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☆ Stocks making the biggest premarket moves: Silvergate, Etsy, SVB Financial, Uber and more
▼ + stars: | 2023-03-09 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Check out the companies making headlines before the opening bell:Etsy — Shares fell more than 6% in premarket after Jefferies double-downgraded the online marketplace to underperform from buy. Silvergate Capital — Shares of the crypto lender tumbled 50% after the company announced it will wind down operations and liquidate Silvergate Bank. Uber — Shares of the ride-hailing company rose about 2% in premarket trading following a Bloomberg report that Uber is considering spinning off its freight logistics division. SVB Financial — The financial services company's stock dropped 30% after the firm announced that it intends to offer $1.25 billion of its common stock and $500 million of depositary shares. LoanDepot — The mortgage lender's shares shed over 10% after its fourth-quarter earnings report missed analysts' expectations.

☆ China plans to revamp finance, tech oversight
▼ + stars: | 2023-03-08 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

Lintao Zhang | Getty Images News | Getty ImagesBEIJING — China plans to overhaul its financial regulatory system by consolidating aspects of the central bank and securities regulator under a new entity, while doing away with the existing banking regulator. The moves also come as Beijing has increased regulation on parts of the economy that had developed quickly, with little oversight. The latest plan calls for the establishment of a National Financial Regulatory Administration, which replaces the China Banking and Insurance Regulatory Commission and expands its role. watch nowThe China Securities Regulatory Commission's investor protection responsibilities are set to shift to the new financial regulator. "China's consolidated financial regulatory body is [a] paradigm shift to ramp up oversight of its vast financial system," said Winston Ma, adjunct professor of law at New York University.

Bitcoin futures ETFs track bitcoin futures contracts, or agreements to purchase or sell bitcoin at a certain price on a specified date. A spot bitcoin ETF would track bitcoin's underlying market price. Proponents say a spot bitcoin ETF would give investors exposure to bitcoin without directly buying it. He told Reuters in January that Grayscale would appeal the case if the court backed the SEC's decision to reject its bitcoin ETF proposal. Grayscale Bitcoin Trust, launched in 2013, has $14 billion in assets under management, according to Grayscale’s website.

☆ New EU-US data pact may come too late for Facebook -regulator
▼ + stars: | 2023-03-07 | by ( Conor Humphries | ) www.reuters.com time to read: +3 min

SummarySummary Companies Facebook may face EU-U.S. data freeze by MayAction due to concerns about U.S. intelligenceNew EU-U.S data privacy deal may come laterDUBLIN, March 7 (Reuters) - A new pact to facilitate the safe transfer of EU citizens' personal data to the United States might not come into force in time to avoid a suspension of Facebook's transatlantic data flows, the U.S. firm's lead European regulator said on Tuesday. European Union regulators led by Ireland's Data Protection Commissioner (DPC) Helen Dixon are finalising a ban on the legal tool used by Facebook to transfer European user data because of concerns U.S. intelligence agencies could access them. In an interview, Dixon said the ban could be in place by mid-May while a new EU-U.S data protection framework that would provide an alternative basis for the transfers might take longer. It must be signed off by other European regulators by April 13, and after that, Dixon said she would have another month to issue a ruling. NEW FRAMEWORKOfficials have said the new EU-U.S. framework, which aims to offer EU citizens the same level of data protection as under European law, may be ready by summer.

LONDON, March 1 (Reuters) - Binance's stablecoin, Binance USD, has seen around $6 billion of outflows following a U.S. regulatory crackdown on the company that issues the token, according to market tracker CoinGecko. Binance CEO Changpeng Zhao said that the regulator's decision meant the market cap of the token would decrease over time. On Wednesday, the value of all Binance USD was around $10.5 billion, down from $16.1 billion on Feb. 13, according to market tracker CoinGecko. The Financial Times reported on Wednesday that investors have pulled more than $6 billion out of the Binance-branded token in the past month, citing data from blockchain analytics firm Nansen. Analysts said the NYDFS move represented a setback in Binance's efforts to gain market share from larger stablecoins.

☆ China eases data security deadline pressure for multinational companies
▼ + stars: | 2023-03-01 | by ( Josh Ye | ) www.reuters.com time to read: +3 min

HONG KONG, March 1 (Reuters) - Chinese regulators have eased some deadline pressure on multinational companies struggling to comply with new rules requiring them to seek approval to export user data, according to lawyers advising clients on the matter. In theory, global companies operating in China had until Wednesday, March 1 to submit extensive documentation that maps out their users' data flow as well as complete a security review and gain government approval. The rules were introduced in September by the Cyberspace Administration of China (CAC) to strengthen cyber and national security. The issue affects a wide range of global companies that need to share Chinese user data with overseas offices and how strictly data security is enforced in the future will determine how far businesses may have to go in "localising" their data. The CAC on Friday also issued separate data security rules that apply to organisations with smaller user bases.

