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☆ US lawmakers press Wall St regulator over coming climate rule
▼ + stars: | 2023-03-29 | by ( Douglas Gillison | ) www.reuters.com time to read: +4 min

March 29 (Reuters) - Republican lawmakers on Wednesday prodded Wall Street's top regulator to justify his agency's efforts to regulate companies' climate disclosures and criticized the U.S. Securities and Exchange Commission for what they said was hasty rulemaking. Conservative lawmakers and commentators have cast Gensler as an interventionist regulator saddling markets with left-leaning social policies unrelated to making money. Republican lawmakers also repeatedly disputed the securities regulator's legal authority to mandate climate disclosures. Gensler said investors by and large now demanded and many companies were providing climate disclosures. The SEC routinely tells lawmakers its budget is "deficit neutral" since its spending is offset by transaction fees assessed from the markets.

☆ With ChatGPT hype swirling, UK government urges regulators to come up with rules for A.I.
▼ + stars: | 2023-03-29 | by ( Ryan Browne | ) www.cnbc.com time to read: +6 min

In the white paper, the Department for Science, Innovation and Technology (DSIT) outlined five principles it wanted companies to follow. Rather than establishing new regulations, the government is calling on regulators to apply existing regulations and inform companies about their obligations under the white paper. "When parliamentary time allows, legislation could be introduced to ensure regulators consider the principles consistently." On Monday, Secretary of State Michelle Donelan visited the offices of AI startup DeepMind in London, a government spokesperson said. Not everyone is convinced by the U.K. government's approach to regulating AI.

☆ The CFTC's suit against Binance marks a deepening crackdown on the crypto industry
▼ + stars: | 2023-03-28 | by ( Phil Rosen | ) www.businessinsider.com time to read: +7 min

All this comes just days after the SEC charged a spate of high-profile individuals for fraud and crypto market manipulation. That comes months after the total crypto market value saw about $2 trillion erased in a brutal plunge in token prices. The SEC also warned that the platforms investors use to get involved in crypto aren't quite airtight, in the regulator's view. In other news:FILE PHOTO: A participant stands near a logo of World Bank at the International Monetary Fund - World Bank Annual Meeting 2018 in Nusa Dua Reuters2. The World Bank just warned that this could be the start of a "lost decade" for global economic growth.

☆ Binance 'could be in big trouble' as the CFTC lawsuit alleges the crypto behemoth dodged regulators and breached laws
▼ + stars: | 2023-03-28 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +10 min

Binance is being blow-torched from all angles as US regulators close in on the world's largest crypto exchange. The CFTC sued the exchange this week for violating US financial laws, whilst some reports suggest Binance has engaged in secret fund transfers. On Monday, the Commodities Futures and Trading Commission (CFTC) sued Binance and Zhao himself, for allegedly breaching US financial laws. Following the shocking implosion of Sam-Bankman Fried's FTX exchange late last year, concerns have risen whether Binance faces similar risks. If US authorities decide the links meant the crypto exchange had control over the US platform, it could expose the company to enforcement action.

☆ Credit Suisse could face disciplinary action, Swiss regulator says
▼ + stars: | 2023-03-26 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of Swiss bank Credit Suisse is seen in front of a branch office in Bern, Switzerland November 29, 2022. REUTERS/Arnd Wiegmann/File PhotoZURICH, March 26 (Reuters) - Swiss financial regulator FINMA said it was considering whether to take disciplinary action against Credit Suisse (CSGN.S) managers after Switzerland's second largest bank had to be rescued last week by UBS (UBSG.S). Credit Suisse on Sunday declined to comment on the FINMA President's comments when asked by Reuters for a response. FINMA had conducted six public "enforcement proceedings" against Credit Suisse in recent years, Amstad said. Amstad also defended Switzerland's decision to write down 16 billion Swiss francs of Credit Suisse Additional Tier 1 (AT1) debt, to zero as part of the forced rescue merger.

