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COVID-19 and the Derivatives Markets: What NFA Members Need to Know

The self-regulatory organization responds to the US derivatives market’s shift to remote working arrangements. As the novel coronavirus outbreak (COVID-19) continues to spread across the globe, causing various disruptions,...more

SEC Extends Relief From MiFID II Research Unbundling Provisions

The extension benefits market participants in the US seeking to comply with EU MiFID II research rules, but significant issues remain. Key Points: ..The no-action relief has been extended for three additional years from...more

New SEC Rules Mandate Public Disclosures and Enhance NMS Stock ATS Oversight

ATSs that trade NMS stocks should prepare for new Form ATS-N filings requiring substantial public disclosure of their operations and their broker-dealer operator’s ATS-related activities. Summary - On July 18, 2018,...more

Is the SEC’s Proposed “Best Interest” Standard for Broker-Dealers in Anyone’s Best Interest?

Proposal seeks to clarify and enhance obligations applicable to a broker-dealer’s retail customer interactions, but may raise more questions than answers. The Securities and Exchange Commission (SEC) proposed for public...more

Global Developments on Best Execution

Best execution is currently a hot topic for global regulators and the past year has seen notable regulatory focus in this area. Amid this development, firms are recommended to review their global best execution compliance...more

FINRA Proposes Desk Commentary Safe Harbor

The safe harbor would offer relief from certain requirements of FINRA’s research rules, but significant compliance obligations and questions remain. On April 12, 2017, the Financial Industry Regulatory Authority, Inc....more

SEC Approves FINRA’s Capital Acquisition Broker Rules

While the new rules may provide a measure of relief to certain entities that engage in a limited subset of broker-dealer activities, significant compliance requirements continue to apply. On August 18, 2016, the U.S....more

SEC Charges Adviser for Failing to Monitor Consultants

The action underscores the need for investment advisers and broker-dealers to maintain robust policies and controls when utilizing third-party contractors. On May 27, 2016, the Securities and Exchange Commission (SEC)...more

SEC Fines Private Equity Adviser for Failing to Register as a Broker-Dealer

The action may have significant implications for PE advisers performing brokerage services; highlights SEC’s focus on advisers receiving transaction-based compensation. On June 1, 2016, the Securities and Exchange...more

SEC Announces Customer Protection Rule Initiative

Broker-dealers with historical or ongoing instances of non-compliance with the SEC’s Customer Protection Rule are encouraged to self-report by November 1, 2016. On June 23, 2016, the Securities and Exchange...more

CFTC Brings Significant Enforcement Action Against Online Cryptocurrency Exchange

The action reflects the CFTC’s expanded jurisdiction and provides further clarity on what constitutes “actual delivery” in cryptocurrency trading. On June 2, 2016, the US Commodity Futures Trading Commission (CFTC)...more

SEC Publishes Consolidated Audit Trail Plan

The plan would create a single database to enable regulators to track all trading activity in the US equity and options markets. On April 27, 2016, the Securities and Exchange Commission (SEC) published for public...more

Revised Rules on Dodd-Frank Incentive Compensation Requirements for Financial Institutions Proposed

If adopted, the Proposed Rule would have a significant impact on compensation practices at covered institutions. On April 21, 2016, the National Credit Union Administration (the NCUA) issued a proposed rule regarding...more

Dodd-Frank Almost 6 Years Later: Where Are We Now? Energy-Related Derivatives Regulation

In the almost six years since the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), the US Commodity Futures Trading Commission (CFTC) has, in large part, finalized its rulemakings...more

CFTC Extends Trade Option Reporting Deadline to April 1, 2016

The CFTC provides the market additional time to submit Form TO while considering further amendments to trade option reporting rules. On February 18, 2016, the US Commodity Futures Trading Commission's (the CFTC) Division...more

CFTC Uncleared Swap Margin Rules to Take Effect in September

While the US gears up for compliance with uncleared swap margin rules, cross-border application of the CFTC rules remains unclear. The US Commodity Futures Trading Commission (the CFTC) finalized its margin requirements...more

SEC Proposes Rules on the Use of Derivatives by Funds

The proposal would place restrictions on certain investment funds to limit their use of derivatives and require certain risk management procedures. On December 11, 2015, the US Securities and Exchange Commission (SEC)...more

SEC Approves New Municipal Advisor Fiduciary Duty Rule

The new MSRB rule represents another significant milestone in the MSRB’s development of the comprehensive regulatory framework for municipal advisors mandated under the Dodd-Frank Act. On December 23, 2015, the...more

SEC Proposes Enhanced Transparency and Oversight of Certain Alternative Trading Systems

The proposal would subject ATSs that effect transactions in listed stocks to significant new disclosure and transparency requirements. On November 18, 2015, the US Securities and Exchange Commission (SEC) proposed rules...more

Dodd-Frank 5 Years Later: Where Are We Now? Derivatives Regulation for Asset Managers

Assessing the practical implications of derivatives regulations for investment advisers and investment funds of: position limits and aggregation rules, uncleared swaps margin rules, etc. Since the enactment of the...more

Prudential Regulators Are First to Finalize Uncleared Swap Margin Rules

While the rules provide some clarity, the global market still awaits the finalization of the CFTC and the European margin rules. With the clock ticking on the countdown to finalization of uncleared swap margin rules...more

SEC Approves FINRA Rule 2210 Amendment Requiring BrokerCheck Links

The amendments require FINRA members to update their retail websites to include readily apparent references and hyperlinks to BrokerCheck. On October 8, 2015, the Securities and Exchange Commission (SEC) approved a...more

FINRA’s New Research Rules

The new rules retain many of the current rules’ core requirements, but expand certain obligations and impose requirements on debt research activities for the first time. On August 26, 2015, the Financial Industry...more

CFTC Proposes Cross-Border Application of Margin Requirements for Uncleared Swaps

The CFTC has proposed rules that would define the reach of Dodd-Frank Act margin requirements in cross-border swap transactions. On June 29, 2015, the US Commodity Futures Trading Commission (CFTC) proposed regulations...more

Updated: CFTC Clarifies Regulation of Forward Contracts with Embedded Volumetric Optionality

With recent release, the CFTC hopes to eliminate market uncertainty on forward contracts with embedded volumetric optionality. UPDATE (June 18, 2015): On May 12, 2015, the CFTC adopted the Proposal as proposed (as used...more

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