BRUSSELS, Feb 28 (Reuters) - EU antitrust regulators on Tuesday narrowed their case against Apple (AAPL.O), saying its App Store rules that prevent developers from informing users of other purchasing options violate the bloc's rules against unfair trading conditions. The European Commission, which acts as the executive for the 27-country European Union, dropped an earlier charge that targeted Apple's rules which require developers to use its own in-app payment system. Apple said it was pleased the Commission had narrowed the case and it would respond to the regulator's concerns. The case was triggered by Spotify (SPOT.N), which complained Apple unfairly restricted rivals to its own music streaming service Apple Music on iPhones. That prompted the Commission to open a case and issue a charge sheet against Apple in April 2021 over its anti-steering mechanism and in-app payment system.

☆ FDA neurosciences chief Billy Dunn to leave immediately, analysts raise concern
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +2 min

Feb 28 (Reuters) - The U.S. Food and Drug Administration neurosciences head Billy Dunn will retire from his role effective immediately, the health regulator told Reuters on Tuesday. Wall Street analysts said Dunn's departure could impact the regulator's stance on neurological drug decisions in the near term, sending down shares of Reata Pharmaceuticals Inc (RETA.O) 30% on Monday when media reports on the exit surfaced. Texas-based Reata is expecting FDA's decision by Tuesday on its drug to treat a rare neuromuscular disorder called Friedreich's ataxia. The departure of Dunn, 53, was announced in an internal message to the agency's employees on Monday. Newly appointed deputy director Teresa Buracchio will also serve in Dunn's role on an interim basis at the Office of Neuroscience, the agency told Reuters.

☆ EU regulator recommends against approval for Merck's COVID pill for adults
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +1 min

Companies Merck & Co Inc FollowFeb 24 (Reuters) - The European Union's drug regulator said on Friday its Committee for Medicinal Products for Human Use has advised against market authorisation of the COVID-19 pill from Merck & Co Inc (MRK.N) for treatment in adults. Merck and its partner Ridgeback Biotherapeutics said they will appeal the decision and request a re-examination of the committee's opinion. "The CHMP's recommendation does not reflect the compelling data" from one of the company's late-stage trial and real-world studies, Dean Li, head of Merck's research division, said. In December, a large study had shown that the drug sped up recovery but did not reduce hospitalisation or death rate in higher-risk vaccinated adults. The regulator's recommendation against Merck's COVID-19 pill comes days after the company said Lagevrio was not effective at cutting the risk of coronavirus infections in people living with someone infected with the virus.

☆ BlackRock cooperating with SEC probe of investment advisers' communications
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: 1 min

Feb 24 (Reuters) - BlackRock Inc (BLK.N) said it was cooperating with a U.S. Securities and Exchange Commission investigation into record keeping of electronic communications of its investment advisers, according to a filing on Friday. The asset manager is the latest in a list of financial firms under the regulator's scrutiny. Earlier this week, Wells Fargo (WFC.N) said U.S. regulators were investigating the bank's retention of employee communications over "unapproved" messaging tools. The SEC and the Commodity Futures Trading Commission (CFTC) fined 16 financial firms last year, a combined $1.8 billion after it was found that their employees had discussed deals on personal devices and apps. Reporting by Anirban Chakroborti in BengaluruOur Standards: The Thomson Reuters Trust Principles.

☆ England's prized soccer league to face regulation and tough new ownership rules
▼ + stars: | 2023-02-23 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

Fans of Chelsea Football Club protest against the European Super League outside Stamford Bridge on April 20, 2021 in London, England. LONDON — The U.K. government on Thursday confirmed plans to set up an independent regulator to oversee soccer clubs following a slew of controversies around acquisitions, new tournament plans and allegations of financial rule-breaking. It follows widespread fan opposition to plans for a new European Super League in 2021. Rights groups have previously insisted that potential Premier League club owners should be subjected to human rights probes. Currently, the rules prohibit prospective owners that have previous criminal convictions or breaches of major football regulations.

☆ The Mormon Church and its investment arm will pay $5 million to settle SEC charges that it went to 'great lengths' to avoid disclosures related to its massive portfolio
▼ + stars: | 2023-02-21 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +3 min

The Mormon Church and its investment adviser with pay millions to settle charges with the SEC. The regulator says the Church's investment manager "went to great lengths" to avoid disclosures. The Church of Jesus Christ of Latter-day Saints' has a $100 billion investment portfolio, according to a 13F form. Roger Clarke, the head of Ensign Peak, told the Wall Street Journal that the fund was an emergency account to be used in difficult times. Ensign Peak and the Church have cooperated with the government over a period of time as we sought resolution."

