News Articles http://www.mondovisione.com/media-and-resources/news/ News Articles from Mondo Visione - Main SIX Acquires Majority Stake In Global Fixed Income Data And Solutions Provider FactEntry http://www.mondovisione.com/media-and-resources/news/six-acquires-majority-stake-in-global-fixed-income-data-and-solutions-provider-f/ <p><span>SIX today announced that it has acquired a majority stake in FactEntry, a global provider of fixed income reference data, analytics, and solutions for financial market participants. This strategic acquisition significantly enhances SIX's data offering and aligns with its customers' desire for the company to expand its global fixed income footprint.</span></p> <p><span>The acquisition closed yesterday, March 27, 2024. Financial terms and deal structure details are not being disclosed.</span></p> <p>FactEntry's comprehensive fixed income data sets, including reference data, corporate actions, and pricing data, will complement SIX's existing cross-asset data capabilities, enabling the company to provide an even more comprehensive and unified data offering to its customers. This expansion will further strengthen SIX's position as a global leader in financial data and analytics.</p> <p>"The acquisition of FactEntry is a significant step forward in our strategic growth plans," stated Marion Leslie, Head Financial Information and member of SIX's Executive Board. "FactEntry's expertise and data offerings will greatly enhance our fixed income data capabilities and enable us to provide even greater value to our customers."</p> <p>The acquisition of FactEntry also brings valuable expertise in data collection and processing, which will accelerate SIX's time to market for new products and services. This expertise adds to SIX&rsquo;s ability&nbsp; to provide regulation ready content and will support the enhancement of ESG, funds and index content, further expanding the company's reach across the financial industry.</p> <p>"This acquisition represents a significant milestone in our plans to broaden the breadth and depth of our cross-asset content&rdquo;, added Leslie. &nbsp;&ldquo;By combining FactEntry's expertise with our own, we are creating a truly compelling global cross-asset data provider for the front, middle, and back office."</p> <p>With this acquisition, SIX continues to build its position as a provider of fixed income data and solutions, empowering financial market participants with the insights and tools they need to make informed decisions. The company's commitment to innovation and customer-centricity will continue to drive its growth in the years to come.</p> <p><span><br /></span></p> http://www.mondovisione.com/media-and-resources/news/six-acquires-majority-stake-in-global-fixed-income-data-and-solutions-provider-f/#207303 Thu, 28 Mar 2024 06:48:35 GMT ASIC Wins First Greenwashing Civil Penalty Action Against Vanguard http://www.mondovisione.com/media-and-resources/news/asic-wins-first-greenwashing-civil-penalty-action-against-vanguard/ <p>The Federal Court has found Vanguard Investments Australia contravened the law by making misleading claims about certain environmental, social and governance (ESG) exclusionary screens applied to investments in a Vanguard index fund.</p> <p>At a hearing before Justice O&rsquo;Bryan on 8 March 2024, Vanguard admitted to engaging in conduct that was liable to mislead the public and that it had made representations that were false or misleading.</p> <p>On 28 March 2024, Justice O&rsquo;Bryan found that Vanguard contravened the ASIC Act numerous times when it made false or misleading representations about the ESG exclusionary screens that were applied to the Vanguard Ethically Conscious Global Aggregate Bond Index Fund.</p> <p>These representations were made to the public in a range of communications, including:</p> <ul> <li>12 product disclosure statements</li> <li>a media release</li> <li>statements published on Vanguard&rsquo;s website</li> <li>a Finance News Network interview on YouTube, and</li> <li>a presentation at a Finance News Network Fund Manager Event which was published online.</li> </ul> <p>&nbsp;</p> <p>Investments held by the Fund were based on an index called the Bloomberg Barclays MSCI Global Aggregate SRI Exclusions Float Adjusted Index (Index). Vanguard had claimed the Index excluded only companies with significant business activities in a range of industries, including those involving fossil fuels, but has admitted that a significant proportion of securities in the Index and the Fund were from issuers that were not researched or screened against applicable ESG criteria.</p> <p>ASIC Deputy Chair Sarah Court said, &lsquo;By Vanguard&rsquo;s own admission, it misled investors on a number of its claims.</p> <p>&lsquo;In this case, Vanguard promised its investors and potential investors that the product would be screened to exclude bond issuers with significant business activities in certain industries, including fossil fuels, when this was not always the case.</p> <p>&lsquo;As ASIC&rsquo;s first greenwashing court outcome, the case shows our commitment to taking on misleading marketing and greenwashing claims made by companies in the financial services industry. It sends a strong message to companies making sustainable investment claims that they need to reflect the true position.&rsquo;</p> <p>The matter has been listed for further hearing on 1 August 2024 at which the Court will consider the appropriate penalty to impose for the conduct.</p> <h2>Download</h2> <p><a href="https://download.asic.gov.au/media/szgi53ba/24-061mr-australian-securities-and-investments-commission-v-vanguard-investments-australia-ltd-2024-fca-308.pdf" title="24 061MR Australian Securities And Investments Commission V Vanguard Investments Australia Ltd [2024] FCA 308">Judgment</a></p> <h2>Background</h2> <p>As at 26 February 2021, the total funds or assets under management of the Vanguard Ethically Conscious Global Aggregate Bond Index Fund was over $1 billion.</p> <p>The Fund is a registered managed investment scheme, of which Vanguard is the Responsibility Entity and the Investment Manager. The Fund comprises the ETF, AUD Hedged, and NZD Hedged classes of units.</p> <p>ASIC&rsquo;s Information Sheet 271&nbsp;<em>How to avoid greenwashing when offering or promoting sustainability-related products</em>&nbsp;(<a href="https://asic.gov.au/regulatory-resources/financial-services/how-to-avoid-greenwashing-when-offering-or-promoting-sustainability-related-products/" title="How to avoid greenwashing when offering or promoting sustainability-related products">INFO 271</a>) provides information for responsible entities of managed funds and super fund trustees about how to avoid greenwashing when offering or promoting sustainability-related or ethical products and investments.</p> <p>ASIC&rsquo;s&nbsp;<a href="https://asic.gov.au/regulatory-resources/find-a-document/reports/rep-763-asic-s-recent-greenwashing-interventions/" title="REP 763 ASIC&rsquo;s recent greenwashing interventions">Report 763</a>&nbsp;<em>ASIC&rsquo;s recent greenwashing interventions</em>&nbsp;outlines ASIC regulatory interventions made between 1 July 2022 and 31 March 2023 in relation to greenwashing concerns.