Goldman Sachs is rolling out its online retail banking operation. DealBookreported that Goldman Sachs is set to unveil its online lender in October. Named “Marcus” after company founder Marcus Goldman, the online retail banking operation will initially offer relatively small consumer loans. (8/18/2016)
SEC enforcement has slowed, according to report. A Cornerstone Researchreport found that enforcement activity at the Securities and Exchange Commission has slowed. The agency has filed 508 enforcement actions through the first three quarters of fiscal 2016, which is an 8% decrease from last year. In addition, the report shows that the SEC has taken more actions related to previously filed cases so far in fiscal 2016 than at the same point in fiscal 2015, while the number of new actions has declined. (8/17/2016) InvestmentNews.
Canadian securities regulators to measure impact of POS amendments and Phase 2 of the CRM2. The CSA announced a multi-year research project to measure the impacts of requirements introduced by Phase 2 of the Client Relationship Model (CRM2) and the Point of Sale (POS) amendments on investors and the industry. (8/22/2016)
Securities regulators seek comment ahead of move to T+2 settlement cycle.The CSA announced publication of proposed amendments to National Instrument 24-101 Institutional Trade Matching and Settlement, in addition to CSA Consultation Paper 24-402 Policy Considerations for Enhancing Settlement Discipline in a T+2 Settlement Cycle Environment. The comment period is open until November 16, 2016. Amendments to the National Instrument are being proposed as part of the Canadian securities industry’s plans to shorten the standard settlement cycle for trades from three days after a trade (T+3) to two days after a trade (T+2). The transition to T+2 will occur on September 5, 2017, the same date the markets in the US are planning to move to a T+2 settlement cycle. (8/18/2016)