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SEC Comments on FINRA’s Proposed Rule Amendment to Increase Pricing Disclosure

On January 20, the Securities and Exchange Commission commented on the Financial Industry Regulatory Authority’s proposed amendment to FINRA Rule 2232 regarding transparency on prices in certain retail transactions in...more

1/27/2015 - FINRA Fixed Income Investments Proposed Amendments SEC

Corporate and Financial Weekly Digest - Volume X, Issue 3

In this issue: - SEC Chair Directs Staff to Review Commission Rule Excluding Conflicting Proxy Proposals - SEC Comments on FINRA's Proposed Rule Amendment to Increase Pricing Disclosure - CFTC Grants...more

1/26/2015 - Broker-Dealer Canada CFTC Class Action Conflicts of Interest ESMA FINRA Forex Hart-Scott-Rodino Act Hong Kong Layering Mary Jo White Mexico Mining Mortgages NFA OCC Proposed Regulation Proxy Access Rule PSLRA Scienter SEC Securities Shareholder Proposals Threshhold Requirements Whole Foods

SEC 2015 Examination Priorities Focus on Liquid Alternatives and Fixed-Income Funds

On January 13, the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) released its 2015 examination priorities for investment companies, investment advisers, broker-dealers and...more

1/20/2015 - Broker-Dealer Fixed Income Investments Investment Adviser LiquidAlts OCIE Qualified Retirement Plans SEC Sec Examination Priorities Transfer Agents

Corporate and Financial Weekly Digest - Volume X, Issue 2

In this issue: - New Law Aligns Clearing and Margin Exceptions for Swaps - CFTC Staff Extends No-Action Relief to Certain Reporting Counterparties Masking Identifying Information Pursuant to Non-US Law -...more

1/19/2015 - Appraisal CFTC Compliance EMIR Enforcement Actions ESMA European Commission Fixed Income Investments LiquidAlts MiFID No-Action Relief SEC Sec Examination Priorities Securities Securities Fraud Shareholders Swap Clearing Swaps Terrorism Insurance TRIA

DFS Superintendent Lawsky Discusses Revised BitLicense Framework

On December 18, New York State Department of Financial Services (DFS) Superintendent Benjamin Lawsky delivered remarks on the revised BitLicense framework at the Bipartisan Policy Center in Washington, DC. If adopted, the...more

12/29/2014 - Banking Sector Banks Bitcoin BitLicense Department of Financial Services Popular Regulatory Standards Virtual Currency

Conference of State Bank Supervisors Issues Draft Model Regulatory Framework on Virtual Currency

On December 16, the Conference of State Bank Supervisors (CSBS), a state banking watchdog group, released a draft model regulatory framework on virtual currency (Draft Framework) that is less stringent than the originally...more

12/29/2014 - Banking Sector Banks Bitcoin BitLicense Regulatory Agenda Virtual Currency

FINRA Proposes Rule Change to Codify Reporting Requirement for Accounts Acting in Concert

On December 11, the Financial Industry Regulatory Authority proposed a rule change to amend FINRA Rule 2360(b)(5) to reflect the current requirement that reporting rules apply to all accounts acting in concert. FINRA Rule...more

12/23/2014 - FINRA Proposed Amendments Reporting Requirements Stock Options

FINRA Proposes Rule Change to Identify Transactions with Non-Member Affiliates

The Financial Industry Regulatory Authority proposed a rule change to amend FINRA Rule 6700 Series to require member firms to identify transactions with non-member affiliates in Trade Reporting and Compliance Engine reports...more

12/23/2014 - Affiliates FINRA Proposed Regulation Reporting Requirements

Agencies Amend Regulatory Capital and Liquidity Coverage Ratio Rules

In general, banking organizations are currently permitted to calculate their exposure with respect to derivatives transactions on a net basis under relevant regulatory capital and liquidity coverage ratio rules if such...more

12/23/2014 - Banking Sector Banks Capital Requirements Derivatives Liquidity Coverage Ratio Netting Agreement

NYS Department of Taxation and Finance Issues Tax Guidance on Virtual Currency Transactions

On December 5, the New York State Department of Taxation and Finance (DTF) issued the memorandum “Tax Department Policy on Transactions Using Convertible Virtual Currency.” The memorandum clarified that under New York law,...more

12/17/2014 - Barter Bitcoins Sales & Use Tax Virtual Currency

SEC Sanctions Operator of Unregistered Virtual Currency Exchanges

On December 8, the Securities and Exchange Commission sanctioned a computer programmer for operating two online exchanges that traded securities using virtual currencies without registering them as broker-dealers or stock...more

12/16/2014 - Bitcoins Sanctions SEC Virtual Currency

Corporate and Financial Weekly Digest - Volume IX, Issue 48

In this issue: - Recent Developments Relating to Rights to Exclude Shareholder Proposals from Proxy Statements - SEC Approves MSRB Best Execution Rule - SEC Sanctions Operator of Unregistered Virtual...more