☆ Indian jeweller Joyalukkas withdraws $278 mln IPO
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Feb 21 (Reuters) - Indian jeweller Joyalukkas has withdrawn its 23 billion rupee ($277.95 million) initial public offering (IPO), a document on the market regulator's website showed on Tuesday. Joyalukkas did not immediately respond to Reuters' request for comment. The jeweller, based in the southern Indian state of Kerala, operates showrooms across roughly 68 cities and is one of the biggest jewellery retailers in the country. The IPO's book runners Edelweiss Financial Services Ltd, Motilal Oswal Investment Advisors Ltd, Haitong Securities India, and SBI Capital Markets Ltd also did not immediately respond to a request for comment. ($1 = 82.7620 Indian rupees)Reporting by Varun Vyas in Bengaluru; Editing by Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

☆ China formalizes rules for overseas IPOs
▼ + stars: | 2023-02-20 | by ( Evelyn Cheng | ) www.cnbc.com time to read: 1 min

BEIJING – China-based companies now have more clarity on whether they can list overseas in the U.S. The China Securities Regulatory Commission announced late Friday new rules that require domestic companies to comply with national security measures and the personal data protection law before going public overseas. The securities regulator's rules do not ban the variable interest entity structure commonly used by Chinese companies when listing in the U.S. The CSRC said its rules for overseas listings are set to take effect March 31. The new rules also call for IPO underwriters, typically international investment banks, to annually report to the CSRC their involvement with Chinese listings overseas.

Feb 17 (Reuters) - Chinese dealmaker Bao Fan, founder of investment bank China Renaissance Holdings Ltd (1911.HK), has gone missing in the latest disappearance of a top business executive, unnerving investors and sending its stock down as much as 50% on Friday. A China Renaissance spokesperson referred Reuters request for comment on Friday to the investment bank's public filing. The firm earned $20.6 million in Chinese related investment banking fees in 2022, down from $43.13 million a year earlier, the data showed. Bao started China Renaissance in 2005 as a two-person team, seeking to match capital-hungry startups with venture capitalist and private equity investors. China Renaissance is also an active investor in the tech sector.

☆ Crypto markets on edge as U.S. regulatory crackdown on industry intensifies
▼ + stars: | 2023-02-14 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +3 min

Paxos has been ordered by New York regulators to stop issuing the Binance USD (BUSD) stablecoin. On Monday, the New York State Department of Financial Services told Paxos to stop minting new Binance USD, or BUSD, stablecoins . Investors are digesting a number of major regulatory actions in the U.S., as authorities look to rein in the once free-wheeling cryptocurrency industry. Digital currency markets are on edge after a flurry of aggressive regulatory actions from U.S. authorities over the past few days. There is no official SEC action against Paxos currently.

☆ Adani slashes growth targets amid rout sparked by Hindenburg, Bloomberg reports
▼ + stars: | 2023-02-12 | by ( ) www.reuters.com time to read: +1 min

Feb 12 (Reuters) - India's Adani group has halved its revenue growth target and plans to scale down fresh capital expenditure, Bloomberg News reported on Sunday. Adani group will now shoot for revenue growth of 15% to 20% for at least the next financial year, down from 40% originally targeted, Bloomberg News said citing people familiar with the matter. A spokesperson for Adani Group did not immediately respond to a request for comment. Adani group has also been a part of India's market regulator's investigation into the group's links to some of the investors in its scrapped $2.5 billion share sale. Earlier this month, India's ministry of corporate affairs started a preliminary review of Adani Group's financial statements and other regulatory submissions made over the years, Reuters reported, citing two senior government officials.

☆ Adani slashes growth targets amid rout sparked by Hindenburg - Bloomberg News
▼ + stars: | 2023-02-12 | by ( ) www.reuters.com time to read: +1 min

☆ Indian regulator probes Adani's links to investors as Modi's office is briefed
▼ + stars: | 2023-02-10 | by ( ) www.cnbc.com time to read: +4 min

One of the sources said the focus of the probe would be whether any of the anchor investors are "connected" to the founder group. Last week, the group's flagship entity Adani Enterprises pulled its secondary share offering, India's largest ever, because of the sharp selloff. SEBI and the Adani Group did not respond to requests for comment about the investigation. The federal corporate affairs ministry, responsible for regulating Indian businesses, has briefed officials in Modi's office and been in touch with SEBI, the market regulator, one of the officials said. Modi's office and India's Ministry of Corporate Affairs did not respond to requests for comment about the regulatory probe into Adani after publication of the Hindenburg report.