</p> <p>ASIC&rsquo;s Moneysmart website has a range of tools and resources to help people understand money and how to manage it. Find out more about&nbsp;<a href="https://moneysmart.gov.au/how-to-invest/environmental-social-governance-esg-investing">ESG investing is and how it works</a>.</p> http://www.mondovisione.com/media-and-resources/news/asic-wins-first-greenwashing-civil-penalty-action-against-vanguard/#207298 Thu, 28 Mar 2024 06:13:32 GMT Gen AI: Industry Engagement Essential To Understand How Gen AI Is Achieving Positive Consumer And Market Outcomes As Well As How Risks Are Being Managed By Firms, Daniel Trinder, New Zealand Financial Markets Authority Executive Director, Strategy And Design http://www.mondovisione.com/media-and-resources/news/gen-ai-industry-engagement-essential-to-understand-how-gen-ai-is-achieving-posi/ <div class="OutlineElement Ltr SCXW150929423 BCX8"> <p class="Paragraph SCXW150929423 BCX8"><span class="TextRun SCXW150929423 BCX8"><span class="NormalTextRun SCXW150929423 BCX8">Generative&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">Artificial Intelligence&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">(Gen AI)&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">is&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">the latest technological breakthrough</span><span class="NormalTextRun SCXW150929423 BCX8">&nbsp;that regulators</span>&nbsp;<span class="NormalTextRun SCXW150929423 BCX8">must grapple with.&nbsp;</span></span><span class="TextRun SCXW150929423 BCX8"><span class="NormalTextRun SCXW150929423 BCX8">Gen</span>&nbsp;<span class="NormalTextRun SCXW150929423 BCX8">AI refers to&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">large&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">learning models&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">(LLMs) that can both&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">comprehend</span><span class="NormalTextRun SCXW150929423 BCX8">&nbsp;and generate human language&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">text &ndash;</span><span class="NormalTextRun SCXW150929423 BCX8">&nbsp;text, audio, code, graphics &ndash; based on user-defined queries of the&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">large quantities</span><span class="NormalTextRun SCXW150929423 BCX8">&nbsp;of data on which the model was trained.&nbsp;</span></span><span class="EOP SCXW150929423 BCX8">&nbsp;</span></p> </div> <div class="OutlineElement Ltr SCXW150929423 BCX8"> <p class="Paragraph SCXW150929423 BCX8"><span class="TextRun SCXW150929423 BCX8"><span class="NormalTextRun SCXW150929423 BCX8">As&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">Gen&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">AI technologies&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">are</span><span class="NormalTextRun SCXW150929423 BCX8">&nbsp;still maturing, their application is nascent.&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">However,</span><span class="NormalTextRun SCXW150929423 BCX8">&nbsp;this&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">&ldquo;</span><span class="NormalTextRun SCXW150929423 BCX8">technology cycle</span><span class="NormalTextRun SCXW150929423 BCX8">&rdquo;</span><span class="NormalTextRun SCXW150929423 BCX8">&nbsp;is&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">not b</span><span class="NormalTextRun SCXW150929423 BCX8">eing driven by technology upstarts</span><span class="NormalTextRun SCXW150929423 BCX8">,</span><span class="NormalTextRun SCXW150929423 BCX8">&nbsp;but by the w</span><span class="NormalTextRun SCXW150929423 BCX8">orld's</span>&nbsp;<span class="NormalTextRun SCXW150929423 BCX8">big</span><span class="NormalTextRun SCXW150929423 BCX8">gest technology firms with established adoption&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">across&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">the financial sector in&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">New Zealand&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">which&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">gives potential to&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">transform financial services.</span></span><span class="EOP SCXW150929423 BCX8">&nbsp;</span></p> </div> <div class="OutlineElement Ltr SCXW150929423 BCX8"> <p class="Paragraph SCXW150929423 BCX8"><span class="TextRun SCXW150929423 BCX8">I</span><span class="TrackedChange SCXW150929423 BCX8">ndustry engagement</span><span class="TextRun SCXW150929423 BCX8">&nbsp;will be</span><span class="TrackedChange SCXW150929423 BCX8">&nbsp;essential&nbsp;</span><span class="TextRun SCXW150929423 BCX8">for the FMA&nbsp;</span><span class="TrackedChange SCXW150929423 BCX8">to understand how Gen AI is achieving positive consumer and market outcomes</span><span class="TextRun SCXW150929423 BCX8">,</span><span class="TrackedChange SCXW150929423 BCX8">&nbsp;as well as how risks are being managed by firms.</span><span class="EOP TrackedChange SCXW150929423 BCX8">&nbsp;</span></p> </div> <div class="OutlineElement Ltr SCXW150929423 BCX8"> <p class="Paragraph SCXW150929423 BCX8"><span class="TextRun SCXW150929423 BCX8"><span class="NormalTextRun SCXW150929423 BCX8">Potential benefits&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">include</span><span class="NormalTextRun SCXW150929423 BCX8">&nbsp;better consumer outcomes and&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">personalised customer&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">experience</span><span class="NormalTextRun SCXW150929423 BCX8">. F</span><span class="NormalTextRun SCXW150929423 BCX8">or&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">instance,</span><span class="NormalTextRun SCXW150929423 BCX8">&nbsp;through&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">faster response times and&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">claims pay-outs</span><span class="NormalTextRun SCXW150929423 BCX8">&nbsp;along with&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">efficiency gains to&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">insurance&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">firms deploying Gen AI sensibly</span><span class="NormalTextRun SCXW150929423 BCX8">.</span>&nbsp;<span class="NormalTextRun SCXW150929423 BCX8">Advancement</span><span class="NormalTextRun SCXW150929423 BCX8">s in transaction monitoring can result through improvements in detect</span><span class="NormalTextRun SCXW150929423 BCX8">ing</span><span class="NormalTextRun SCXW150929423 BCX8">&nbsp;suspicious activity.&nbsp;</span></span><span class="TextRun SCXW150929423 BCX8"><span class="NormalTextRun SCXW150929423 BCX8">These tools should</span>&nbsp;<span class="NormalTextRun SCXW150929423 BCX8">also&nbsp;</span></span><span class="TrackedChange SCXW150929423 BCX8">improve fraud detection and risk management.</span><span class="EOP SCXW150929423 BCX8">&nbsp;</span></p> </div> <div class="OutlineElement Ltr SCXW150929423 BCX8"> <p class="Paragraph SCXW150929423 BCX8"><span class="TextRun SCXW150929423 BCX8"><span class="NormalTextRun SCXW150929423 BCX8">However,</span>&nbsp;<span class="NormalTextRun SCXW150929423 BCX8">with&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">potential benefits come&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">potential&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">risks</span><span class="NormalTextRun SCXW150929423 BCX8">. New Zealand banks have said recently</span></span><span class="TextRun SCXW150929423 BCX8"><span class="NormalTextRun SCXW150929423 BCX8">&nbsp;that Gen AI is a &ldquo;double-edged sword&rdquo;.