Securities Updates

Read need-to-know updates, commentary, and analysis on Securities issues written by leading professionals.
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EU Final Draft Technical Standards on the Exchange of Information between Regulators Regarding Qualify Holdings

The European Banking Authority published final draft Implementing Technical Standards on the common procedures, forms and templates for the consultation process between the relevant national regulators when carrying out the...more

Financial Regulatory Developments Focus - September 2016

In this newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset managers and...more

SEC Proposes T+2 for Settling Securities Transactions

The SEC has proposed a rule amendment to shorten the standard settlement cycle for most broker-dealer securities transactions from three business days after the trade date (T+3) to two business days after the trade date...more

Financial Services Regulation Exchange – International Newsletter Issue 30 – September 2016

DLA Piper’s Financial Services International Regulatory team welcomes you to the thirtieth edition of ‘Exchange – International’ – our international newsletter designed to keep you informed of regulatory developments in...more

IRS and Treasury Issue Guidance Regarding CFC and PFIC Investments by RICs

The recently proposed regulations, if finalized, would govern the treatment of RICs’ income inclusions in respect of CFCs and PFICs for purposes of the income test applicable to RICs; in related guidance, the IRS also...more

Cutting Through the Fog: The Applicability of DOL Conflicts of Interest Rule to Financial Advisors

The Department of Labor’s (DOL’s) new Conflicts of Interest rule1 expands the scope of the definition of “fiduciary” under ERISA2 and the Code3 to cover more classes of financial advisors. This rule replaces a long-standing...more

The Insider Trading Cartoon Series, Vol. X -- Tipping (pre-Newman) [Video]

Are you getting geared up for United States v. Salman in the U.S. Supreme Court?  First, how does one become liable in a "tipping" insider trading case?  We have some characters that will tell you:...more

Pay-To-Play Meets The California Labor Code

In 2010, the Securities and Exchange Commission adopted a rule (17 CFR § 206-4(5)) prohibiting an investment adviser from providing advisory services for compensation to a government client for two years after the adviser or...more

The Federal Reserve’s Proposed Rollback of Physical Commodities Authority for Financial Holding Companies

On September 23, 2016, the Board of Governors of the Federal Reserve System (the “FRB”) issued a proposed regulation concerning the ability of a financial holding company (“FHC”) to engage in physical commodities activities...more

SEC Brings Second Whistleblower Retaliation Case

The SEC has brought its second case for retaliation against a whistleblower against International Game Technology. According to the SEC, the whistleblower, a director of an IGT division, started working at IGT in 2008 and...more

Proskauer Joins Heads of SEC & OSHA Whistleblower Programs in Webinar

On September 27, 2016, Proskauer Partner Steven J. Pearlman, co-head of the Whistleblowing & Retaliation Practice Group, participated in a Bloomberg webinar with Jane Norberg, Acting Chief of the SEC Office of the...more

This Week in FCPA-Epiode 24, the SCCE Edition [Video]

Show Notes for Episode 24, week ending September 30, 2016-the SCCE Edition 1. Misonix discloses possible FCPA violations, 2. The Anheuser-Busch InBev SEC FCPA enforcement action, 3. Och-Ziff SEC FCPA enforcement...more

Your daily dose of financial news - The Brief – 9.30.16

NY hedge fund Och-Ziff has agreed to pay a $413 million fine as part of a deferred-prosecution agreement with US regulators over allegations that it was involved in the payment of more than $100 million in bribes to African...more

This Week In Securities Litigation

As the government fiscal year draws to an end, the Commission filed a series of enforcement actions. Those included two insider trading cases, an action alleging violations of the whistleblower provisions, another against a...more

This Cold Bud Is For You: SEC Sanctions Anheuser-Busch for “Chilling” Employee from Communicating with SEC

On September 28, 2016, the SEC announced that Anheuser-Busch agreed to pay $6 million to settle charges of Foreign Corrupt Practices Act and Dodd-Frank whistleblower violations. The SEC’s order stated that AB InBev violated...more

The Federal Securities Pay-to-Play Regulatory Framework is Complete - A Primer for Financial Services Firms

On September 20, 2016, the Securities and Exchange Commission ("SEC") issued two orders effectively completing the federal pay-to-play regulatory framework for investment advisers, municipal advisors, underwriters of...more

A Reality Check for Travel to Cuba in 2016

With news of the resumption of commercial aviation flights to Cuba, and other changes in the Cuba embargo accomplished through Presidential executive order, it would appear at first blush that the time is ripe to travel to...more

Lehman Estate Settles Claims By RMBS Insurer and Trustee

On September 20, 2016, Judge Shelley Chapman of the U.S. Bankruptcy Court for the Southern District of New York approved the $37 million settlement of $1.3 billion in claims asserted against the estates of two defunct Lehman...more

Will Corp Fin “Evolve” On Exclusion Of Proxy Access Proposals Under Rule 14a-8(I)(10)?

Until yesterday, there were five no-action requests regarding proxy access proposals from the McRitchie/Chevedden group awaiting responses from Corp Fin as to whether the proposals could be excluded on the basis that they had...more

Bridging the Week - September 2016 #3

Advantage Futures LLC, Joseph Guinan, its majority owner and chief executive officer, and William Steele, who until May 2016 was Advantage’s chief risk officer, settled charges brought by the Commodity Futures Trading...more

Corporate and Financial Weekly Digest - Volume XI, Issue 37

CFTC To Host Roundtable on Recent CPMI-IOSCO Guidance - The Commodity Futures Trading Commission will host a roundtable on October 6 to gather feedback in relation to a report on central counterparty resilience and...more

New DOL fiduciary rule and swaps - ISDA update

The Department of Labor’s final revised fiduciary regulation will become applicable on April 10, 2017. Those affected by the revised regulation will include banks and other financial institutions that negotiate investment...more

SEC’s Proposed Rules for Expedited Settlement May Impact Long-Standing Exception for Firm Commitment Offerings

The SEC has agreed to propose rules that would shorten the standard settlement cycle for most broker-dealer transactions from three business days after the trade date (also known as T+3 settlement) to two business days after...more

SEC to hold fintech innovation public forum

The Securities and Exchange Commission has announced that it will host a public forum in Washington, D.C. on November 14, 2016 to discuss financial technology innovation in the financial services industry. The forum is...more

DIFC: Intermediate SPV Regime

On 19 September 2016, the DIFC Authority Board of Directors ("Board") approved, with immediate effect, a regime to allow for the establishment of intermediate special purpose vehicles in the DIFC ("Intermediate SPVs") for...more

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