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Corporate and Financial Weekly Digest - Volume IX, Issue 28

In this issue: - FINRA Proposes to Adopt Rules on Quotation Requirements for OTC Equity Securities - CFTC Seeks Comment on ICE Clear Europe Portfolio Margining Proposal - New York DFS Proposes First...more

7/21/2014 - CFTC Equity Securities EU FDIC FINRA Margin Requirements Material Misstatements OTC Statute of Repose TCPA Vicarious Liability Virtual Currency

SEC Releases Guidance on Affiliated Transactions of Series Investment Companies

On June 6, the Securities and Exchange Commission’s Division of Investment Management released a Guidance Update clarifying that separate series of a series investment company are each considered an individual company for the...more

6/25/2014 - Affiliated-Business Arrangements Guidance Update Investment Companies Investment Company Act of 1940 SEC

FINRA Proposes to Amend Rule 2360

The Financial Industry Regulatory Authority, Inc. is proposing to amend FINRA Rule 2360(b)(23) to harmonize the expiration date of standardized equity options with the rules of The Options Clearing Corporation (OCC) and the...more

6/24/2014 - FINRA New Amendments OCC

SEC to Hold Open Meeting on Cross-Border Security-Based Swap Definitions

On June 18, the Securities and Exchange Commission announced that it will hold an open meeting on June 25 to consider whether to adopt rules that would apply the definitions of “security-based swap dealer” and “major...more

6/24/2014 - Cross-Border Dodd-Frank Major Swap Participants SEC Swap Dealers Swaps

Corporate and Financial Weekly Digest - Volume IX, Issue 25

In this issue: - Delaware Court of Chancery Rules That a Major Debt Holder and 48 Percent Stockholder Is a Controlling Stockholder and Owes Fiduciary Duties to Minority Stockholders - Delaware Court of Chancery...more

6/23/2014 - Compliance Controlling Stockholders Cross-Border Debt Debtors Disclosure Requirements FCMs Fiduciary Duty FINRA Fraud Investment Adviser Minority Shareholders Real Estate Market SEC Shareholder Litigation Shareholders Swaps

US Marshals Service Announces Auction of Silk Road Bitcoins

The US Marshals Service (USMS) announced that it will hold an online auction on June 27 to sell bitcoins contained in wallet files seized from the servers of Silk Road, the “deep web” black market shut down by the Federal...more

6/17/2014 - Auction Bitcoins Black Market FBI Popular Silk Road US Marshalls Service

Corporate and Financial Weekly Digest - Volume IX, Issue 24

In this issue: - Commissioner Kara M. Stein Calls for More Stringent Net Capital Requirements for Broker Dealers - US Marshals Service Announces Auction of Silk Road Bitcoins - Investment Adviser Accused...more

6/16/2014 - Akamai Technologies Bitcoins Broker-Dealer Digital Assets Enforcement Enforcement Actions Fraud Investment Adviser SEC Section 10(b) Section 10(b)-5 Securities Exchange Act Securities Fraud Virtual Currency

FEC Approves Bitcoin Political Donations While SEC Issues Investor Alert

On May 8, the Federal Election Commission (FEC) unanimously affirmed in an advisory opinion that political committees (including candidate campaigns and political action committees) could legally accept small bitcoin...more

5/13/2014 - Advisory Opinions Bitcoins Campaign Contributions Election Laws FEC PACs Political Campaigns Risk Alert SEC

SEC Approves FINRA Rule Change to Limit Self-Trading

On May 1, the Securities and Exchange Commission approved a change to Financial Industry Regulatory Authority, Inc. Rule 5210 regarding limits on self-trading. ...more

5/13/2014 - FINRA SEC Stock Trades

FINRA Proposes to Amend Rule 11892

On May 6, the Securities and Exchange Commission published a notice of filing of a proposed change to Financial Industry Regulatory Authority, Inc. Rule 11892 regarding clearly erroneous transactions in exchange-listed...more

5/13/2014 - FINRA Proposed Amendments SEC Securities

Corporate and Financial Weekly Digest - Volume IX, Issue 19

In this issue: - FINRA Proposes to Amend Rule 11892 - SEC Approves FINRA Rule Change to Limit Self-Trading - FATCA Transitional Relief and Extension of Time for the Implementation of New Account...more

5/12/2014 - Bitcoins Conspiracies Cybersecurity Disclosure Requirements FATCA FCPB FDIC FEC FFIEC FINRA International Tax Issues Investors Privacy Laws Reverse Mergers SEC Self-Dealing

SEC Issues FAQs on Rule 15c3-5 for Broker Dealers with Market Access

On April 15, the Securities and Exchange Commission’s Division of Trading and Markets issued guidance in the form of 19 frequently asked questions (FAQs) on Rule 15c3-5 of the Securities Exchange Act of 1934 (Exchange Act),...more

