UK FINANCIAL CONDUCT AUTHORITY CALLS FOR INPUT ON PRIIPS -
On July 26, 2018, the Financial Conduct Authority (FCA) of the United Kingdom issued a Call for Input in relation to the Packaged Retail and Insurance-based...more
FINAL CANADIAN BAIL-IN RULES: IMPACT ON STRUCTURED NOTES OFFERED IN THE UNITED STATES -
In March 2018, the Canadian government released its final regulations relating to “bail-in instruments” issued by Canadian...more
4/17/2018
/ Bail-In Provisions ,
Canada ,
Cryptocurrency ,
Deadlines ,
Dividends ,
European Securities and Markets Authority (ESMA) ,
False Claims Act (FCA) ,
Financial Industry Regulatory Authority (FINRA) ,
Investors ,
IRS ,
Securities and Exchange Commission (SEC) ,
Structured Financial Products ,
Withholding Requirements
On 20 September 2017, the European Commission published a package of measures designed to increase the powers of the three European Supervisory Authorities (ESAs), primarily by transferring certain powers of regulation and...more
The EU Regulation on Market Abuse (“MAR”) prohibits a person from unlawfully disclosing inside information relating to securities within the scope of the legislation. An unlawful disclosure is made when a person possesses...more
10/25/2016
/ Compliance ,
EU ,
EU Market Abuse Regulation (EU MAR) ,
European Securities and Markets Authority (ESMA) ,
Financial Instruments ,
Market Abuse ,
Market Soundings ,
MTFs ,
Recordkeeping Requirements ,
Safe Harbors ,
Securities
The EU Regulation on Market Abuse (“MAR”) came into effect on 3 July 2016, replacing the previously existing Market Abuse Directive and expanding the application of the EU’s market abuse regime. In addition to detailing...more
10/25/2016
/ Buyback Programs ,
Disclosure Requirements ,
EU ,
EU Market Abuse Regulation (EU MAR) ,
European Securities and Markets Authority (ESMA) ,
Financial Instruments ,
Investment ,
Market Abuse ,
MTFs ,
Municipal Securities Issuers ,
PDMR
Background -
The integrity of benchmarks used in financial transactions has been the subject of increasing focus from regulators since the investigations into manipulation of the setting of LIBOR, EURIBOR and other...more
6/14/2016
/ Benchmarks ,
Commodities ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Transactions ,
Interest Rates ,
IOSCO ,
Libor ,
Market Abuse ,
MiFID II
On 8 March 2016, the three European Supervisory Authorities (ESAs) published their final draft regulatory technical standards in relation to the collateralisation of non-centrally cleared derivatives. The standards are to...more
3/18/2016
/ Basel Committee on Banking Supervision (BCBS) ,
Collateral ,
Counterparties ,
Derivatives ,
EMIR ,
Endangered Species Act (ESA) ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Exceptions ,
Exemptions ,
IOSCO ,
Margin Requirements ,
Over The Counter Derivatives (OTC) ,
Popular ,
Regulation Technical Standards (RTS)
ESMA Final Report on Complex Debt Instruments and Structured Deposits -
On 26 November 2015, the European Securities and Markets Authority (“ESMA”) published its Final Report on its “Guidelines on complex debt...more
12/15/2015
/ Banking Sector ,
Department of Labor (DOL) ,
Derivatives ,
EU ,
EURIBOR ,
European Securities and Markets Authority (ESMA) ,
Exchange-Traded Products ,
Fiduciary Duty ,
Financial Industry Regulatory Authority (FINRA) ,
MiFID II ,
Regulatory Agenda ,
Securities and Exchange Commission (SEC) ,
Structured Finance
Where do we go from here? As we mark another milestone in regulatory reform with the fourth anniversary of the enactment of the Dodd-Frank Act, it strikes us that although most studies required to be undertaken by the Act...more
