Securities Finance & Banking

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Commodity Trading System and Method are Patent Eligible Subject Matter Under 101

In Trading Technologies International, Inc. v. CQG, Inc., CQG LLC, FKA CQGT, LLC., [2016-1616] (January 18, 2017), the Court of Appeals for the Federal Circuit (CAFC) affirmed a lower court’s holding that the claims of U.S....more

The Securities Law Crystal Ball

At the beginning of each new year, we find ourselves engaged in discussions of the evolving securities regulatory landscape and the changes that we anticipate may occur. We have done this for many years now. Each January we...more

"House Bill to Shake Up CFTC Rulemakings"

Less than two weeks into the new congressional session, the U.S. House of Representatives passed by a vote of 239 to 182 the Commodity End-User Relief Act1 (the Bill or House Bill), marking the first step by the new...more

U.S. Supreme Court Seeks Solicitor General’s Input on Co-fiduciary Indemnification

Earlier this month, the U.S. Supreme Court invited the Solicitor General to file a brief expressing the government’s views on a petition for certiorari asking the Court to decide whether ERISA permits a cause of action for...more

Your Daily Dose of Financial News

We learned about Navient and its allegedly trouble-filled student-loan servicing practices yesterday. Turns out the issues are not only long-standing, but they bear similarities to the mortgage-lending issues that were at...more

SEC Expands to Retail Customer Debt Transactions Disclosure of Broker-Dealer Mark-Ups and Mark-Downs

Currently, U.S. broker-dealers are not required to disclose their compensation in respect of fixed-income transactions effected as principal. In November 2016, the SEC approved a rule proposal of the U.S. Financial Industry...more

DOL Updates Guidance on Proxy Voting by Plan Fiduciaries

On December 29, 2016, the U.S. Department of Labor (the “DOL”) released Interpretive Bulletin 2016-1 (“IB 2016-1”) relating to the voting of proxies on securities held in employee benefit plans. IB 2016-1 withdraws the...more

New Guidance Restores 1994 ERISA Proxy Voting Interpretation

The DOL bulletin also clarifies the ability to consider ESG factors in proxy voting and shareholder engagement. On December 29, 2016, the Department of Labor (DOL) issued Interpretive Bulletin 2016-1 (IB 2016-1),...more

Investment Management Update

SEC Issues Guidance on Mutual Fund Fee Structure - The Securities and Exchange Commission’s (SEC) Division of Investment Management recently issued a guidance update addressing disclosure issues and certain procedural...more

Upcoming Deadline for Form SHC - Holdings of Foreign Securities

Recently, the Department of the Treasury released the final instructions for the reporting requirements of the Treasury International Capital Benchmark Form SHC (herein referred to as “Form SHC”) for the 2016 calendar year....more

Ohio Federal Court Rules That Bank is Not Liable Under Ohio Securities Act for Providing Ordinary Banking Services to Customers...

In a January 10, 2017 decision, United States District Judge Thomas M. Rose in the Southern District of Ohio ruled that plaintiffs, who claimed to be investors in a Ponzi scheme operated by customers of PNC Bank, failed to...more

Day 19 of 30 Days to a Better Compliance Program-Compliance Expertise on the Board [Video]

Every Board of Directors need a true compliance expert sitting on their Board. Almost every Board has a former Chief Financial Officer (CFO), former head of Internal Audit or persons with a similar background and often times...more

Some FAQ News Under ERISA - The DOL Issues Two More Sets of "Investment Advice" Q&As

The U.S. Department of Labor (the “DOL”) released two additional sets of FAQs on January 13, 2017 regarding the new “investment advice” regulation and related exemptions (the “Rule”) under the fiduciary provisions of the...more

Day 18 of 30 Days to a Better Compliance Program-Email Sweeps [Video]

Ongoing monitoring is not limited to the financial component of compliance. The concept is straightforward; at regular intervals you can sweep through your company email database for identified key words that can be flagged...more

Financial Services Weekly News - January 2017 #2

Editor's Note - In This Issue.The SEC and FINRA released their examination priorities for 2017; the SEC’s Division of Investment Management issued an interpretative letter that would permit brokers to charge their own...more

SEC Approves NSCC and NYSE T+2 Rule Proposals

On January 4, 2017, the SEC approved the National Securities Clearing Corporation’s (“NSCC”) proposed rule change to conform to the SEC’s proposed Rule 15c6–1(a) amendment and accommodate a second business day after the trade...more

The Final Rule: DOL Releases Additional FAQs Related to New Fiduciary Rule

The Department of Labor (DOL) has released two additional sets of FAQs providing guidance related to its final rule expanding the definition of fiduciary “investment advice” (the Final Rule) for purposes of the Employee...more

Moody’s Settles RMBS/CDO Ratings Claims with DOJ, States

After markets closed on Friday the 13th, the U.S. Department of Justice (“DOJ”) announced an $864 million settlement regarding Moody’s credit ratings of residential mortgage-backed securities (“RMBS”) and collateralized debt...more

Your Daily Dose of Financial News

On the heels of Deutsche Bank’s $7.2 billion deal, Credit Suisse has finalized the terms of its own MBS-related settlement. The Swiss bank will pay $5.3 billion to resolve claims that it misled investors about the standards...more

Sixth Circuit Declines to Address the Definition of Dodd Frank “Whistleblower”

On January 13, 2017, the Sixth Circuit in Verble v. Morgan Stanley Smith Barney, LLC, declined an opportunity to be the third federal appellate court to address the definition of “whistleblower” under Dodd Frank’s...more

SEC Staff Announces 2017 OCIE Examination Priorities

On January 12, 2017, the staff of the Office of Compliance Inspections and Examinations (OCIE) of the Securities and Exchange Commission (SEC) released its annual announcement on examination priorities in the coming calendar...more

Everything Compliance-Episode 5, year-end wrap up Part II [Video]

We turn to the 2016 year in review, in this Part II of a two-part series. Jonathan Armstrong leads a discussion on Privacy Shield, information and data privacy issues the past year. Mike Volkov relates what he saw as the top...more

SEC’s Office of Compliance Inspections and Examinations Sets Top Examination Priorities for 2017

Action Item: On January 12, 2017, SEC’s Office of Compliance Inspections and Examinations (“OCIE”) revealed where it plans to focus its attention throughout this year. By broadening its scope, OCIE will address a wide array...more

Blog: SEC Charges Company With Violations Of The Rules Related To Non-GAAP Financial Measures

The Corp Fin staff have been dropping hints for quite a while about potential enforcement actions in connection with abuses of non-GAAP financial measures, and now one has finally materialized. In an Order released today,...more

Investment Outlook 2017: Deal trends in the GCC

When oil prices dropped two years ago, it took a while for the severity and durability of the new oil-price environment to sink in. The response came in 2016: governments focused on cutting expenditure, sending a cascade of...more

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