&nbsp;<a title="View the FIPS Banks: Review OF 2023 report from KPMG" rel="noopener noreferrer" href="https://kpmg.com/nz/en/home/insights/2024/03/fips-banks-review-of-2023.html" target="_blank">View the FIPS Banks: Review OF 2023 report from KPMG</a>. Where the</span><span class="NormalTextRun SCXW150929423 BCX8">re are</span><span class="NormalTextRun SCXW150929423 BCX8">&nbsp;opportunities</span></span><span class="TrackChangeTextInsertion TrackedChange SCXW150929423 BCX8">,</span><span class="TextRun SCXW150929423 BCX8">&nbsp;<span class="NormalTextRun SCXW150929423 BCX8">there's</span>&nbsp;<span class="NormalTextRun SCXW150929423 BCX8">also&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">potential for&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">cyber threats and fraud to be AI-weaponised by criminals and bad actors.</span></span><span class="EOP SCXW150929423 BCX8">&nbsp;</span></p> </div> <div class="OutlineElement Ltr SCXW150929423 BCX8"> <p class="Paragraph SCXW150929423 BCX8"><span class="TextRun SCXW150929423 BCX8"><span class="NormalTextRun SCXW150929423 BCX8">There may be the need for some firms to reassess&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">their approach</span><span class="NormalTextRun SCXW150929423 BCX8">&nbsp;to&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">g</span><span class="NormalTextRun SCXW150929423 BCX8">overnance</span><span class="NormalTextRun SCXW150929423 BCX8">&nbsp;to ensure adequate&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">oversight of AI tools.&nbsp;</span></span><span class="TextRun SCXW150929423 BCX8">T</span><span class="TextRun SCXW150929423 BCX8"><span class="NormalTextRun SCXW150929423 BCX8">he</span>&nbsp;<span class="NormalTextRun SCXW150929423 BCX8">incorrect adoption of Gen AI applications can lead to undesired consequences</span>&nbsp;<span class="NormalTextRun SCXW150929423 BCX8">and&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">reputational</span><span class="NormalTextRun SCXW150929423 BCX8">&nbsp;damage or may not contribute to the business value of the organisation.</span>&nbsp;<span class="NormalTextRun SCXW150929423 BCX8">Appropriate&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">g</span><span class="NormalTextRun SCXW150929423 BCX8">overnance of such applications mitigates the associated risks</span><span class="NormalTextRun SCXW150929423 BCX8">,</span><span class="NormalTextRun SCXW150929423 BCX8">&nbsp;holds</span><span class="NormalTextRun SCXW150929423 BCX8">&nbsp;the</span>&nbsp;<span class="NormalTextRun SCXW150929423 BCX8">appropriate pe</span><span class="NormalTextRun SCXW150929423 BCX8">ople</span>&nbsp;<span class="NormalTextRun SCXW150929423 BCX8">responsible,</span><span class="NormalTextRun SCXW150929423 BCX8">&nbsp;and can increase longevity and security of applications.</span><span class="NormalTextRun SCXW150929423 BCX8">&nbsp;</span></span><span class="EOP SCXW150929423 BCX8">&nbsp;</span></p> </div> <div class="OutlineElement Ltr SCXW150929423 BCX8"> <p class="Paragraph SCXW150929423 BCX8"><span class="TextRun SCXW150929423 BCX8"><span class="NormalTextRun SCXW150929423 BCX8">Firms need to focus on implications for their own operational resilience, including any services that they outsource to third parties. Most&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">Gen&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">AI models are run on the cloud and powered by large data</span><span class="NormalTextRun SCXW150929423 BCX8">,</span><span class="NormalTextRun SCXW150929423 BCX8">&nbsp;creating digital infrastructure and third party-related stability risks that must be considered.</span><span class="NormalTextRun SCXW150929423 BCX8">&nbsp;Firms are also&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">at&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">risk from AI-powered cyber-attacks.</span></span><span class="EOP SCXW150929423 BCX8">&nbsp;</span></p> </div> <div class="OutlineElement Ltr SCXW150929423 BCX8"> <p class="Paragraph SCXW150929423 BCX8"><span class="TextRun SCXW150929423 BCX8">One of the defining features of Gen AI is its ability to process large volumes of data, and to detect and</span>&nbsp;<span class="TrackedChange SCXW150929423 BCX8">e</span><span class="TrackedChange SCXW150929423 BCX8">xploit</span><span class="TrackedChange SCXW150929423 BCX8">&nbsp;patterns&nbsp;</span><span class="TextRun SCXW150929423 BCX8"><span class="NormalTextRun SCXW150929423 BCX8">in those data.&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">Model risk management, and the risks that Gen AI&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">exacerbates</span><span class="NormalTextRun SCXW150929423 BCX8">&nbsp;with sample&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">bias,</span><span class="NormalTextRun SCXW150929423 BCX8">&nbsp;and</span>&nbsp;<span class="NormalTextRun SCXW150929423 BCX8">model drift are important considerations for firms.</span></span><span class="EOP SCXW150929423 BCX8">&nbsp;</span></p> </div> <div class="OutlineElement Ltr SCXW150929423 BCX8"> <p class="Paragraph SCXW150929423 BCX8"><span class="TrackedChange SCXW150929423 BCX8">There&nbsp;</span><span class="TrackedChange SCXW150929423 BCX8">are also&nbsp;</span><span class="TrackedChange SCXW150929423 BCX8">a broader&nbsp;</span><span class="TrackedChange SCXW150929423 BCX8">set of&nbsp;</span><span class="TrackedChange SCXW150929423 BCX8">issue</span><span class="TrackedChange SCXW150929423 BCX8">s</span>&nbsp;<span class="TrackedChange SCXW150929423 BCX8">regarding</span>&nbsp;<span class="TrackedChange SCXW150929423 BCX8">data usage</span><span class="TextRun SCXW150929423 BCX8"><span class="NormalTextRun SCXW150929423 BCX8">,&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">accountability</span></span>&nbsp;<span class="TextRun SCXW150929423 BCX8"><span class="NormalTextRun SCXW150929423 BCX8">and protection</span><span class="NormalTextRun SCXW150929423 BCX8">.</span></span><span class="EOP SCXW150929423 BCX8">&nbsp;</span></p> </div> <div class="OutlineElement Ltr SCXW150929423 BCX8"> <p class="Paragraph SCXW150929423 BCX8"><span class="TextRun SCXW150929423 BCX8"><span class="NormalTextRun SCXW150929423 BCX8">AI accountability is the ability to explain, justify, and take responsibility for the outcomes and&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">impacts</span><span class="NormalTextRun SCXW150929423 BCX8">&nbsp;of an AI system</span><span class="NormalTextRun SCXW150929423 BCX8">.</span>&nbsp;<span class="NormalTextRun SCXW150929423 BCX8">Governance and assurance over da</span><span class="NormalTextRun SCXW150929423 BCX8">ta privacy and ownership will&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">also&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">be paramount.