8/6/2015
/ Accredited Investors ,
AIF ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Bank Recovery and Resolution Directive (BRRD) ,
Capital Rules ,
CFTC ,
Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Reporting Agencies ,
Covered Banking Entity ,
Covered Funds ,
Credit Cards ,
Cross-Border Transactions ,
Debt Collection ,
Derivatives ,
Dodd-Frank ,
ECOA ,
EMIR ,
EU ,
European Securities and Markets Authority (ESMA) ,
Executive Compensation ,
Exemptions ,
Fair Credit Reporting Act (FCRA) ,
Fair Lending ,
FDCPA ,
FDIC ,
Federal Reserve ,
Fiduciary Duty ,
Final Rules ,
Financial Regulatory Reform ,
Financial Transaction Tax ,
Foreign Banks ,
FSOC ,
HMDA ,
HOEPA ,
Incentive Compensation ,
Investment Company Act of 1940 ,
IOSCO ,
Liquidity Risk Management Rule ,
MiFID II ,
Mortgage Servicing Rules ,
NRSRO ,
OCC ,
Privacy Notice Rule ,
Proprietary Trading ,
Prudential Standards ,
Remittance Transfer Rule ,
Reporting Requirements ,
Risk Management ,
Security-Based Swaps ,
Shadow Banking ,
SIFIs ,
Stand-Alone SBSDs ,
Swap Execution Facilities ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
Transparency ,
Truth in Lending Act (TILA) ,
UCITS ,
UDAAP ,
Volcker Rule
On 24 March 2015, the European Securities and Markets Authority (ESMA) published a Consultation Paper setting out draft guidelines on complex debt instruments and structured deposits.
Background -
The...more
In This Issue:
- FINRA Releases 2015 Regulatory and Exam Priorities Letter: Structured Products Remain an Area of Focus
- OCIE Exam Priorities: 2015
- In Re: TVIX Securities Litigation
- Second...more
1/27/2015
/ Basel III ,
Credit Suisse ,
European Securities and Markets Authority (ESMA) ,
Examination Priorities ,
Exchange-Traded Products ,
Financial Industry Regulatory Authority (FINRA) ,
FSB ,
Global Systemically Important Banks (G-SIBs) ,
MiFID ,
OCC ,
OCIE ,
Securities ,
Securities Litigation ,
Structured Financial Products
Key Highlights:
..All counterparties within scope of the European Market Infrastructure Regulation (“EMIR”) and subject to the clearing obligation will soon be required to centrally clear their applicable derivatives...more
On August 16, 2012, the European Market Infrastructure Regulation (“EMIR”) came into force, defining the obligations of in-scope entities, amongst other things, to (1) centrally clear certain over the counter derivatives...more
In This Issue:
- European Product Intervention
- FINRA Speaks at 2014 Structured Retail Products Conference
- FINRA Approves Amendments to Communication Rules – Relief from Filing for Certain...more
In This Issue:
- The 1996 Morgan Stanley Letter: Re-imagined at the Age of 18
- Structured CDs – Goodbye Regulation DD, Hello Regulation DD
- FCA Issues Fine in Relation to Structured Product...more
6/26/2014
/ Banks ,
Disclosure Requirements ,
EDGAR ,
European Securities and Markets Authority (ESMA) ,
Financial Products ,
Initial Public Offering (IPO) ,
Morgan Stanley ,
Public Disclosure ,
Regulation D ,
Securities ,
Securities and Exchange Commission (SEC) ,
Truth in Savings Act
In This Issue:
Opinions and Warnings – ESMA’s Views on Complex Products; SEC Releases Draft Strategic Plan; Distributing Structured Notes from a Regulation S Platform; and Non-U.S. Equity Underliers and Exchange Rate...more
The Prospectus Directive (the “PD”) and the Prospectus Directive Regulation (the “PD Regulation”) were recently amended, in each case with effect from 1 July 2012. These new rules introduced a number of significant changes...more