[1/3] Indian billionaire Gautam Adani speaks during an interview with Reuters at his office in the western Indian city of Ahmedabad April 2, 2014. Last week, the group's flagship entity Adani Enterprises (ADEL.NS) pulled its secondary share offering, India's largest ever, because of the sharp selloff. Adani has said Monarch was selected for previous share sales "for their credentials and ability to tap into the retail market". On Elara, Adani has said "innuendoes" that the firm was in any manner related to the conglomerate founders were incorrect. The federal corporate affairs ministry, responsible for regulating Indian businesses, has briefed officials in Modi's office and been in touch with SEBI, the market regulator, one of the officials said.

☆ Crypto exchange Kraken under scrutiny for sale of unregistered securities- Bloomberg
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +1 min

Feb 8 (Reuters) - Cryptocurrency exchange Kraken is under investigation by the U.S. Securities and Exchange Commission for the sale of unregistered securities, according to a Bloomberg report. Kraken declined to comment on the report. SEC Chair Gary Gensler has previously said that companies that help facilitate transactions in the crypto market should register with the agency just like other market intermediaries. Kraken's incoming chief executive officer told Reuters in September that the exchange had no plans to register with the SEC as a market intermediary, or to delist crypto tokens that the regulator has labeled as securities. Reporting by Hannah Lang in Washington; Editing by Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. FTC will not appeal decision allowing Meta to purchase VR content maker Within
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, Feb 6 (Reuters) - The U.S. Federal Trade Commission (FTC) said it will not appeal its loss in federal court in its fight to stop Meta Platforms (META.O) from buying VR content maker Within Unlimited, but could still pursue the case with an internal FTC administrative law judge. Judge Edward Davila of the U.S. District Court for the Northern District of California last week declined to stop Meta from acquiring the VR content maker, rejecting the regulator's concerns the deal would reduce competition in a new market. An FTC official said that no decision had yet been made as to whether the agency would try to stop the deal in a process before an FTC administrative law judge. Meta declined to comment on the decision not to appeal last week's ruling in federal court. The FTC sued Meta in July to stop the Within deal, asking the judge to order a preliminary injunction, saying Meta's "campaign to conquer VR" began in 2014 when it acquired Oculus, a VR headset manufacturer.

☆ U.S. judge denies FTC request to stop Meta from acquiring VR firm Within
▼ + stars: | 2023-02-04 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, Feb 3 (Reuters) - A judge on Friday released a ruling denying the Federal Trade Commission's request to stop Meta Platforms Inc (META.O) from buying virtual reality content maker Within Unlimited, rejecting the regulator's concerns the deal would reduce competition in a new market. A Meta spokesperson said the Facebook and Instagram owner was "pleased that the Court has denied the FTC’s motion to block our acquisition of Within." "Though Meta boasts considerable financial and VR engineering resources, it did not possess the capabilities unique to VR dedicated fitness apps, specifically fitness content creation and studio production facilities," the judge wrote. The decision is good news for Meta boss and founder Mark Zuckerberg, who defended the acquisition in testimony in December, arguing that his company was helping to build but not dominate the virtual reality industry. The FTC sued Meta in July to stop the Within deal, asking the judge to order a preliminary injunction, saying Meta's "campaign to conquer VR" began in 2014 when it acquired Oculus, a VR headset manufacturer.

☆ Indian shares set to rise on easing inflation concerns; Adani stocks in focus
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Feb 3 (Reuters) - Indian shares are set to open higher on Friday, as global central banks hinted at inflation easing, spurring optimism that the rate hike cycle may be near an end, while the ongoing rout in Adani group stock could cap gains. After the U.S. Federal Reserve acknowledged in its monetary policy decision on Wednesday that the disinflationary process may have begun, the European Central Bank and the Bank of England followed suit on Thursday. Analysts said that the selloff in Adani stocks has created panic in Indian markets. Foreign institutional investors sold 30.64 bln rupees ($373.23 million) worth of shares on a net basis on Thursday while domestic institutional investors purchased 23.71 bln rupees worth of shares, official data showed. ($1 = 82.0940 Indian rupees)Reporting by Bharath Rajeswaran in Bengaluru; Editing by Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

The port-to-property group, led by Gautam Adani, one of the world's richest people, has denied the allegations and called them baseless, adding it has always made the necessary regulatory disclosures. "But from an offshore investor's perspective the allegations (made by Hindenburg) ... do not seem to be clearly addressed," he said. The U.S. short-seller has said Adani's "response largely confirmed our findings and ignored our key questions." Australia's corporate regulator said on Wednesday it would review the Hindenburg report as concerns raised also relate to Adani's Australian operations. Adani Enterprises lost nearly 6% on Wednesday to bring its losses since the Hindenburg report to more than $8 billion.

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