Charles Gittleman

Charles Gittleman

Shearman & Sterling LLP

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Trade Reporting: SEC Approves FINRA Rule Requiring Alternative Trading Systems to Report Activity Weekly

US-registered broker-dealers that operate Alternative Trading Systems will have to report volume information, by security, to FINRA weekly. The first report, for the week of May 12, 2014, is due May 28, 2014. ATS will, by...more

3/17/2014 - Alternative Trading Systems FINRA Market Participants SEC

SEC Offers Relief to M&A Brokers

The Office of the Chief Counsel of the Division of Trading and Markets of the Securities and Exchange Commission recently issued an important “No-Action” Letter providing regulatory relief for participants in certain mergers...more

2/24/2014 - Broker-Dealer No-Action Letters SEC

FINRA Proposes Amendment to Corporate Financing Rule and Conflict of Interest Rule

FINRA Rule 5110, the corporate financing rule, regulates the terms and arrangements of securities underwriting conducted by FINRA member broker-dealers, which covers virtually all of the US securities industry. FINRA has...more

2/14/2014 - Broker-Dealer Conflicts of Interest Corporate Financing Rule FINRA

SEC Approves Amendment to FINRA IPO Allocation Rule 5131, Easing Compliance for Fund Investors

Introduction - On November 27, 2013, the Securities and Exchange Commission (“SEC”) approved a change (the “Amendment”) to FINRA’s IPO allocation rule 5131 (the “Rule”).The Amendment allows a fund-of-funds to rely on a...more

12/9/2013 - FINRA Investment Funds Investors IPO SEC

Dodd-Frank: The Liquidity Proposal Is Issued

The three Federal bank regulatory agencies have reached agreement on the terms of a proposed regulation that, for the first time, would impose quantitative requirements on major US banks’ liquidity management practices. The...more

10/28/2013 - Banks Basel Committee Basel III Dodd-Frank FDIC Liquidity Coverage Ratio OCC

Preferring Foreign Depositors – The Final Rule

The Federal Deposit Insurance Corporation has issued a final rule adopting with virtually no change its proposed approach to depositor preference for deposits payable at foreign offices of US banks. While the rule will...more

9/16/2013 - Banks FDIC Foreign Banks National Depositor Preference Regimes

Another Dodd-Frank Tax on Size: The Fed Charges for Big-Bank Supervision

An obscure section of the Dodd-Frank Act has been implemented by the Federal Reserve, to be effective later this year. Traditionally the Federal Reserve has not charged examination or similar fees for institutions under its...more

8/23/2013 - Banks Dodd-Frank Federal Reserve

SEC Adopts Changes to Broker-Dealer Net Capital and Financial Responsibility Rules

The US Securities and Exchange Commission recently adopted important changes to the financial responsibility rules for securities broker-dealers, including changes to the regulatory capital and regulatory reporting rules. The...more

8/20/2013 - Broker-Dealer Compliance Customer Protection Rule GAAP Lenders Net Capital Rule New Regulations Recordkeeping Requirements Reporting Requirements Risk Mitigation SEC

FINRA Proposes to Publicly Disseminate Transaction Information Regarding Rule 144A Corporate Debt Securities

FINRA has proposed a trade-reporting rule change that would result in the public dissemination of secondary market transactions in corporate debt securities sold under Securities Act Rule 144A. If adopted, this change could...more

7/18/2013 - Compliance FINRA Rule 144A SEC Secondary Markets Securities Act of 1933

Private Placement Update: FINRA Proposes Form of Electronic Filing for Private Placements Under Rule 5123

On June 20, 2013, the U.S. Financial Industry Regulatory Authority, Inc. (“FINRA”) filed a proposed rule change with the Securities and Exchange Commission (“SEC”) concerning the obligations of members under FINRA Rule 5123...more

6/25/2013 - E-Filing FINRA Private Placements Proposed Amendments SEC

SEC Lawyer Speaks To Broker-Dealer Registration Status Of Private Fund Managers

Late last week, a senior SEC lawyer encouraged the private equity and hedge fund communities to consider whether certain practices of private fund managers could subject these firms to SEC registration as broker-dealers....more

4/11/2013 - Broker-Dealer Fund Managers Private Funds Registration SEC

Preferring Foreign Depositors

The Federal Deposit Insurance Corporation has issued a proposed regulation intended to address an emerging issue in international banking: how to grant non-US branch deposits equal treatment with US deposits in the event of...more

4/10/2013 - FDIC International Banks

SEC Releases Responses To Frequently Asked Questions Regarding Rule 15a-6 And Foreign Broker-Dealers

On March 21, 2013, the staff of the Division of Trading and Markets (the “Staff”) of the US Securities and Exchange Commission (the “SEC”) released responses reflecting the Staff’s views on frequently asked questions (the...more

3/25/2013 - Broker-Dealer Rule 15a-6 SEC

Thinking Ahead: Breaking Down FINRA’s Revised Proposed Fixed-Income Research Rule

In the fourth quarter of 2012, FINRA published Regulatory Notice 12-42 (the “Revised Proposal”), amending its proposal for substantive regulation of fixed-income research by FINRA-member firms. The Revised Proposal represents...more

3/18/2013 - FINRA Qualified Institutional Buyers

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