☆ StanChart CEO says AT1 bond wipeout has profound impact
▼ + stars: | 2023-03-24 | by ( Selena Li | ) www.reuters.com time to read: +2 min

HONG KONG, March 24 (Reuters) - Standard Chartered (STAN.L) Chief Executive Bill Winters said on Friday Credit Suisse AG's (CSGN.S) $17 billion Additional Tier 1 bonds wipeout had "profound" implications for global bank regulations. Winters told a financial forum in Hong Kong the U.S. Federal Reserve move to guarantee non-insured deposits was a "moral hazard". "I think it had very profound implications for the regulation of banks, and for the way that banks manage themselves," Winters said. The bank had 147% LCR before the bank failures and this was "substantially higher now", Winters said, without disclosing the current level. Reporting by Selena Li in Hong Kong; additional reporting by Scott Murdoch in Sydney; Editing by Christian Schmollinger and Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

☆ 'Can't get their act together': Crypto firms slam SEC, Washington for lack of clarity on rules
▼ + stars: | 2023-03-24 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +5 min

Joe Lubin, CEO of ConsenSys and co-founder of Ethereum, told CNBC Thursday that he thought the ecosystem was "generally frustrated." And it's a little bit, you know, sort of a frustrating thing to observe," Nicolas Cary, president of Blockchain.com, told CNBC on Thursday. "I find the talking point that there's a lack of clarity in the securities laws unpersuasive," Gensler said. "Some crypto companies might message that the laws are unclear rather than admitting that their platforms don't have sufficient investor protection." watch nowHe laid out instances where crypto firms come under existing securities laws, such as when a company offers lending products.

☆ Exclusive: N. American fixed income group won't take legal action over Credit Suisse AT1 fiasco-source
▼ + stars: | 2023-03-23 | by ( Divya Rajagopal | ) www.reuters.com time to read: +1 min

TORONTO, March 23 (Reuters) - The Credit Roundtable, a lobby group of some of the biggest fixed income asset managers from the United States and Canada, has decided not to take legal action against Credit Suisse AG (CSGN.S) a person familiar with the matter told Reuters on Thursday. Earlier this week, the Swiss regulator ordered 16 billion Swiss francs ($17.5 billion) of Additional Tier-1 (AT1) debt to be wiped out under its rescue takeover by UBS (UBSG.S). The Credit Roundtable was not available for an immediate comment. Launched in 2007 for bondholders protection, Credit Roundtable consists of 43 members including PIMCO, Vanguard, MetLife (MET.N), Canadian pension fund Omers, Sun Life Financial Inc (SLF.TO) among others. The bond holders of Credit Suisse in Europe and UK have been seeking legal advice over the Swiss banking regulator's decision to write off AT1 bonds under the rescue take over by UBS.

LONDON, March 23 (Reuters) - Credit Suisse (CSGN.S) bondholders are seeking legal advice after the Swiss regulator ordered 16 billion Swiss francs ($17.5 billion) of Additional Tier-1 (AT1) debt to be wiped out under its rescue takeover by UBS (UBSG.S). Not only did bondholders expect protection, but UBS is paying $3.23 billion to Credit Suisse shareholders. One Paris-based manager of a debt fund that held Credit Suisse AT1s said he had been "spammed" with emails from lawyers. Facing any challenge could be Credit Suisse, its new owner UBS, Swiss regulator FINMA or the Swiss government. It also cited an emergency March 19 ordinance which it said authorised FINMA to instruct Credit Suisse to write off the bonds.