12/15/2014 - Banks Basel Committee Bitcoins Currency Exchange Cybersecurity ESMA EU FCA Insider Trading Investors MiFID MSRB Proxy Season Proxy Statements SEC Shareholder Proposals Shareholders Virtual Currency

FINRA Adds a Category of Persons to Serve on Disciplinary Hearings

The Financial Industry Regulatory Authority amended FINRA Rules 9231 and 9232 to add a category of persons eligible to serve as panelists in a disciplinary proceeding, which includes persons who currently serve or previously...more

11/11/2014 - Compliance Disciplinary Proceedings Enforcement FINRA

Corporate and Financial Weekly Digest - Volume IX, Issue 44

In this issue: - SEC Sanctions 10 Companies for Disclosure Failures Surrounding Financing Deals and Stock Dilution - Delaware Court of Chancery Rejects Entire Fairness Review in Absence of Conflicted...more

11/10/2014 - CFTC Compliance Dilution Disclosure Requirements Enforcement Enforcement Actions FCMs Financing FINRA Mutual Funds NFA Recordkeeping Requirements SEC UK Virtual Currency

CFTC Hears Testimony on Bitcoin

The Global Markets Advisory Committee of the Commodity Futures Trading Commission held a public meeting on October 9, in which one panel addressed Bitcoin. The meeting focused on informing the staff regarding basic...more

10/15/2014 - Bitcoins CFTC SEFs Swaps Virtual Currency

FINRA Postpones Rules on MPID Requirements for ATSs

On October 2, the Financial Industry Regulatory Authority, Inc. postponed the implementation date of the Market Participant Identifier (MPID) requirements for Alternative Trading Systems (ATSs) when reporting weekly volume...more

10/14/2014 - ATS Compliance FINRA Market Participants

FINRA Proposes to Extend Tier Size Pilot for OTC Equity Securities

On October 3, the Financial Industry Regulatory Authority, Inc. proposed to amend FINRA Rule 6433 to extend to February 13, 2015, the operation of the Tier Size Pilot (Pilot) that changed minimum quotation sizes (tier sizes)...more

10/14/2014 - FINRA OTC Private Equity

SEC Issues Risk Alert and FAQs on Customer Sales of Unregistered Securities

On October 9, the Securities and Exchange Commission released a Risk Alert and Frequently Asked Questions (FAQs) regarding customers’ sales of unregistered securities. The National Examination Program staff (Staff) of the...more

10/14/2014 - Bank Secrecy Act Compliance SEC Securities Act of 1933 Securities Exchange Act

FINRA Proposes to Make Permanent the Limited Fee Waiver Pilot Program for TRACE Data

On October 3, the Financial Industry Regulatory Authority, Inc. proposed a rule change to FINRA Rule 7730(C)(1)(A) to adopt as permanent the pilot program to provide certain market participants with a one-month trial period...more

10/14/2014 - Compliance Fees FINRA TRACE

Corporate and Financial Weekly Digest - Volume IX, Issue 40

In this issue: - SEC Division of Corporation Finance Issues New C&DI Related to Rule 147 and Website/Social Media Use - Director of SEC Division of Corporation Finance Gives Speech on Securities...more

10/13/2014 - Bitcoin CFTC Derivatives Derivatives Clearing Organizations Disclosure Disclosure Requirements FINRA Internet OTC SEC Securities Act of 1933 Social Media TRACE Virtual Currency Waivers Websites

FINRA Revises Proposal to Adopt Consolidated FINRA Rule 2231

On September 16, the Financial Industry Regulatory Authority, Inc. requested comments on a revised proposal to adopt consolidated FINRA Rule 2231 regarding Customer Account Statements. ...more

9/23/2014 - FINRA Third-Party Risk

Corporate and Financial Weekly Digest - Volume IX, Issue 37

In this issue: - Council of Institutional Investors Issues Report on Board Evaluation Disclosure - FINRA Revises Proposal to Adopt Consolidated FINRA Rule 2231 - IRS Considers Whether Management Fees of...more

9/22/2014 - Broker-Dealer CFTC Corporate Governance Dodd-Frank EU FINRA Insider Trading Institutional Investment IRS Limited Liability Companies Margin Requirements Swaps

First Bitcoin Swap Proposed

According to Reuters reports on September 12, TeraExchange, LLC, received approval from the Commodity Futures Trading Commission to begin listing an over-the-counter swap that is based on the price of a bitcoin. ...more

9/17/2014 - Bitcoins CFTC OTC Popular Swaps

Corporate and Financial Weekly Digest - Volume IX, Issue 36

In this issue: - Bylaw of Delaware Corporation Providing for Exclusive Forum in North Carolina Upheld - FINRA Board to Consider Rule Proposals Regarding Private Trading Platforms - CBOE and C2 in...more

9/15/2014 - AIFM AIFMD Banks Bitcoins CBOE CFPB CFTC Commodity Pool Compliance CPO Cross-Border Exclusive Jurisdiction False Claims Act FINRA Forum ISDA JOBS Act Jurisdiction OTC Regulation M Regulation Z SEC Security-Based Swaps Swap Dealers Swaps UK

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