&nbsp;</span></span><span class="EOP SCXW150929423 BCX8">&nbsp;</span></p> </div> <div class="OutlineElement Ltr SCXW150929423 BCX8"> <p class="Paragraph SCXW150929423 BCX8"><span class="TextRun SCXW150929423 BCX8"><span class="NormalTextRun SCXW150929423 BCX8">Last</span><span class="NormalTextRun SCXW150929423 BCX8">, but not least,</span><span class="NormalTextRun SCXW150929423 BCX8">&nbsp;are</span><span class="NormalTextRun SCXW150929423 BCX8">&nbsp;the</span><span class="NormalTextRun SCXW150929423 BCX8">&nbsp;heightened risks to c</span><span class="NormalTextRun SCXW150929423 BCX8">onsumer</span><span class="NormalTextRun SCXW150929423 BCX8">s.&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">AI&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">scams</span><span class="NormalTextRun SCXW150929423 BCX8">&nbsp;are already on the rise</span><span class="NormalTextRun SCXW150929423 BCX8">&nbsp;and the&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">deepfake technology&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">raises&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">risks&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">to&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">consumer</span><span class="NormalTextRun SCXW150929423 BCX8">s</span>&nbsp;<span class="NormalTextRun SCXW150929423 BCX8">from</span>&nbsp;<span class="NormalTextRun SCXW150929423 BCX8">scams</span><span class="NormalTextRun SCXW150929423 BCX8">&nbsp;o</span><span class="NormalTextRun SCXW150929423 BCX8">r fraudulent activities.</span><span class="NormalTextRun SCXW150929423 BCX8">&nbsp;</span></span><span class="EOP SCXW150929423 BCX8">&nbsp;</span></p> </div> <div class="OutlineElement Ltr SCXW150929423 BCX8"> <p class="Paragraph SCXW150929423 BCX8"><span class="TextRun SCXW150929423 BCX8"><span class="NormalTextRun SCXW150929423 BCX8">Despite potential&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">risks</span><span class="NormalTextRun SCXW150929423 BCX8">, the FMA&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">believes that firms can mitigate these risks through&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">appropriate governance</span><span class="NormalTextRun SCXW150929423 BCX8">&nbsp;structures, risk management,&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">remaining</span>&nbsp;<span class="NormalTextRun SCXW150929423 BCX8">vigilant over&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">operational resilience implications and addressing data risks</span><span class="NormalTextRun SCXW150929423 BCX8">. All this should</span><span class="NormalTextRun SCXW150929423 BCX8">&nbsp;ensure firms utilising Gen AI remain focused on achieving positive&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">and safe outcomes for&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">consumer</span><span class="NormalTextRun SCXW150929423 BCX8">s</span><span class="NormalTextRun SCXW150929423 BCX8">&nbsp;and&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">markets.</span><span class="NormalTextRun SCXW150929423 BCX8">&nbsp;That said</span></span><span class="TrackChangeTextInsertion TrackedChange SCXW150929423 BCX8">,</span><span class="TextRun SCXW150929423 BCX8"><span class="NormalTextRun SCXW150929423 BCX8">&nbsp;it is not&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">the FMA&rsquo;s</span><span class="NormalTextRun SCXW150929423 BCX8">&nbsp;job to tell firms how to&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">establish</span><span class="NormalTextRun SCXW150929423 BCX8">&nbsp;the guardrails they need.&nbsp;</span></span><span class="EOP SCXW150929423 BCX8">&nbsp;</span></p> </div> <div class="OutlineElement Ltr SCXW150929423 BCX8"> <p class="Paragraph SCXW150929423 BCX8"><span class="TextRun SCXW150929423 BCX8"><span class="NormalTextRun SCXW150929423 BCX8">Overtime we will assess whether our regulatory framework needs strengthening to support better deployment of Gen AI. We&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">welcome ongoing dialogue with all firms on their experiences of using Gen AI</span></span><span class="TrackChangeTextInsertion TrackedChange SCXW150929423 BCX8">,</span><span class="TextRun SCXW150929423 BCX8">&nbsp;and similar technologies</span><span class="TrackChangeTextInsertion TrackedChange SCXW150929423 BCX8">,</span><span class="TextRun SCXW150929423 BCX8">&nbsp;<span class="NormalTextRun SCXW150929423 BCX8">to enhance our understanding of the benefits and&nbsp;</span><span class="NormalTextRun SCXW150929423 BCX8">understand if there are risks materialising to consumers through the incorrect adoption of Gen A</span><span class="NormalTextRun SCXW150929423 BCX8">I</span><span class="NormalTextRun SCXW150929423 BCX8">.</span></span><span class="EOP SCXW150929423 BCX8">&nbsp;</span></p> </div> <div class="OutlineElement Ltr SCXW150929423 BCX8"> <p class="Paragraph SCXW150929423 BCX8"><span class="TextRun SCXW150929423 BCX8"><span class="NormalTextRun SCXW150929423 BCX8">The FMA is technology-neutral and pro-innovation</span><span class="NormalTextRun SCXW150929423 BCX8">. W</span><span class="NormalTextRun SCXW150929423 BCX8">e are keen to see firms harness the opportunities and to ensure firms utilising Gen AI remain focused on achieving</span><span class="NormalTextRun SCXW150929423 BCX8">&nbsp;outcomes that will benefi</span><span class="NormalTextRun SCXW150929423 BCX8">t and enhance</span>&nbsp;<span class="NormalTextRun SCXW150929423 BCX8">consumer</span><span class="NormalTextRun SCXW150929423 BCX8">&rsquo;s experience of financial</span><span class="NormalTextRun SCXW150929423 BCX8">&nbsp;market</span><span class="NormalTextRun SCXW150929423 BCX8">s and services.</span></span><span class="EOP SCXW150929423 BCX8">&nbsp;</span></p> </div> http://www.mondovisione.com/media-and-resources/news/gen-ai-industry-engagement-essential-to-understand-how-gen-ai-is-achieving-posi/#207300 Thu, 28 Mar 2024 06:23:13 GMT NZX Issue Of Ordinary Shares http://www.mondovisione.com/media-and-resources/news/nzx-issue-of-ordinary-shares-9/ <p><span>The attached capital change notice is given under NZX Listing Rule 3.13.1 and relates to the issue of ordinary shares in NZX Limited (NZX) under the NZX Dividend Reinvestment Plan.</span></p> <div class="panel module documents"> <h3 class="module-header">Downloads</h3> <ul class="no-bullet"> <li><a href="/_assets/files/NZX_415773.pdf" title="NZX_415773.pdf">NZX issue of ordinary shares</a></li> </ul> </div> http://www.mondovisione.com/media-and-resources/news/nzx-issue-of-ordinary-shares-9/#207304 Thu, 28 Mar 2024 06:51:50 GMT Montréal Exchange Interest Rate Derivative Trading Ceases At 13:30 Today, March 28, 2024 - Exchange's Markets Closed Friday, March 29, 2024 http://www.mondovisione.com/media-and-resources/news/montral-exchange-interest-rate-derivative-trading-ceases-at-1330-today-march/ <p><span>Interest rate derivative trading will cease at 1:30 p.m. today, March 28, 2024. Furthermore, the Exchange's markets will be closed on March 29, 2024.</span></p> http://www.mondovisione.com/media-and-resources/news/montral-exchange-interest-rate-derivative-trading-ceases-at-1330-today-march/#207299 Thu, 28 Mar 2024 06:15:57 GMT There’s Still No Rush, Federal Reserve Governor Christopher J. Waller, At The Economic Club Of New York, New York, New York http://www.mondovisione.com/media-and-resources/news/theres-still-no-rush-federal-reserve-governor-christopher-j-waller-at-the-ec/ <p>Thank you, Barbara, and thank you for the opportunity to speak to you today.