☆ Exclusive: N. American fixed income group will not take legal action over Credit Suisse AT1 wipeout -source
▼ + stars: | 2023-03-23 | by ( Divya Rajagopal | ) www.reuters.com time to read: +1 min

TORONTO, March 23 (Reuters) - The Credit Roundtable, a lobby group of some of the biggest fixed income asset managers from the United States and Canada, has decided not to take legal action against Credit Suisse AG (CSGN.S), a person familiar with the matter told Reuters on Thursday. The Credit Roundtable was unavailable for comment. Launched in 2007 for bondholders' protection, Credit Roundtable consists of 43 members including PIMCO, Vanguard, MetLife (MET.N), Canadian pension fund Omers, and Sun Life Financial Inc (SLF.TO). The source said individual members are free to pursue legal action independently. The bond holders of Credit Suisse in Europe and UK have been seeking legal advice over the Swiss banking regulator's decision to write off AT1 bonds under the rescue take over by UBS.

☆ Indian market watchdog speeds up action against social media stock tips - sources
▼ + stars: | 2023-03-23 | by ( Jayshree P Upadhyay | ) www.reuters.com time to read: +3 min

The Securities and Exchange Board of India's rules say that only advisers registered with it can offer investment advice. Companies potentially facing enforcement action are digital investment platforms which offer financial products and investment advice without appropriate regulatory licences, the sources said. "This is a part of series of enforcement actions that the regulator is taking to tackle unsolicited investment advice being peddled on social media," said the second source cited above. The regulator will consult the market participants on ways to regulate social media financial influencers more broadly. These influencers could be required to make disclosures and disclaimers on their social media platforms before they offer any public advice.

☆ FDIC delays bid deadline for Silicon Valley Private Bank to Friday
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +1 min

March 22 (Reuters) - The Federal Deposit Insurance Corporation (FDIC) has moved the bid deadline for Silicon Valley Private Bank to Friday from Wednesday, according to a source familiar with the matter. The private bank caters to high net-worth individuals and offers wealth management services. Earlier this week, the FDIC decided to break up Silicon Valley Bank and hold two separate auctions for its traditional deposits unit and its private bank after failing to find a buyer for the failed lender last week. The FDIC, which has held the lender under its receivership since earlier this month, declined to comment. Reporting by Niket Nishant in Bengaluru and David French in New York; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ XRP cryptocurrency jumps as investors hope Ripple will win legal battle with the SEC
▼ + stars: | 2023-03-22 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

The XRP cryptocurrency soared on Wednesday as investors grew hopeful that Ripple, a company closely associated with the token, would win its prolonged legal battle with the U.S. Securities and Exchange Commission. Under the plan, Binance's U.S. unit was to buy all of Voyager's assets, including its native VGX token, in a $1.3 billion deal. The SEC rejected the plan, arguing VGX was akin to a security and calling Binance an unregistered securities exchange, according to the notice from Ripple. The SEC accuses Ripple, CEO Brad Garlinghouse and co-founder Chris Larsen of breaching U.S. securities laws by selling XRP without first registering it with the regulator. Ripple contests the SEC's allegations, maintaining the view that XRP should be considered a digital currency rather than a security.

☆ These 10 funds had over $100 million each in Credit Suisse bonds — which are now worth nothing
▼ + stars: | 2023-03-22 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

A number of funds could be facing over $100 million in losses on their Credit Suisse investments after the lender's forced merger with its rival UBS . The funds face losses on Credit Suisse's additional tier-1 bonds (AT1), according to CNBC Pro analysis, after Swiss regulators deemed them worthless as part of the emergency merger . The Swiss regulator FINMA saw the merger between Credit Suisse and UBS as a trigger event to write down 16 billion Swiss francs ($17 billion) worth of the bonds. The following table shows the funds that held AT1 bonds with a par amount of at least $100 million each as of Mar. About 80 funds run either directly by PIMCO or one of its affiliates, held Credit Suisse AT 1 bonds, according to CNBC's analysis.