4/22/2014 - Broker-Dealer SEC Securities Exchange Act Third-Party Risk

FINRA Proposes Rule 2081 to Prohibit “Bargained-For” Expungements

The Financial Industry Regulatory Authority, Inc. (FINRA) filed a proposed rule change with the Securities and Exchange Commission to adopt FINRA Rule 2081 that would prohibit broker dealers and associated persons from...more

4/22/2014 - Broker-Dealer Brokers Expungement FINRA Investment Adviser

Corporate and Financial Weekly Digest - Volume IX, Issue 16

In this issue: - US Court of Appeals for the District of Columbia Circuit Partially Invalidates Conflict Minerals Rule - FINRA Proposes Rule 2081 to Prohibit “Bargained-For” Expungements - SEC Issues FAQs...more

4/21/2014 - Broker-Dealer CME Conflict Mineral Rules Expungement FINRA Fraud Hedge Funds SEC

Texas Department of Banking Issues Guidance on Treatment of Virtual Currency

On April 3, the Texas Department of Banking released a supervisory memorandum on the regulatory treatment of virtual currencies such as bitcoin under the Texas Money Services Act. The guidance clarified that virtual currency...more

4/9/2014 - Banks Bitcoins Money Services Business Virtual Currency

Corporate and Financial Weekly Digest - Volume IX, Issue 14

In this issue: - SEC Requests Comment on FINRA Rules - CFTC Issues Interpretation Regarding Auditor Independence Standards - OTC Derivatives Regulators Group Issues Report to G20 - NFA...more

4/7/2014 - Auditors Audits CFTC FATF FINRA G20 NFA ORC SEC Securities Fraud Virtual Currency

IRS Issues Pronouncement on Virtual Currencies

On March 25, the Internal Revenue Service (IRS) issued Notice 2014-21 (notice) containing guidance and frequently asked questions relating to virtual currencies such as bitcoins. Among other clarifications, the notice states...more

4/4/2014 - Bitcoins IRS Virtual Currency

FINRA Proposes to Amend Rule 4210

The Financial Industry Regulatory Authority, Inc. requested comments on amendments to Rule 4210 to establish margin requirements for To Be Announced (TBA) market transactions. The TBA market is where most agency...more

4/1/2014 - FINRA Mortgage-Backed Securities

SEC Roundtable Discusses Cybersecurity Threats and Protections Against Cyberattacks

On March 26, the Securities and Exchange Commission hosted a roundtable discussion on various cybersecurity topics. Participants at the roundtable included representatives from the federal government, self-regulatory...more

4/1/2014 - Cyber Attacks Cybersecurity Data Breach Data Protection SEC

Proposed Changes to FINRA Classification of Hybrid Securities for Trade Reporting Purposes

On March 26, the comment period ended for a Financial Industry Regulatory Authority, Inc. proposed rule change to adopt an interpretation to clarify the classification of a hybrid security with both debt- and equity-like...more

4/1/2014 - Financial Regulatory Reform FINRA Reporting Requirements

Corporate and Financial Weekly Digest - Volume IX, Issue 13

In this issue: - SEC Roundtable Discusses Cybersecurity Threats and Protections Against Cyberattacks - Proposed Changes to FINRA Classification of Hybrid Securities for Trade Reporting Purposes - FINRA...more

3/31/2014 - CFTC Class Action Class Certification Collateralized Debt Obligations Cyber Attacks Cybersecurity Data Breach Data Protection FINRA ICE IPO SEC Swaps

New York Department of Financial Services Issues Public Order to Invite Virtual Currency Exchange Proposals

On March 11, the New York Department of Financial Services (the DFS) issued a public order stating that it will begin considering proposals and applications to establish virtual currency exchanges located in New York....more

3/20/2014 - Banks Bitcoins Department of Financial Services Virtual Currency

Corporate and Financial Weekly Digest - Volume IX, Issue 11

In this issue: - NASDAQ Launches Marketplace for Private Companies - SEC Proposes Rules to Enhance Oversight of Clearing Agencies - FINRA Proposes to Amend Rules 2210 and 2214 - CME Group Exchanges...more

3/17/2014 - Audits CFTC Clearing Agencies CME FINRA Nasdaq Ponzi Scheme Risk Management SEC Transfers

FINRA Requests Comment on Proposed Rule Set for Limited Corporate Financing Brokers

The Financial Industry Regulatory Authority has requested comments on a proposed rule set for limited corporate financing brokers (LCFBs). LCFBs are firms that engage in certain limited activities, such as advising companies...more

3/11/2014 - Brokers FINRA

SEC Issues No-Action Relief to Broker Dealers from Financial Responsibility Rule 15c3-3 Amendments

On February 26, the Securities and Exchange Commission’s Division of Trading and Markets granted two separate requests for no-action relief, one submitted by the Securities Industry and Financial Markets Association (SIFMA)...more

3/11/2014 - Banks Broker-Dealer FDIC No-Action Relief SEC SIFMA

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