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SEC Charges Royal Bank of Canada with Internal Accounting Controls Violations.

SEC Charges Royal Bank of Canada with Internal Accounting Controls Violations. Penalty? A $6 million fine...

Wut Mean?: * Royal Bank of Canada had internal accounting control deficiencies in accounting for internally developed software (IDS) costs from 2008 to 2020. * Despite the growth in IDS spending, the bank's control environment development lagged. * These deficiencies impacted the bank's cost capitalization accounting for IDS projects.

Security-Based Swap Execution and Registration and Regulation of Security-Based Swap Execution Facilities

SEC Adopts Rules for the Registration and Regulation of Security-Based Swap Execution Facilities

604 pages of light reading.... Fact Sheet: Press Release: The Securities and Exchange Commission today adopted new Regulation SE under the Securities Exchange Act of 1934 to create a regime for the registration and regulation of security-based swap execution facilities (SBSEFs). The new regulatory framework was required under Title VII

Reporting of Securities Loans

SEC Alert! Reporting of Securities Loans Final Rule to be published in Federal Register 11/3/23 and effective 60 days after publishing (1/2/24).

Wut Mean? SEC Adopts Rule to Increase Transparency in the Securities Lending Market * Rule 10c-1a will require any “covered person” who agrees to a “covered securities loan” to provide specified information to an RNSA. A covered person refers to: * Any person that agrees to a covered securities loan on behalf

Reuters: FDIC is probing former First Republic Bank directors and officers

Reuters is reporting the Federal Deposit Insurance Corporation (FDIC) is investigating potential misconduct by executives and board members of First Republic Bank. "We can confirm a D&O probe into First Republic is taking place," a spokesperson told Reuters on Wednesday, referring to the bank's

FOMC Statement

Federal Reserve issues FOMC statement: the Committee decided to maintain the target range for the federal funds rate at 5-1/4 to 5-1/2 percent.

TLDRS: * The Fed decided to maintain the target range for the federal funds rate at 5-1/4 to 5-1/2 percent. * They will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities, as described in its previously announced plans. * "The Committee is strongly committed

ADP National Employment Report

Inflation Alert! ADP National Employment Report: Private Sector Employment Increased by 113,000 Jobs in October; Annual Pay was Up 5.7% for stayers, 8.4% for job changers.

Wut Mean?: * Private sector employment increased by 113,000 jobs in October. * The jobs report provides a high-frequency, near real-time measure of U.S. employment based on actual payroll data from over 25 million U.S. employees. * No single industry dominated hiring; education and health care took the lead from

CFTC CANCELS the Commission Open Meeting for 11/1/23

CFTC CANCELS the Commission Open Meeting for 11/1/23 to Consider Proposed Rule on Investment of Customer Funds by Futures Commission Merchants & Derivatives Clearing Organizations. Instead is being handled via CFTC's seriatim process.

What are they canceling? What is a seriatim process? Wut Mean? An open meeting has shifted to a closed so the commissioners can vote on an enforcement matter? TLDRS: * CFTC CANCELS a Commission Open Meeting on November 1 to Consider a Proposed Rule on Investment of Customer Funds by Futures