US probes insurers owned by billionaire Mark Walter over asset disclo…

• US prosecutors and the SEC are investigating Mark Walter's insurance companies, Delaware Life and Clear Spring Life, for alleged inadequate disclosure of asset ownership.
• The investigation focuses on whether private credit investments were made with counterparties tied to Walter's holding company, TWG Global, leading to a significant reclassification of affiliated investments.
• Regulators are concerned about asset managers using insurer funds for risky investments and the treatment of affiliated assets, with S&P Global Ratings revising Delaware Life's outlook to 'negative'.

Topics: Asset types, Legal regulatory, Risk default, Private credit high yield, Securities law classification, Credit counterparty risk, Investor protection disclosure

Tags: #markwalter #delawarelife #clearspringlife #sec #usattorneysoffice #privatecredit #affiliatedinvestments #guggenheiminvestments #regulatorycapital #disclosure

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CFTC chair Selig defends decision to approve ‘perps’ in U.S.

Michael Selig said that incumbents will always fear the future, but it's important to develop the new asset class domestically rather than only offshore.

• CFTC Chair Michael Selig defended the agency's approval of perpetual futures (perps) for Bitcoin and other cryptocurrencies in the U.S.
• Selig emphasized the importance of developing new asset classes domestically under robust regulations, rather than allowing them to develop solely offshore.
• He dismissed concerns about leverage and complexity, highlighting planned disclosures and suitability assessments for traders.

Topics: Legal regulatory, Jurisdictions, Institutional adoption, Securities law classification, Regulatory sandboxes pilots, Onboarding prime brokerage

Tags: #michaelselig #cftc #perpetualfutures #kalshi #bitcoin #derivatives #regulation #usmarket #leverage #disclosure

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