<a href="https://www.federalreserve.gov/newsevents/speech/waller20240327a.htm#fn1" title="footnote 1"><span>1</span></a><a name="f1"></a>&nbsp;My subject, as it often is, is the outlook for the U.S. economy, and how that affects the Federal Open Market Committee's (FOMC) continuing effort to reduce inflation to a sustained level of 2 percent while maintaining a healthy labor market.</p> <p>We made a lot of headway toward our inflation goal in 2023, and the labor market moved substantially into better balance, all while holding the unemployment rate below 4 percent for nearly two years. But the data we have received so far this year has made me uncertain about the speed of continued progress. Back in February, I noted that data on fourth quarter gross domestic product (GDP) as well as January data on job growth and inflation came in hotter than expected. I concluded then that we needed time to verify that the progress on inflation we saw in the second half of 2023 would continue, which meant there was no rush to begin cutting interest rates to normalize the stance of monetary policy.</p> <p>Over the past month, additional economic data has reinforced this view. February job gains moved back up to 275,000, making the three-month average a strong 265,000, and various inflation measures have continued to come in hot. Core personal consumption expenditures (PCE) inflation jumped to 0.4 percent on a monthly basis in January, after averaging around 0.1 percent in October through December last year. And with February consumer price index (CPI) and producer price index inflation data in hand, some forecasts are predicting core PCE inflation may be revised up for January and is expected to come in at 0.3 percent for February, which we will learn about on Friday. Adding this new data to what we saw earlier in the year reinforces my view that there is no rush to cut the policy rate. Indeed, it tells me that it is prudent to hold this rate at its current restrictive stance perhaps for longer than previously thought to help keep inflation on a sustainable trajectory toward 2 percent.</p> <p>I continue to believe that further progress will make it appropriate for the FOMC to begin reducing the target range for the federal funds rate this year. But until that progress materializes, I am not ready to take that step. Fortunately, the strength of the U.S. economy and resilience of the labor market mean the risk of waiting a little longer to ease policy is small and significantly lower than acting too soon and possibly squandering our progress on inflation.</p> <p>Turning to the performance of the U.S. economy, the Atlanta Fed's GDPNow model, based on all current data, predicts first quarter growth in real GDP of 2.1 percent at an annual rate. Similarly, the consensus from the Blue Chip survey of private sector forecasters is 2 percent. This would be a significant slowdown from the average of around 4 percent in the second half of 2024 but still quite solid growth.</p> <p>Consumer spending, the largest component of GDP, seems to be moderating this quarter. Retail sales fell significantly in January and then retraced about half of that decline in February. Smoothing out these swings, they clearly indicate a moderation in goods spending from the second half of last year. However, services spending, excluding energy, grew moderately in January, which offset to some extent the decline in goods spending. I will be watching on Friday morning to see what the February data on personal income and spending show.</p> <p>On the business side, surveys of purchasing managers in February continued to report results we have been hearing for over a year. For manufacturers, the Institute for Supply Management indicated a slight contraction in activity, with new orders and production moving down a bit. This contrasts with nonmanufacturing businesses that continued to see an expansion in activity, with measures of new orders and business activity on the higher end of their readings over the past year.</p> <p>Now let me turn to the labor market. The data is sending a mixed message on how supply and demand are evolving. As I noted earlier, payroll data estimate that employers added 275,000 jobs in February. This robust gain is not only above the 265,000 average level of job creation since November, but also above the 251,000 monthly average for all of 2023. Recent gains have been broad based across most sectors, rather than concentrated in a few sectors, which may be a sign that demand is not moderating as much as is needed to support continued progress on inflation. Conversely, the household survey estimated that the unemployment rate rose to 3.9 percent in February. But that increase was driven mostly by an outsized rise in the number of 16- to 24-year-olds counted as unemployed. Youth employment tends to be volatile, so this rate may drop back in the next few months and, if so, pull the overall unemployment rate back down as well.</p> <p>Another sign of loosening in the labor market is that the number of people quitting their jobs has fallen below the levels just before the pandemic. I believe most workers quit their jobs for better pay or other benefits. So less turnover means firms do not need to enhance their compensation packages to attract workers.</p> <p>In reviewing wage pressures, the most recent data suggest nominal wage growth has continued to ease. But most of these measures are still above their pre-pandemic levels. And, considering overall compensation&mdash;wages and benefits &mdash;here, too, growth has slowed but remains a bit elevated.</p> <p>Looking across various indicators of labor demand, there hasn't been much change in recent months. Job openings drifted down last year but then flattened out recently at a still elevated level, while the pace of hiring is close to its pre-pandemic level. With strong labor supply and little apparent change in demand in recent months, the ratio of vacancies to people looking for work has been roughly flat after declining significantly in 2023. At 1.4 jobs for each person looking, that ratio is down from 2022's peak of around 2 and indicates that the labor market has loosened up. But the vacancies-to-unemployed rate is still higher than the 1.2 that prevailed before the pandemic and has held steady around 1.4 for several months, which suggests that the labor market remains tight.</p> <p>Let me turn to a topic related to the labor market that has important implications for the longer-term course of U.S. economy: productivity. When productivity across the economy grows quickly, it means that output and income can also grow quickly without putting upward pressure on inflation, so it supports rising living standards. And lately, productivity has been growing fast. Over the final three quarters of 2023, it grew at a pace a bit under 4 percent, much faster than the average since the 1970s. Some have argued that this must be why we had such strong economic growth in 2023, even while inflation was slowing. Perhaps, they say, we are at the start of another era of fast and sustained productivity growth, such as the United States experienced from 1998 through 2004.