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Multiple brokers caught by FINRA stealing millions from retail by forcing over 5 million retail customers into share lending while keeping the profits.

Multiple brokers caught by FINRA stealing millions from retail by forcing over 5 million retail customers into share lending while keeping the profits.

Following up from today's earlier post: FINRA 'discipline' Alert! From January 2019-March 2023, SoFi required retail customers, as a condition of opening an account, consent to their securities lending program--more than two million customers were automatically enrolled. About securities lending: Fully paid securities lending is a

SoFi

FINRA 'discipline' Alert! From January 2019-March 2023, SoFi required retail customers, as a condition of opening an account, consent to their securities lending program--more than two million customers were automatically enrolled.

FACTS AND VIOLATIVE CONDUCT Fully paid securities lending in general: Customers who lend their shares out also lose, for the duration of the securities loan, both SIPC protection and voting rights (because voting rights for borrowed shares transfer to the third party borrowing those shares) SoFi’s fully paid securities

CFTC to Hold a Commission OPEN Meeting on December 13 to consider Swap and Derivatives Rules.

CFTC to Hold a Commission OPEN Meeting on December 13 to consider Swap and Derivatives Rules.

Commodity Futures Trading Commission Chairman Rostin Behnam today announced the Commission will hold an open meeting on Wednesday, December 13 at 9:30 a.m. (EST) at the CFTC’s Washington, D.C. headquarters. Members of the public are free to attend the meeting in person, listen by phone, or

Office of Information and Regulatory Affairs released the Fall 2023 Unified Agenda

Office of Information and Regulatory Affairs released the Fall 2023 Unified Agenda of Regulatory and Deregulatory Actions for the Securities and Exchange Commission.

Source: https://www.reginfo.gov/public/do/eAgendaMain?operation=OPERATION_GET_AGENCY_RULE_LIST&currentPub=true&agencyCode=&showStage=active&agencyCd=3235&csrf_token=1BF2FDB78A7198C9E58764AA2702EF22D6B9C0FBAE9BBC1A5D91D33FD4E0D24F55FF869A4CE1C0345D7FE275ABE899F2B7DB AgencyAgenda Stage of RulemakingTitleRINSECProposed Rule StageEDGAR Filer Access and Account Management3235-AM58SECProposed Rule StageIncentive-Based Compensation Arrangements3235-AL06SECProposed Rule StageCorporate Board Diversity

U.S. Senator Sherrod Brown

U.S. Senator Sherrod Brown to Banks: Higher Capital Requirements Protect Consumers and Taxpayers From Wall Street's Risky Bets.

Source: https://www.banking.senate.gov/newsroom/majority/brown-to-banks-higher-capital-requirements-protect-consumers-and-taxpayers-from-wall-streets-risky-bets Sen. Brown’s remarks, as prepared for delivery follow: The eight bank CEOs appearing before us today lead the biggest global, systemically important banks in the United States. Your banks hold nearly $15 trillion in assets, manage trillions of dollars of

Final Rule: Prohibition Against Conflicts of Interest in Certain Securitizations

Prohibition Against Conflicts of Interest in Certain Securitizations prohibiting a sponsor of an asset-backed security (including a synthetic asset-backed security) that would result in conflicts of interest effective February 5, 2024.

Background: * The SEC proposed new Rule 192 to implement the prohibition in Securities Act Section 27B1 (“Section 27B”), which was added by Section 621 of the Dodd-Frank Act. * Section 27B(a) provides that an underwriter, placement agent, initial purchaser, or sponsor, or affiliates or subsidiaries of any such entity, of

CME/FICC Cross Margining Enhancements Implementation Notice

CME/FICC Cross Margining Enhancements Implementation effective 1/22/24. In 2020, CME exposures were large—likely in excess of $100bn notional. Savings with Enhanced Cross-Margining estimated at ~80% to protect the clearinghouses...

Background for this post: * https://www.cftc.gov/media/9591/gmac_FICC_CME110623/download * https://www.dtcc.com/-/media/Files/Downloads/legal/rule-filings/2023/FICC/SR-FICC-2023-010.pdf * https://www.dtcc.com/~/media/Files/Downloads/legal/rules/ficc_cme_crossmargin_agreement.pdf * https://www.dtcc.com/news/2023/july/18/