3, 2021. REUTERS/Jeenah MoonSept 20 (Reuters) - Nasdaq Inc (NDAQ.O) is placing a big bet on the cryptocurrency market, with the launch of a digital assets business that is aimed at tapping institutional investors. The new unit, Nasdaq Digital Assets, will offer custody services for cryptocurrencies, including bitcoin and ethereum, potentially pitting it against firms such as Coinbase (COIN.O), Fidelity Digital Assets and Winkelvoss twin-owned Gemini that offer similar products. Bitcoin has crashed nearly 60% this year, driving companies such as Celsius Network and Voyager Digital Ltd to file for bankruptcy. Register now for FREE unlimited access to Reuters.com RegisterReporting by Mehnaz Yasmin in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ China shortens suspensions for international flights linked to COVID cases
▼ + stars: | 2022-08-07 | by ( ) www.reuters.com time to read: 1 min

Aug 7 (Reuters) - China has shortened the suspension time for inbound international flights on routes found to have COVID-19 cases starting on Aug. 7. The country's aviation regulator said in a statement on Sunday that flights on a route with an identified coronavirus case will be suspended for one week if 4% of passengers test positive, and two weeks if 8% of passengers test positive. Previously, the aviation regulator's policy was that if five passengers tested positive, the airline's flights for that route would be suspended for two weeks. The suspension will last for four weeks if 10 or more passengers test positive. Editing by Gerry DoyleOur Standards: The Thomson Reuters Trust Principles.

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