</p> <p>Believe me, I hope this is true, because it would be the basis for broadly shared prosperity that raises living standards, but I am skeptical that it will last. The first thing to note is that productivity growth is notoriously volatile. Though productivity grew fast for the final nine months of last year, it actually fell in the first quarter of 2023 and rather substantially for all of 2022. One may view this fast growth as making up for the earlier declines. In fact, smoothing across the past two years, productivity growth averages a bit above 1.25 percent annually. Also keep in mind that periods of fast growth that last more than a few years are unusual, and it is also difficult to be sure about the causes.</p> <p>When thinking about productivity, one has to distinguish between factors that raise productivity in the short run but ultimately are one-off increases in the&nbsp;<em>level&nbsp;</em>of productivity, as opposed to those that increase the long-run&nbsp;<em>growth</em>&nbsp;<em>rate</em>&nbsp;of productivity so that the level is constantly increasing. So let me posit several factors that have been suggested for explaining the recent increase in productivity and try to place them in the one-off or long-run buckets.</p> <p>Many people point to recent large investment projects in the United States, such as those associated with the Inflation Reduction Act or artificial intelligence, as boosting productivity. But these investments will take place over many years and may not have done much yet to add to the nation's productive capacity. While it is possible they could increase longer-run productivity growth, it remains to be seen if they will. Thus, they are unlikely to explain the recent rise in productivity growth.</p> <p>The recent surge in business start-ups after a sustained lull has also been mentioned as a factor. Like the investment projects, it may be causing a boost to productivity, but it is likely to occur over a number of years. And, unless the current boom in new business formation continues into the future, once again this factor will at best raise the level of productivity over the short term and not the long-run growth rate.</p> <p>Another factor that is often pointed to is the resolution of supply chain problems. But once the supply chain issues are resolved, this boost to productivity growth will end, so this clearly is a short-run factor that will simply raise the level but not the long-run growth rate of productivity.</p> <p>Another potential cause of recent productivity growth is that the pandemic changed how we work and use technology. While I certainly can see how this could affect the level of productivity and short-run growth, once we have made those changes, they're done, so I don't see this as a driver of sustained productivity growth. I have also heard the argument that when labor turnover was very high during the pandemic, new hires were being trained, and by the time they were ready to start contributing to production, they would leave for a new job and start a new training process. Now that the pace of turnover is back down to normal levels, firms are reaping the benefits of keeping newly trained workers who then move up the learning curve at the firm. Again, while I see this raising the level of productivity in the short run, it may simply be returning productivity to previous levels.</p> <p>I will be watching how productivity evolves in the near term. I will keep my fingers crossed for more good news, but I am not convinced that the recent boom in productivity growth will continue. Therefore, I will keep that in mind as I form my judgments about the economic outlook and appropriate setting of monetary policy.</p> <p>Now let's talk about inflation. We made a lot of headway in reducing inflation in the past year or so, although the readings in the past two months have been disappointing. Both total CPI inflation and core inflation that excludes energy and food rounded to a 0.4 percent increase for the month of February, which is obviously not progress toward our inflation goal. While housing services prices, which rose in January, moderated a bit, core goods prices, which had been falling recently, rose due to elevated import price increases. In trying to judge what the underlying trend is for inflation, I tend to look at annualized core measures over 3 or 6 months. For most of a year, I watched these numbers come down more quickly than 12-month readings, telling me that we were making substantial progress. But, more recently, the 3-month core CPI, which was running at a 3.3 percent rate in December, rose to 4.2 percent in February. Six-month core CPI, which was also 3.3 percent in December, was up to 3.9 percent last month. These shorter-term inflation measures are now telling me that progress has slowed and may have stalled. But we will need more data to know that.</p> <p>The FOMC uses personal consumption expenditure inflation data to measure progress toward our 2 percent goal, and we won't get those results for February until Friday. But, as I noted at the start, based on the consumer and producer prices that we do have, estimates suggest that core PCE inflation is likely to be elevated. Though the February reading is estimated to step down from January's, this recent pace would not represent significant progress toward 2 percent.</p> <p>Let me pause here and make an important point about how I think about and want to talk about adverse developments such as this recent inflation data and how as a policymaker I manage risks to the economic outlook.</p> <p>It is appropriate to point out that a month or two of data does not necessarily indicate a trend, and there are good reasons to think that progress on inflation will be uneven but likely to continue down toward 2 percent. At the same time, monetary policy is data driven, and I do want to take it into account when formulating my economic outlook. While I don't want to over-react to two months of data, I do think it is appropriate to react to it.</p> <p>There is ample evidence that the recent data has also been taken on board by both financial markets and forecasters in adjusting their views of the economic outlook. The markets have pulled back the number of expected rate cuts in 2024. FOMC participants have also adjusted their views on policy in response to recent data and it is reflected in the Summary of Economic Projections. Comparing the December 2023 projections to those just released, one sees that the median number of cuts in the federal funds rate for 2024 is still three, but the dots for 2024 have moved up, meaning at least several policymakers removed one or more cuts from their projection. In fact, the number of policymakers expecting more than three cuts in 2024 decreased significantly, while the number expecting two or fewer increased. I interpret this as showing that the Committee is not over-reacting to the recent data but is not discounting it either.</p> <p>In my view, it is appropriate to reduce the overall number of rate cuts or push them further into the future in response to the recent data. This reflects the reality of managing an outlook in real time as data comes in. Subsequent data may well alter this outlook again, but we shall see. Based on what we know now, there is no urgency in taking that step.