Finance & Banking Securities

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FINRA Proposal to Allow Broker-Dealers to Distribute Predictive Illustrations

Amendment to FINRA Communications Rule would put member firms on a more equal footing with investment advisers. In February 2017, the Financial Industry Regulatory Authority, Inc. (FINRA) announced a proposed amendment...more

SEC Adopts T+2 Securities Settlement Cycle

On March 22, the Securities and Exchange Commission (“Commission”) adopted a rule amendment that shortens the time by which most securities transactions effected by a broker-dealer are required to settle. Under the amendment,...more

Your Daily Dose of Financial News

The feud between Big Billy Gross and his former firm, Pimco, over BBG’s 2014 ouster is officially finished. The terms weren’t officially disclosed, but both sides noted that “any proceeds from the suit will be donated to...more

The Financial Report, Volume 6, Number 6

Discussion and Analysis - This week, DLA Piper has been proud to once again be a sponsor of the Securities Industry and Financial Markets Association (SIFMA) Compliance and Legal Society’s Annual Seminar. Perhaps the...more

Rating Agency Developments

On March 22, 2017, DBRS issued a report entitled DBRS Criteria: Commercial Paper Liquidity Support for Non-Bank Issuers. Report. On March 22, 2017, Fitch issued a report entitled Fitch Updates US RMBS Seasoned,...more

SEC Adopts T+2 Settlement Cycle for Securities Transactions

On March 22, 2017, the Securities and Exchange Commission (SEC) adopted an amendment to Rule 15c6-1(a), shortening the standard settlement cycle for most broker-dealer securities transactions by one business day, beginning on...more

T+2 Settlement Cycle is Here: Do We Have to Close Our Securities Offering in Just Two Days?

On March 22, 2017, the Securities and Exchange Commission (the SEC) adopted an amendment to the standard settlement cycle rule (the Amendment) to shorten the settlement cycle for broker-dealer transactions from three business...more

US Securities and Exchange Commission Seeks Public Comment on Possible Change to Industry Guide 3 – Statistical Disclosure by Bank...

The SEC published a request for public comment on disclosures called for by Industry Guide 3 - Statistical Disclosure by Bank Holding Companies. Stating that the financial services industry has changed drastically since Guide...more

Corporate Investigations and White Collar Defense - March 2017

DOJ's New Guidance for Evaluating Corporate Compliance Programs - Why it matters: On February 8, 2017, the DOJ released, to little fanfare, a new guidance document entitled "Evaluation of Corporate Compliance Programs."...more

Chris Lazarini Comments on Covenant of Good Faith and Fair Dealing

Bass, Berry & Sims attorney Chris Lazarini commented on a case in which the plaintiff claimed Merrill Lynch acted improperly in selling shares held as collateral for a loan when plaintiff had not defaulted on the loan. The...more

Corporate and Financial Weekly Digest - Volume XII, Issue 11

SEC Adopts Amendment to Shorten Settlement Cycle for Securities Transactions - On March 22, the Securities and Exchange Commission adopted an amendment to Rule 15c6-1(a) that shortens the standard settlement cycle for...more

SEC Adopts T+2 Settlement Cycle and Hyperlink Requirement for Exhibits

The SEC recently adopted rule amendments to: - shorten the standard settlement cycle for most broker-dealer securities transactions to two business days following the trade date, or T+2; and - require...more

SEC Adopts T+2 Settlement Cycle for Securities Transactions

On March 22, 2017, the Securities and Exchange Commission (SEC) adopted an amendment to Rule 15c6-1(a) under the Securities Exchange Act of 1934 (“Exchange Act”) to shorten the standard settlement cycle for most broker-dealer...more

Your Daily Dose of Financial News

News emerged in past weeks that North Korean hackers were likely behind the theft of $81 million from the central bank of Bangladesh. You can add to that an attack on more than 20 Polish banks and an attempt at other...more

Regulators Provide Guidance on Variation Margin for Uncleared Swaps; CFTC Also Delays Compliance Date for Filing Notices to...

Global regulators adopted regulations to govern the posting and collection of margin on uncleared swaps. These regulations are set to take effect in stages over a four-year period. The initial compliance date was September...more

SEC’s Information Update for Advisers Relying on the Unibanco No-Action Letters

Recently, the SEC’s Division of Investment Management published a four-page Information Update for Advisers Relying on the Unibanco No-Action Letters (the “Update”). The stated purpose of the Update is to inform...more

US Commodity Futures Trading Commission Announces Daniel J. Davis as General Counsel

The CFTC announced that Daniel J. Davis has been named...more

The JOBS Act at Five: Congressional Hearing Highlights Need for Further Reform

On March 22, the Subcommittee on Capital Markets, Securities, and Investment of the Financial Services Committee conducted a hearing entitled “The JOBS Act at Five: Examining Its Impact and Ensuring the Competitiveness of the...more

Sustainable Commodities: EU Conflict Minerals Regulation

Earlier this month, the European Parliament voted to adopt the final text of an EU Conflict Minerals Regulation (the “Regulation”), which will require smelters, refiners and importers into the EU of tin, tantalum, tungsten,...more

FCPA Compliance Report-Episode 318-Erica Byrne on Ethisphere's 2017 World's Most Ethical Companies [Video]

In this episode, I visit with Erica Salmon Byrne, EVP at Ethisphere on the 2017 World’s Most Ethical Companies honorees. Erica goes into how the corporate compliance programs are evaluated, what the companies disclose to...more

Day 19 of One Month to Operationalizing Your Compliance Program-Operationalizing Compliance Through Leadership From The Top [Video]

Many companies struggle with some type of metric which can be used for upper management regarding compliance and communication of a company’s compliance values. One technique might be to require the CEO to post companywide...more

Briefs Filed in CalPERS v. ANZ Securities

On February 27, 2017, the California Public Employees’ Retirement System (“CalPERS”) filed its brief with the Supreme Court, requesting that the Court reverse the decision of the Second Circuit and abrogate the Second...more

SEC Adopts T+2 Settlement Cycle for Securities Transactions

On March 22, 2017, as previously anticipated by the market, the SEC adopted an amendment to Rule 15c6-1 under the Securities Exchange Act of 1934 to shorten the standard settlement cycle for most broker-dealer transactions...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - OCC Provides Additional Details to Evaluate Charter Applications From Fintech Companies - On March 15, 2017, the Office of the Comptroller of the Currency ("OCC") issued a "Draft...more

Your Daily Dose of Financial News

Eric Mindich—famous for becoming the youngest-ever Goldman partner at 29—is shuttering his Eton Park Capital Management hedge fund and returning the $7 billion it manages to investors. Viewed along with Pershing Square’s...more

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