☆ FDA staff says safety issues with Biogen's ALS drug to not prevent approval
▼ + stars: | 2023-03-21 | by ( Bhanvi Satija | ) www.reuters.com time to read: +2 min

March 20 (Reuters) - The U.S. health regulator's staff said on Monday safety issues with Biogen Inc's (BIIB.O) drug to treat an ultra-rare form of amyotrophic lateral sclerosis or ALS, also known as Lou Gehrig's disease, should not prevent its accelerated approval. The drug, tofersen, failed to meet its main goal of reducing symptoms but reduced protein neurofilament levels during a late-stage study. The risks related to Biogen's drug, such as spinal cord inflammation and optic nerve swelling, observed in trial patients "are acceptable to the patient population", the staff said. They added that a majority of these risks may be related to the way in which the drug is administered, rather than the drug itself. The company is seeking approval for the drug in ALS patients with mutation in a gene known as superoxide dismutase 1.

[1/2] An undated handout photo from Eat Just, Inc shows a GOOD Meat takeout meal product in Singapore. Eat Just, Inc/Handout via REUTERSWASHINGTON, March 21 (Reuters) - California-based cultivated meat company GOOD Meat has received clearance from the U.S. Food and Drug Administration to bring its lab-grown chicken to market, according to agency documents released on Tuesday. GOOD Meat's chicken is the second cultivated meat product to receive a "no-questions" letter from the FDA after California-based UPSIDE Foods got the regulator's green light for its cultivated chicken breast last November. GOOD Meat plans to initially sell its product at restaurants owned by chef José Andrés, known for his work on global food security. Cultivated meat companies say the product provides environmental benefits because it could cut down on the 14.5% of the world's greenhouse gas emissions derived from livestock.

☆ Explainer: Why markets are in uproar over a risky bank bond known as AT1
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +4 min

Here are some of the implications of the Credit Suisse AT1 bond write-down. WHAT IS AN AT1 BOND? Credit Suisse AT1 holders, therefore, are the only ones not to receive any kind of compensation. It is not the first time that the treatment of AT1 bonds in a bank overhaul has caused controversy. The decision to write down Credit Suisse AT1 bonds to zero is viewed as negative for the AT1 bond market globally.

☆ Didi to expand services in China after regulators end probe
▼ + stars: | 2023-03-16 | by ( Josh Ye | ) www.reuters.com time to read: +1 min

HONG KONG, March 16 (Reuters) - Chinese ride-hailing company Didi Global plans to expand services and offer more subsidies to passengers and drivers, it said on Thursday, looking to shore up its business in China following the end of a regulatory probe. The Chinese company had been a target of Beijing's sweeping crackdown on the tech sector, which began in 2021 and had eased in recent months. Didi was banned by Chinese regulators from taking in new users and its app was removed from app stores from mid-2021 until this January. In January, Didi said in a statement it had been given the green light from domestic regulators to resume new user registrations for its core ride-hailing app. Reporting by Ye Josh and Brenda Goh; Editing by Edmund KlamannOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. FDA expands authorization of Pfizer bivalent COVID-19 shots in kids
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +1 min

March 14 (Reuters) - Pfizer Inc (PFE.N) said on Tuesday that the U.S. Food and Drug Administration had expanded the emergency use authorization (EUA) of the company and its partner BioNTech SE's (22UAy.DE) bivalent COVID-19 vaccine as a single booster dose in certain children. The amended authorization is for children six months through four years of age who have completed their initial three-dose vaccination with Pfizer's original shot. In December, the U.S. health regulator had authorized Pfizer/BioNTech's updated shot as a third dose to those aged six months through four years, who have not completed their primary vaccination series or are yet to receive the third dose. Shots for youngest children in the United States were only approved in June last year, making them the last group to become eligible for vaccination. Reporting by Pratik Jain; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. FDA approves Acadia's Rett syndrome drug
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +3 min

The approval comes months after the FDA declined to approve expanded use of Acadia's drug Nuplazid to treat psychosis related to Alzheimer's disease. Acadia said it plans to make the drug available to patients by the end of April. He forecast peak U.S. trofinetide sales of $487.2 million by 2035. After the FDA declined to approve the expanded use of Nuplazid, Acadia said it would not pursue that indication for Nuplazid further. Improvement of symptoms was measured according to the assessment scales Rett Syndrome Behaviour Questionnaire and the Clinical Global Impression of Improvement.