</p> <p>So where do I see things standing? I see economic output and the labor market showing continued strength, while progress in reducing inflation has slowed. Because of these signs, I see no rush in taking the step of beginning to ease monetary policy. The target range for the federal funds rate has been 5-1/4 to 5-1/2 percent since last July, and I believe that this restrictive level is helping to reduce imbalances in the economy and continuing to put downward pressure on inflation. All indications are that the economy continues to grow at a healthy pace. While retail sales and some other indicators suggest a softening in demand this quarter from the second half of last year, when growth accelerated, the evidence for a significant slowdown is sparse. Meanwhile, as the labor market continues to add jobs at a rapid pace, some signs point to improvement in the imbalance between supply and demand, but others indicate continued tightness.</p> <p>My judgment on the balance of risks for monetary policy, which I explained in a speech on February 22, hasn't changed: The risk of waiting a little longer to cut rates is significantly lower than acting too soon.<a href="https://www.federalreserve.gov/newsevents/speech/waller20240327a.htm#fn2" title="footnote 2"><span>2</span></a><a name="f2"></a>&nbsp;Cutting the policy rate too soon and risking a sustained rebound in inflation is something I want to avoid.</p> <p>As a result, in the absence of an unexpected and material deterioration in the economy, I am going to need to see at least a couple months of better inflation data before I have enough confidence that beginning to cut rates will keep the economy on a path to 2 percent inflation. Fortunately, we can wait to see how the data come in before deciding the appropriate time to start lowering the policy rate. The remarkable U.S. economy keeps on chugging along, adding jobs at a rate that over time will keep unemployment near its current, historically low rate. But the overall strength of the U.S. economy makes it a fairly easy decision to wait a little longer to get a better understanding of the trajectory of inflation and, when appropriate, begin easing policy.</p> <hr align="left" size="1" width="33%" /> <p><a name="fn1"></a>1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Open Market Committee.</p> <p><a name="fn2"></a>2. See Christopher J. Waller (2024), "<a href="https://www.federalreserve.gov/newsevents/speech/waller20240222a.htm">What's the Rush?</a>" speech delivered at the Finding Forward Speaker Series, University of St. Thomas, Opus College of Business, Minneapolis, Minnesota, February 22.&nbsp;</p> http://www.mondovisione.com/media-and-resources/news/theres-still-no-rush-federal-reserve-governor-christopher-j-waller-at-the-ec/#207302 Thu, 28 Mar 2024 06:43:10 GMT FTSE Equity Country Classification – March 2024 Interim Update Announcement http://www.mondovisione.com/media-and-resources/news/ftse-equity-country-classification-march-2024-interim-update-announcement/ <p>The March 2024 FTSE Equity Country Classification Interim Update Announcement has been published and is available via the following link:&nbsp;<a target="_blank" href="https://www.lseg.com/content/dam/ftse-russell/en_us/documents/country-classification/ftse-interim-country-classification-review-2024.pdf">FTSE Equity Country Classification &ndash; March 2024</a></p> <p>The equity classification of markets within FTSE Russell equity indices is assessed on an ongoing basis. Markets under consideration for reclassification between Developed, Advanced Emerging, Secondary Emerging and Frontier market status are placed on the FTSE Equity Country Classification Watch List.&nbsp;</p> <p>Ahead of the publication of the Interim Update Announcement, FTSE Russell consults members of the FTSE Equity Country Classification Advisory Committee, the FTSE Russell regional equity advisory committees, the FTSE Russell Policy Advisory Board, and other stakeholders regarding the Watch List markets and the status of other markets. Feedback received is considered, and the announcement approved at a meeting of the FTSE Russell Index Governance Board.&nbsp;</p> <p>To view the updated FTSE Quality of Markets Assessment Matrix, please visit the following link:</p> <p><a target="_blank" href="https://www.lseg.com/en/ftse-russell/equity-country-classification">Equity Country Classification | LSEG</a></p> <p>For further information on the FTSE Equity Country Classification process, please click&nbsp;<a target="_blank" href="https://research.ftserussell.com/products/downloads/FTSE_Equity_Country_Classification_Paper.pdf?_ga=2.229337625.466944251.1567590763-1322844717.1560784229">here</a>.</p> http://www.mondovisione.com/media-and-resources/news/ftse-equity-country-classification-march-2024-interim-update-announcement/#207297 Wed, 27 Mar 2024 21:18:26 GMT Remarks To The Investor Roundtable Co-Hosted By The SEC, NASAA, And Georgia Secretary Of State, SEC Commissioner Mark T. Uyeda, Washington D.C., March 27, 2024 http://www.mondovisione.com/media-and-resources/news/remarks-to-the-investor-roundtable-co-hosted-by-the-sec-nasaa-and-georgia-secr/ <p>Good afternoon. I am pleased to participate virtually alongside my colleagues from the North American Securities Administrators Association (&ldquo;NASAA&rdquo;), the Georgia Secretary of State, and the Securities and Exchange Commission. Thank you to the participants in the roundtables and interactive sessions set for today and tomorrow.</p> <p>This roundtable and similar events are a means to collect and share information among investors and regulators. In his most recent shareholder letter, Berkshire Hathaway Chairman Warren Buffet described his model of the ideal shareholder based on his sister Bertie.<a href="https://www.sec.gov/news/speech/uyeda-remarks-sec-nasaa-roundtable-032724?utm_medium=email&amp;utm_source=govdelivery#_ftn1" name="_ftnref1">[1]</a>&nbsp;Like many investors, Bertie is smart, wise, and sensible, but she is not a CPA or an economics expert. She has invested her savings in the capital markets. Bertie is described as &ldquo;nobody&rsquo;s fool&rdquo; but even investors like Bertie can be the victim of investment fraud committed by bad actors using increasingly sophisticated techniques.</p> <p>As a former California state securities regulator, I know that state regulators can be the first ones to see new investor frauds and to understand the harm these schemes can have on investors, who may lose their entire life savings as a result. Therefore, open lines of communication among state regulators, law enforcement, and federal regulators are necessary if we are to move efficiently and expediently. In my view, the role of a regulator in protecting investors is to ferret out bad actors and foster the provision of information necessary to make informed investment decisions. Capital formation&mdash;a core SEC mission and one that is vital to our economy&mdash;cannot flourish in an environment rife with fraud and deceit. At the same time, any investment involves risk and we must avoid paternalistic regulation that presumes the government knows best. The discussion today will hopefully allow all of us to better support investor needs and to find ways to assist with challenges facing investors.</p> <p>At today&rsquo;s roundtable, you will hear from investors and experts and will have the opportunity to attend a master class on financial and investment literacy. More information is available at our website at&nbsp;<a href="http://www.investor.gov/">www.investor.gov</a>. If you ever have the unfortunate experience of encountering a bad actor, please reach out to either the Commission or to our state partners.