General Business Securities Finance & Banking

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CFTC No-Action Relief from Potentially Burdensome Requirement for Automated Form 40S Response to CFTC ‘Special Calls’

On July 23, the CFTC staff issued No-Action Letter 14-95 extending the compliance date from August 15, 2014 to February 11, 2016 for use of new Forms 40/40S—reports solicited from market participants by “special call” of the...more

SEC Issues Money Market Fund Reform Rules

On July 23, the SEC adopted amendments to the rules that govern money market mutual funds. The new rules require a floating net asset value (NAV) for institutional prime money market funds to fluctuate, which allows the daily...more

SEC Proposes Removing Credit Rating References and Amending Issuer Diversification Requirement

On July 23, the SEC re-proposed amendments, initially proposed in March 2011, related to the removal of credit rating references in rule 2a-7 and Form N-MFP of the Investment Company Act. The re-proposed amendments would...more

VA Switches: FINRA Disciplinary Action Reminds Firms About the Need for Adequate Supervisory Procedures

In a case involving unsuitable variable annuity (VA) transactions, FINRA found that having good procedures and discovering improper conduct are not enough. A member firm must also ensure that it has adequate supervisory...more

CFTC Issues No-Action Relief from Certain Ownership and Control Reporting Requirements

On November 18, the Commodity Futures Trading Commission adopted rules modifying its ownership and control reporting requirements. Specifically, the CFTC adopted (i) a new Form 71 to collect information regarding omnibus...more

Hedge Fund COO Makes Admissions in SEC Settlement

The SEC announced that the former Chief Operating Officer at Harbinger Capital Partners LLC has agreed to settle allegations that he assisted a scheme by the firm and its owner to misappropriate millions of dollars from a...more

FDIC Gives Guidance to S-Corporation Banks Regarding Dividends under Basel III

On July 21, the FDIC clarified how it will evaluate requests by S-Corporation Banks to make dividend payments that would otherwise be prohibited under the Basel III capital conservation buffer. New Basel III capital rules...more

Hearing on Oversight of the SEC’s Division of Corporation Finance

As we previously reported, the Director of the SEC’s Division of Corporation Finance, Keith Higgins, testified before the House Financial Services Committee on a broad range of matters, including the SEC’s progress in...more

SEC Charges ECN Operator For Failing To Protect Customer Data

Fragmented markets, alternative trading systems and dark pools are increasingly a focus of discussion in the wake of repeated market outages. Interest in these venues has been intensified by the publication of Flash Boys and...more

Debate Continues Regarding Proposed Cooperative Capital Markets Regulatory System

On July 9, 2014, on what Finance Minister Joe Oliver called “a landmark day” for reforming Canada’s capital markets regulatory regime, the federal government announced that Saskatchewan and New Brunswick had agreed to join...more

Post-JOBS Act IPO Trends

Earlier this month, we commented on some statistics regarding the number of IPOs and the IPO backlog (based on public filings). Here, we offer a few more insights into recent trends in the IPO market based on various...more

Orrick's Financial Industry Week in Review

Amendments to Offshore Fund Rules to Reflect Finance Act 2014 AIFM Partnership Tax Changes - Regulations amending the Offshore Funds Regulations 2009 (the 2009 Regulations) to reflect the Finance Act 2014 changes to...more

Saudi Opens Market to Foreign Financial Institutions

In a long anticipated measure, the Saudi Council of Ministers (which is the highest authority in the Kingdom) issued a resolution on 21 July, 2014 authorizing foreign financial institutions to directly buy and sell stocks...more

What Investment Advisers Need to Know About Using Proxy Advisers

On June 30, 2014, the SEC issued long-awaited guidance on an investment adviser’s use of third-party proxy advisory firms such as ISS and Glass Lewis. Due to a number of regulatory developments over the past ten years,...more

Corporate and Financial Weekly Digest - Volume IX, Issue 29

In this issue: - SEC Approves FINRA Rule Limiting Expungement - CFTC Issues No-Action Relief from Certain Ownership and Control Reporting Requirements - CFTC Releases Rule Enforcement Review of ICE...more

SEC Adopts Floating NAV and Liquidity Fees/Redemption Gates Rules for Money Funds

On July 23, 2014, the Securities and Exchange Commission (the SEC) adopted final rules governing the structure and operation of money market funds. These rules are discussed in a release adopting amendments to Rule 2a-7 under...more

SEC Approves Rule Preventing Barters for Expungement Cooperation – What You Can Do to Ensure Compliance

On July 22, the U.S. Securities and Exchange Commission (SEC) approved the Financial Industry Regulatory Authority’s (FINRA) proposed Rule 2081, which prevents firms or associated persons from conditioning settlement or...more

The Financial Report - Volume 3, No. 14 • July 24, 2014 (Global)

Discussion and Analysis - Monday of this week was the fourth anniversary of the signing of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Like all anniversaries, it is a time for looking back. As would...more

SEC Adopts Amendments to Money Market Fund Rules

The Securities and Exchange Commission (SEC) today adopted long-awaited and highly anticipated amendments to rules under the Investment Company Act of 1940 (the 1940 Act) governing money market funds. ...more

Hedge Funds and Material Nonpublic Information: The Role of Deception, Duty, Breach, Personal Benefit and Knowledge in Creating...

The last thing hedge funds need is another wake up call about the risks of liability for trading on the basis of material nonpublic information. But if they did, a July 17 article in the Wall Street Journal would provide it....more

SEC Approves Amended FINRA Rule 2081 Prohibiting Settlements Conditioned on Expungement

On July 22, the SEC approved amendments to FINRA Rule 2081 that prohibit member firms from conditioning arbitration settlements (or seeking to) upon a customer’s assent to CRD expungement relief. The Rule amendments prohibit...more

US China Trade–Developments In Trade, IP, Antitrust And Securities

Dear Friends, There have been major developments in the trade, policy, US Exports to China, CFIUS, Chinese Antidumping, US/Chinese antitrust, and securities areas....more

SEC Announces First Settled Proceeding Against Municipal Issuer under MCDC Initiative

The SEC announced July 8 its first settled administrative proceeding against a municipal issuer under its Municipal Continuing Disclosure Cooperation (“MCDC”) Initiative. In its Order, the SEC charged Kings Canyon Joint...more

SEC Requires Floating NAV for Institutional Money Market Funds; IRS Eases Tax Reporting Burden for Fund Investors

Yesterday, a divided Securities and Exchange Commission adopted rules that will require floating net asset values (NAVs) for institutional money market funds and give most money market funds the discretion to impose liquidity...more

SEC Approves Amendments to Rules Governing Money Market Funds

Yesterday, the U.S. Securities and Exchange Commission (“SEC”), by a vote of 3 to 2, approved amendments to Rule 2a-7 and other rules that govern money market funds under the Investment Company Act of 1940 (the “Amendments”)....more

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