Securities Finance & Banking General Business

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Four Things Companies Should Know About the SEC’s 2015 Whistleblower Report

The SEC recently published data showing significant increases in tips received under its Dodd-Frank Whistleblower Program. Released on November 16, the 2015 annual report also provided important guidance to companies on the...more

UK Banking Regulator Finalizes Rules Requiring Adherence to Contractual Stay

On November 13, the Bank of England’s Prudential Regulation Authority (PRA) published a final policy statement titled “Contractual Stays in Financial Contracts Governed by Third-Country Law” (the PRA Policy Statement). These...more

FCA Enforcement: Recent Action Against Former Investment Analyst for “Cherry Picking”

On November 17, the UK Financial Conduct Authority (FCA) published its final notice addressed to Mothahir Miah, a former investment analyst at a large UK institutional asset manager, fining him £139,000 and banning him from...more

Recent Dodd-Frank Diversity and Inclusion Standards Developments

Regulated entities should be aware of two recent developments concerning the final diversity and inclusion standards issued this summer under Dodd-Frank Section 342 by the CFPB, OCC, Fed, FDIC, NCUA and SEC. Given that the...more

FSB reports on shadow banking

FSB has published a suite of papers on shadow banking. The papers comprise: - a progress report on actions taken to implement FSB’s two-pronged strategy to address financial stability concerns associated with shadow...more

ESMA Issues Public Statement on Collateralization of Bank Guarantees for Energy Derivatives

On November 19, the European Securities and Markets Authority (ESMA) issued a public statement (Public Statement) regarding its decision not to extend the current three year grace period which permits non-financial firms to...more

Financial Regulatory Developments Focus - November 2015 #4

In this week's 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...more

FSB publishes global securities financing standards and processes

FSB has published its report on standards and processes for global securities financing data collection and aggregation. FSB highlighted the importance of securities financing transactions in supporting price discovery and...more

Victim of Fraud Sued for Fraud

On November 16, 2015, the Securities and Exchange Commission (SEC) sued an investment adviser, Virtus Investment Advisers, Inc., who had hired another adviser, F Squared Investments, Inc., to sub-advise certain mutual funds...more

Council adopts shadow banking reform

The Council has adopted the Regulation on transparency of securities financing transactions (SFTR) designed to improve the transparency of securities financing transactions (SFTs) in the shadow banking sector. SFTR is aimed...more

Commission makes CCP equivalence decisions

The Commission has adopted equivalence decisions for the regulatory regimes for CCPs in Canada, Switzerland, South Africa, Mexico and South Korea. CCPs from these jurisdictions wishing to obtain EU recognition can now apply...more

ESMA Publishes MiFID II Delay Analysis

As discussed in last week’s Corporate & Financial Weekly Digest, on November 18, the European Securities and Markets Authority (ESMA) published a note relating to delays in the “go-live date” of certain Markets in Financial...more

Your daily dose of financial news The Brief – 11.25.15

A groundbreaking move by Calpers—California’s state pension fund—to disclose how much money it’s made from and paid to private equity funds ($24.2 billion and $3.4 billion, respectively, since 1990) may help pave the way for...more

Alberta Securities Commission and Nunavut Securities Office Publish Proposed Start-up Business Exemption

The Alberta Securities Commission (ASC) and Nunavut Securities Office recently published for comment proposed Multilateral Instrument 45-109 Prospectus Exemption for Start-Up Businesses (the Proposed Exemption). The Proposed...more

FCPA Compliance and Ethics Report-Episode 214-Felipe Sousa [Video]

In this episode I visit with Brazilian journalist Felipe Sousa on his observations about the current state of anti-corruption compliance in Brazil and the ongoing Petrobras scandal....more

ESMA updates EMIR data reporting TS

ESMA has updated its TS on the data reporting requirements under the European Market Infrastructure Regulation (EMIR). Since it created the original standards ESMA has issued a set of Q&As on elements of the reporting...more

ESMA consults on CRA methodologies

ESMA has issued a discussion paper on the validation and review of Credit Rating Agencies’ (CRAs) methodologies. The consultation seeks stakeholder views on how CRAs should demonstrate rating methodologies’ “discriminatory...more

CFTC Releases Preliminary Report on the Swap Dealer De Minimis Exception

On November 18, staff from the Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight and Office of the Chief Economist issued a preliminary report regarding the swap dealer de minimis...more

ESMA updates MiFID protocol

ESMA has updated its protocol on the operation of its database for publishing market transparency calculations under the MiFID Implementing Regulation....more

ESMA writes to Commission on MiFID 2 delays

ESMA has written to the Commission setting out areas of MiFID 2 that it thinks will in practice be challenging or impossible to have in place by the current “go-live” date. It has noted several requirements that will involve...more

SEC Commissioner Piwowar Speaks at Current Financial Reporting Issues Conference

On November 16, Securities and Exchange Commissioner Michael Piwowar addressed the 34th Annual Current Financial Reporting Issues Conference in New York to share his views on the current and future state of financial...more

New crowdfunding regime adopted by five provinces

On November 5, 2015, securities regulators in five provinces published in final form Multilateral Instrument 45-108 Crowdfunding (MI 45-108) setting out rules that will provide a new way for businesses to raise capital over...more

BoE publishes RFR meeting minutes

BoE has published the minutes from the 13 October meeting of its working group on Sterling Risk-Free Reference Rates (RFRs). The group...more

Bridging the Week - November 2015 #4

Deputy US Attorney General and SEC Enforcement Head Warn Corporate Individual Wrongdoers to Beware - Deputy US Attorney General Sally Quillian Yates provided further insight into the Department of Justice’s new emphasis...more

The Entrepreneurs Report - Q3 2015

Unicorns and Other High-Valuation Deals - Over the last several years, the number of private companies with valuations in excess of $1 billion has skyrocketed, with daily reports of births of new “unicorns.” As the...more

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