Science, Computers & Technology, Securities Law, Administrative Law

CFTC Report Brings HFT, Flash Crashes Back To Media Spotlight

by Felix Shipkevich | Shipkevich PLLC on 12/11/2012

A report by U.S. Commodity Trading Futures Commission (CFTC) chief economist Andrei Kirilenko that shows the advantages of high-frequency traders over small investors is turning the public eye back toward trading and...more

Three Important Lessons from the FCPA Guidance for Pharmaceutical and Medical Device Companies

by Michael Volkov on 12/5/2012

The US Chamber of Commerce “praised” the FCPA Guidance. The Chamber did not get what it wanted but it had to recognize that the FCPA Guidance was helpful for businesses. The FPCA Guidance provides important information for...more

It's Raining PII in New York

by Judy Selby | BakerHostetler on 11/26/2012

On November 25, 2012, the front page of the New York Post blasted the headline, “Drop Secret. Shred Alert! Covert cop files used as parade confetti.” The Post reported that shredded files appearing to contain material from...more

BIS Report on the Future of Computer Trading in Financial Markets

by Orrick - Structured Finance Group on 11/8/2012

On October 23, the Department for Business, Innovation and Skills published a report entitled ‘The Future of Computer Trading in Financial Markets – An International Perspective’. The report is an analysis of the potential...more

Drop Copies vs. Kill Switches: What’s Next for High-Frequency Trading?

by Shipkevich PLLC on 10/18/2012

Opposition is growing against the CFTCs preference for using the kill switch as a way to prevent mistakes caused by high-frequency trading. In several recent speeches, CFTC commissioner Bart Chilton has praised kill...more

SEC Rejects “Kill Switch” Regulation for High-Frequency Trading

by Shipkevich PLLC on 10/9/2012

The U.S. Securities and Exchange Commission (SEC) has raised concerns about a “kill switch” approach to regulating high-frequency trading (HFT) platforms. “We are realizing the one-size-fits-all rule is questionable,”...more

ESMA Publishes Draft EMIR Technical Standards

by McDermott Will & Emery on 10/9/2012

On 27 September 2012, the European Securities and Markets Authority (ESMA) published its draft technical standards in the European Market Infrastructure Regulation (EMIR). The technical standards supplement the level one text...more

Profit Counting: The Pfizer FCPA Settlement

by Sheppard Mullin Richter & Hampton LLP on 8/20/2012

On August 8, 2012, the U.S. Department of Justice (“DOJ”) and the U.S. Securities and Exchange Commission (“SEC”) announced agreements with the drug manufacturer Pfizer Inc. to settle allegations that a Pfizer subsidiary had...more

SEC Tackles Trading System Glitches

by LEVICK on 8/15/2012

It’s said that once is happenstance; twice is coincidence; and three times is enemy action. With investors reeling from a series of trading technology glitches that have cost hundreds of millions of dollars, the U.S....more

SEC Scrutiny Ratchets Up the Pressure on Nasdaq

by LEVICK on 7/13/2012

Two weeks ago, the U.S. Securities and Exchange Commission (SEC) announced that it is looking into the technical glitches that plagued Facebook’s IPO on the Nasdaq Stock Exchange in May. Depending on what they find,...more

London Metal Exchange: New Information Barriers Requirement

by McDermott Will & Emery on 4/10/2012

As of 1 April 2012, related warehouse companies are required to engage an independent practitioner to assure that the information barriers they have instituted are compliant with the London Metal Exchange’s rules and...more

U.S. District Court for the District of Massachusetts Holds Pharmaceutical Companies Not Required to Disclose FDA Inspectional...

by Ropes & Gray LLP on 4/10/2012

In an important ruling dismissing a comprehensive securities class action complaint against Genzyme Corporation, the U.S. District Court for the District of Massachusetts held last week that regulatory comments and...more

Crowdfunding

by Dentons on 2/13/2012

The Canadian Advanced Technology Alliance (CATA) has just launched a new campaign in support of changing Canadian securities laws to permit crowdfunding. See the news release here. Crowdfunding is the use of...more

Gearing up for 2012 Annual Reporting Season: Has Your Public Company Board Addressed Cybersecurity Risk?

by Jackson Walker on 1/24/2012

As companies have migrated toward increasing dependence on digital technologies to conduct their operations, the risks to these companies associated with cybersecurity incidents have also increased. The consequences of a...more

A Practical Guide to Implementing SEC Guidance on Disclosure of Cybersecurity Risks and Cyber Incidents

by King & Spalding on 1/12/2012

Recent, high-profile cyber attacks and cybersecurity lapses have resulted in a serious focus on cybersecurity from the Obama administration, the Senate and the SEC. In the past year, there were reports of cyber thieves...more

Who Is Listening? The SEC Emphasizes Importance of Cybersecurity Disclosure

by Sutherland Asbill & Brennan LLP on 10/27/2011

The U.S. Securities and Exchange Commission (SEC) staff recently issued guidance concerning its views on disclosure obligations related to cybersecurity risks and cyber incidents. The SEC staff issued the guidance in response...more

Public Companies: SEC Issues Guidance on Cybersecurity Disclosures

by McDermott Will & Emery on 10/21/2011

The Guidance addresses a public company’s obligation to make certain disclosures concerning cybersecurity risks and cyber incidents. On October 13, 2011, the Division of Corporation Finance of the U.S. Securities and...more

Supreme Court Issues Opinion in Important Securities Fraud Case Concerning Pharmaceutical Manufacturers’ Obligations to Disclose...

by King & Spalding on 3/24/2011

On March 22, 2011, the U.S. Supreme Court issued its opinion in Matrixx Initiatives, Inc. v. Siracusano, 562 U.S. ___ (2011), an important securities fraud class action with potential implications for pharmaceutical and...more