By Aaron Nicodemus2021-04-09T16:00:00+01:00
A new law in New York provides contracts that reference the London Interbank Offered Rate (LIBOR) with a fallback provision and safe harbor once the benchmark interest rate permanently ceases to be published at the end of the year.
S297B, signed into law by Gov. Andrew Cuomo on Tuesday, allows for any contract governed by the state of New York to replace LIBOR with a “recommended benchmark replacement.”
The law says the recommended benchmark replacement shall be based on the Secured Overnight Financing Rate (SOFR) and have been recommended by the Federal Reserve Board; the Federal Reserve Bank of New York; or the Alternative Reference Rates Committee (ARRC) for the applicable type of contract, security, or instrument.
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20+ years of research U.S. teens GenZ insights
Overall teen “self-reported” spending increased slightly to $2,165 per year; seeing emergence of female-led spending cycle led by apparel
Teens care about social/political issues naming Racial Equality as No. 1 & the Environment as No. 2; Black Lives Matter as No. 3
Snapchat remains No. 1 (31%) favorite social media platform, followed closely by TikTok (30%); Instagram loses share as the No. 3 player
Athletic brands dominate fashion preferences as 38% of preferred apparel brands are “athletic” with notable gains in Nike (No. 1 apparel & footwear brand), lululemon at No. 4 & gains for Under Armour
Food returns as teens’ No. 1 wallet priority at 23%
Not for trading, but in connection with the registration of American Depositary Shares, pursuant to the requirements of the Securities and Exchange Commission. Securities registered or to be registered pursuant to Section 12(g) of the Act:
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None Indicate the number of outstanding shares of each of the issuer s classes of capital or common stock as of the close of the period covered by the annual report: Title of each class
Ordinary Shares, nominal value £0.0025 per
Share 131,467,935 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes [ ] No [X]
UK regulator brings crypto businesses under financial crime reporting obligation
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The extension comes into force on March 30, 2022.
The U.K. s Financial Conduct Authority (FCA) has extended its financial crime reporting framework to include cryptocurrency businesses.
Announcing the news on Wednesday, the FCA said cryptocurrency exchange and wallet operators would have to submit an annual financial crime reporting document, known as REP-CRIM, from March 30, 2022. We consider it appropriate to include cryptoasset businesses irrespective of their total annual revenue because they pose a higher inherent money laundering and terrorist financing risk, said the FCA.
The regulator initially introduced the REP-CRIM framework in 2016, and last August, it consulted on increasing the number of firms required to submit a REP-CRIM return. Following that consultation, the FCA has now published its final policy and requirements.
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Archegos Capital, the heavily leveraged family office of former Tiger Cub Bill Hwang, reportedly triggered huge losses in a handful of stocks, including ViacomCBS and Discovery, that began last Friday. Now the new chairman of the Securities and Exchange Commission, Gary Gensler, and other global regulators are considering what to do to prevent a similar implosion.
The stock meltdown impacted six banks who lent money on margin to Hwang’s family office, including Goldman Sachs, Morgan Stanley, Credit Suisse, and Nomura. The chaos apparently started when Hwang couldn’t make his margin calls. The banks started selling shares of the companies on Friday, rocking the markets and sending investors into a tail spin to figure out what was happening.