Visa plans landmark green bond sale to finance sustainable projects

August 10, 2020.
The world’s largest retail digital payments network is poised to make an unprecedented green bond offering, a Monday filing with the U.S. Securities and Exchange Commission shows.

Interactive Brokers to pay $38M penalty for anti-money laundering lapses

August 10, 2020.
Financial services company Interactive Brokers must pay a total of $38 million to several U.S. regulatory organizations to settle claims that the company failed to properly detect and report suspicious transactions as required by federal anti-money laundering laws.

Goldman Sachs slashes Q2 earnings by $2B following Malaysia settlement

August 7, 2020.
Goldman Sachs lowered its second-quarter earnings by $2 billion on Friday, following the $3.9 billion settlement it reached with the Malaysian government last month to resolve an investigation of the bank’s role in the 1Malaysia Development Berhad corruption scandal.

SEC proposes mutual fund, ETF disclosures be clearer and ‘visually engaging’

August 5, 2020.
The U.S. Securities and Exchange Commission on Wednesday floated rule changes it said would help retail investors better understand mutual fund and exchange-traded fund disclosures by cutting out unnecessary complexity.

T. Rowe Price enters active ETF space with four fund launches

August 5, 2020.
T. Rowe Price jumped into the actively managed exchange-traded funds space on Wednesday with the initial trading of four products, all of which embrace the growing trend of using a nontransparent approach that eschews full disclosure of underlying investments.

Allianz faces SEC probe on Structured Alpha funds at center of lawsuit

August 5, 2020.
The U.S. Securities and Exchange Commission has requested information from Allianz regarding a series of funds that are the subject of an investor lawsuit, the German insurer revealed in an earnings report Wednesday.

Berkshire Hathaway hikes its Bank of America stake to nearly 12%

August 5, 2020.
Warren Buffett’s Berkshire Hathaway continued its Bank of America share-buying spree, upping its stake in the Charlotte, North Carolina-based bank to nearly 12% by spending around $337 million, according to a regulatory filing Tuesday.

Payments processor Paya to go public via SPAC merger

Last modified August 3, 2020. Published August 3, 2020.
Payments processing company Paya said on Monday that it will become a publicly traded company through a merger with a special-purpose acquisition company in a deal that values the company at around $1.3 billion.

Fannie and Freddie to face higher liquidity requirements, driving down net interest income

July 31, 2020.
Fannie Mae and Freddie Mac will face more stringent liquidity requirements by Sept. 1, in a controversial move designed to insulate the government-sponsored enterprises from market volatility that will likely reduce their net interest income.

Cboe plans to launch first U.S. periodic auction platform

July 30, 2020.
Cboe Global Markets said Wednesday it plans to launch periodic auctions for U.S. equities to deliver “beneficial execution outcomes for all market participants,” in a bid to become the first U.S. stock exchange to offer such a mechanism.

S&P receives Wells notice from SEC over index disclosures

July 29, 2020.
The S&P Dow Jones Indices was warned that U.S. securities regulators may bring an enforcement action against the unit for failing to disclose certain volatility-related index values in 2018.

T. Rowe Price enjoys ‘powerful rebound’ during second quarter

July 29, 2020.
Thanks largely to growth in assets under management, T. Rowe Price Group posted a profit increase of 14% year-over-year on Wednesday in its second-quarter report as it rebounded from a tough first quarter.

Quicken Loans parent seeks to raise at least $3B in IPO

July 28, 2020.
Rocket Companies is seeking to raise up to $3.3 billion in its upcoming initial public offering, according to a filing with the U.S. Securities and Exchange Commission.

Wells Fargo takes step to issue its first exchange-traded funds

July 28, 2020.
Wells Fargo is making moves to join the $4.5 trillion exchange traded fund industry, filing with the U.S. Securities and Exchange Commission to issue its own ETFs.

CIBC launches 2 actively managed ETFs

July 27, 2020.
The asset management division of the Canadian Imperial Bank of Commerce has launched two new active exchange-traded funds, both of which have the goal of investing in securities around the world, the bank said Monday.

US regulators finalize broker-dealer liquidation process

July 27, 2020.
The U.S. Securities and Exchange Commission and the Federal Deposit Insurance Corp. have finalized a rule meant to clarify how brokers or dealers are to be liquidated in the event that the FDIC is appointed as receiver, the regulators said Friday.

U.S. Bank must face credit union agency’s suit over $4.7B in mortgage bonds

July 23, 2020.
A U.S. federal judge allowed a national credit union insurer to move forward with a lawsuit against U.S. Bank over alleged mishandling of $4.7 billion in residential mortgage-backed securities dating to before the 2008 financial crisis, paring down some claims in a ruling Thursday.

Blackstone eager to enter 401(k) space following Department of Labor decision

Last modified July 23, 2020. Published July 23, 2020.
Blackstone is exploring ways to jump into the 401(k) space following a decision by the U.S. Department of Labor permitting private equity investments to be included, the firm’s leadership said as the private equity giant reported a major earnings rebound Thursday.

Pershing Square Tontine Holdings raises $4 billion in largest ever SPAC IPO

July 22, 2020.
Pershing Square Tontine Holdings, a special-purpose acquisition company targeting “mature unicorns,” said Wednesday that it raised $4 billion in the largest-ever initial public offering of its kind.

UBS to pay $10M for violating municipal bond offering rules

July 21, 2020.
UBS Financial Services will pay more than $10 million to resolve the U.S. Securities and Exchange Commission’s claims that the firm broke rules meant to give priority to retail investors in certain municipal bond offerings, the regulator said Monday.