The Food and Drug Administration made its assessment in briefing documents ahead of a meeting of the agency's external advisers on Thursday to discuss full approval to use Pfizer's oral pill for high-risk COVID-19 patients exhibiting mild to moderate symptoms. Paxlovid has been authorized for emergency use since late 2021, and a full approval is likely to allow Pfizer to expand its advertising campaign for the drug. Over 12 million courses have been delivered to pharmacies, and patients have used over 8 million courses of the treatment, according to Federal data. Paxlovid has shown reduction in risk of hospitalization or death by 86% in non-hospitalized, high-risk adult patients in Pfizer' study, which did not include vaccinated participants. Reporting by Leroy Leo and Khushi Mandowara in Bengaluru; Editing by Shailesh Kuber and Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. FDA approves Acadia's genetic Rett syndrome drug
▼ + stars: | 2023-03-11 | by ( ) www.reuters.com time to read: +3 min

March 10 (Reuters) - The U.S. Food and Drug Administration approved Acadia Pharmaceuticals Inc's (ACAD.O) drug for the treatment of Rett syndrome, a genetic brain disorder, the company said on Friday, making it the first approved drug for the condition. The approval comes months after the FDA declined to approve expanded use of Acadia's drug Nuplazid to treat psychosis related to Alzheimer's disease. Acadia said it plans to make the drug available to patients by the end of April. He forecast peak U.S. trofinetide sales of $487.2 million by 2035. Improvement of symptoms was measured according to the assessment scales Rett Syndrome Behaviour Questionnaire and the Clinical Global Impression of Improvement.

LONDON, March 10 (Reuters) - Zodia Custody, a crypto custodian owned by Standard Chartered (STAN.L), said on Friday it has registered its Irish unit with Luxembourg's financial regulator. The registration will allow Zodia to provide digital asset custody services for financial institutions in Luxembourg, the company said. According to the regulator's website, Zodia will be subject to supervision from the watchdog for compliance with rules around anti-money laundering and combating the financing of terrorism. "There is a massive opportunity for financial institutions to offer a range of products and services related to cryptoassets," John Cronin, chief executive of Zodia Custody Ireland, said in a statement on Friday. Reporting by Elizabeth Howcroft; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Regulator visits ByteDance's Douyin to discuss revised pricing rules
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +2 min

[1/2] A man stands near a giant sign of Chinese company ByteDance's app TikTok, known locally as Douyin, during China Fashion Week, in Beijing, China March 31, 2021. REUTERS/Tingshu WangBEIJING, March 9 (Reuters) - Beijing's market regulator recently visited ByteDance's Douyin video hosting service to look into the company's livestreaming e-commerce business and discuss how to prevent over-charging, a statement, published on Thursday on the regulator's official WeChat account, said. "A good foundation has been laid for further deepening government-enterprise cooperation, working together to standardise the pricing behaviour of the live streaming industry," the market regulator said. Douyin said in a statement on the same day that it had revised rules governing price-gouging and the behaviour of e-commerce livestreamers promoting products on its platform. Reporting by Beijing newsroom and Eduardo Baptista; Editing by Tom Hogue and Jane MerrimanOur Standards: The Thomson Reuters Trust Principles.

☆ Stocks making the biggest moves midday: General Electric, Silvergate Capital, Peloton, Etsy and more
▼ + stars: | 2023-03-09 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Silvergate Capital — The crypto lender's stock sank 23% after the company announced it will wind down operations and liquidate Silvergate Bank. Revenue came in at $150.2 million, topping the $145 million expected. CEO Dustin Moskovitz also said he was buying 30 million shares. Revenue came in at $103.5 million compared to the $101.7 million expected. Adjusted earnings per share came in 1 cent ahead of estimates at 18 cents.

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