<a href="https://www.sec.gov/news/speech/uyeda-remarks-sec-nasaa-roundtable-032724?utm_medium=email&amp;utm_source=govdelivery#_ftn2" name="_ftnref2">[2]</a></p> <p>Thank you, Christina [Martin Firvida], Claire [McHenry], Noula [Zaharis] and Dr. [Mary] Gowan for organizing this Retail Investor and Fraud Prevention Roundtable. I look forward to hearing the discussions as well as the stories from investors.</p> <div> <hr align="left" size="1" width="33%" /> <div id="ftn1"> <p><a href="https://www.sec.gov/news/speech/uyeda-remarks-sec-nasaa-roundtable-032724?utm_medium=email&amp;utm_source=govdelivery#_ftnref1" name="_ftn1">[1]</a>&nbsp;Letter from Warren Buffett to Berkshire Hathaway, Inc. Shareholders for the Calendar Year ended December 31, 2023 (Feb. 24, 2024), available at&nbsp;<a href="https://www.berkshirehathaway.com/letters/2023ltr.pdf">https://www.berkshirehathaway.com/letters/2023ltr.pdf</a></p> </div> <div id="ftn2"> <p><a href="https://www.sec.gov/news/speech/uyeda-remarks-sec-nasaa-roundtable-032724?utm_medium=email&amp;utm_source=govdelivery#_ftnref2" name="_ftn2">[2]</a>&nbsp;Persons can report suspected securities fraud or wrongdoing at&nbsp;<a href="https://www.sec.gov/tcr">https://www.sec.gov/tcr</a>.</p> </div> </div> http://www.mondovisione.com/media-and-resources/news/remarks-to-the-investor-roundtable-co-hosted-by-the-sec-nasaa-and-georgia-secr/#207296 Wed, 27 Mar 2024 20:09:58 GMT Prepared Remarks Before The SEC / NASAA / Georgia Secretary Of State Joint Public Roundtable, SEC Chair Gary Gensler, Washington D.C., March 27, 2024 http://www.mondovisione.com/media-and-resources/news/prepared-remarks-before-the-sec-nasaa-georgia-secretary-of-state-joint-publi/ <p>Hello, everyone. I am pleased to join you for this roundtable co-hosted by the North American Securities Administrators Association (NASAA) and the Georgia Secretary of State. Welcome to all of the investors, students, community leaders, and other participants here today.</p> <p>I&rsquo;d like to thank Cristina Martin Firvida, Nekia Hackworth Jones, Adam Anicich, and Carla Anglin from the SEC for putting this roundtable together. I&rsquo;d also like to thank NASAA President Claire McHenry, Georgia Secretary of State Assistant Commissioner of Securities Noula Zaharis, and the University of North Georgia.</p> <p>The SEC benefits from working closely with state-level securities regulators&mdash;as law enforcement partners and as securities regulatory partners.</p> <p>As securities regulators, whether at the state level or the national level, our mission&mdash;our charge&mdash;is clear.</p> <p>For us at the SEC, we have a three-part mission, focused ultimately on making sure that the markets&mdash;broker-dealers, the investment advisers, so-called intermediaries in the middle of the market&mdash;they serve investors like you and issuers raising money in the markets.</p> <p>It&rsquo;s not the other way around; it&rsquo;s not that you serve the broker-dealers and the investment advisers.</p> <p>You, too, the investing public, are partners in this work. We benefit from hearing your voices and your stories&mdash;in events like today&rsquo;s and beyond.</p> <p>We benefit when you weigh in on what&rsquo;s called our regulatory agenda. When we from time to time update the rules of the road, we put those out for public comment. Hearing from you, the investing public, truly helps us. You better believe we&rsquo;re hearing from the large broker-dealers and the large trade associations. It&rsquo;s good also to hear directly from investors.</p> <p>Further, you help us in our enforcement work. If you have something to alert us about&mdash;a tip, a complaint, or a referral&mdash;please do not hesitate to go to&nbsp;<a href="http://www.sec.gov/tcr">www.sec.gov/tcr</a>.</p> <p>While there are many good actors in the world, there are also bad actors in the markets, trying to prey on our hope for a better future.</p> <p>If an investment opportunity feels too good to be true, that might be what it is. It might just be too good to be true.</p> <p>We have resources you can turn to at the SEC. You can go to&nbsp;<a href="http://www.investor.gov/">www.investor.gov</a>&nbsp;to help you do your due diligence and detect common patterns of fraud.</p> <p>Once again, I&rsquo;d like to thank all of you for raising your hand and raising your voices. Today we will hear about investor case studies about experiences confronting securities fraud; investor protection during periods of firm insolvency; barriers to capital formation; as well as the needs of retail investors, including regarding rulemaking.</p> <p>I&rsquo;d also like to thank our colleagues&mdash;our law enforcement partners, our regulatory partners at the state level, securities regulators&mdash;for everything that they do.</p> <p>I wish you all a productive roundtable</p> http://www.mondovisione.com/media-and-resources/news/prepared-remarks-before-the-sec-nasaa-georgia-secretary-of-state-joint-publi/#207295 Wed, 27 Mar 2024 20:05:23 GMT US Office Of The Comptroller Of The Currency Reports Fourth Quarter 2023 Bank Trading Revenue http://www.mondovisione.com/media-and-resources/news/us-office-of-the-comptroller-of-the-currency-reports-fourth-quarter-2023-bank-tr/ <p>The Office of the Comptroller of the Currency (OCC) reported cumulative trading revenue of U.S. commercial banks and savings associations of $11.6 billion in the fourth quarter of 2023. The fourth quarter trading revenue was $1.6 billion, or 11.8 percent, less than in the previous quarter and $2 billion, or 20.4 percent, more than a year earlier.</p> <p>In the report,&nbsp;<em>Quarterly Report on Bank Trading and Derivatives Activities,</em>&nbsp;the OCC also reported that as of the fourth quarter of 2023:</p> <ul> <li>a total of 1,185 insured U.S. national and state commercial banks and savings associations held derivatives.</li> <li>four large banks held 87.4 percent of the total banking industry notional amount of derivatives.</li> <li>credit exposure from derivatives decreased in the fourth quarter of 2023 compared with the third quarter of 2023. Net current credit exposure decreased $68.0 billion, or 22.0 percent, to $240.0 billion.</li> <li>derivative notional amounts decreased in the fourth quarter of 2023 by $11.7 trillion, or 5.7&nbsp;percent, to $192.5 trillion.</li> <li>derivative contracts remained concentrated in interest rate products, which totaled $136.3 trillion or 40.8 percent of total derivative notional amounts.</li> </ul> <p>&nbsp;</p> <h2 data-content="Related Link">Related Link</h2> <ul> <li><a title="OCC's Quarterly Report on Bank Trading and Derivatives Activities: Fourth Quarter 2023" target="_blank" href="https://www.occ.treas.gov/publications-and-resources/publications/quarterly-report-on-bank-trading-and-derivatives-activities/files/pub-derivatives-quarterly-qtr4-2023.pdf"><em>Quarterly Report on Bank Trading and Derivatives Activities: Fourth Quarter 2023</em></a><em>&nbsp;</em>(PDF)</li> </ul> http://www.mondovisione.com/media-and-resources/news/us-office-of-the-comptroller-of-the-currency-reports-fourth-quarter-2023-bank-tr/#207293 Wed, 27 Mar 2024 19:57:21 GMT