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SEC directs specific communication to employees regarding whistleblowing

In many investigations, whether internal or in response to government inquiries, employers may take action to terminate employees. A recent US Securities and Exchange Commission (SEC) resolution in the context of the US...more

Quarterly Investment Update - 3rd. Quarter 2016

Investor confidence rebounded in the third quarter immediately following Brexit, driving the S&P 500 to new highs. Comments by the Fed in early September stirred up some volatility and share prices slipped backwards. Not...more

This Week in FCPA-Epiode 26, the East Lansing Edition [Video]

In this episode, Jay and I discuss the following: 1. World Bank Debarments- as reported on the FCPA Blog; 2. Spanish pharma Grifols lands its second DOJ declination-as reported on the FCPA Blog; 3. Wells Fargo CEO Stumpf...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - The CFPB Publishes Final Rule for Prepaid Accounts - On October 5, 2016, the Consumer Financial Protection Bureau (the "CFPB") finalized comprehensive consumer protections for...more

China's Commitment to Open Up Its Private Securities Investment Fund Management Industry to Foreign-Owned Entities: Opportunity...

On 30 June 2016, the Asset Management Association of China ("AMAC"), a self-regulatory organization supervised by the China Securities Regulatory Commission ("CSRC"), promulgated the "Q&A regarding the Registration and Filing...more

Small Companies and Those Not Certified Under the Safe Harbor Face Hidden Costs in the EU/US Privacy Shield Certification Process

The Privacy Shield in a nutshell. The Privacy Shield permits U.S. businesses to process and control the personal data of individuals, aka data subjects, located in the European Union (EU). Without the Privacy Shield,...more

Your Daily Dose of Financial News

Holding companies appear to be an important new feature of the “living will” revisions the big banks have been making in an effort to appease the Fed and FDIC’s efforts to stamp out “too big to fail” entities. The idea is for...more

European Securities and Markets Authority Consults on Secondary Measures for Reporting of Securities Financing Transactions 

The European Securities and Markets Authority published a consultation paper on its proposed draft Implementing and Regulatory Technical Standards for the Securities Financing Transactions Regulation....more

ESMA product governance guidelines under MiFID II

On 5 October 2016, the European Security and Markets Authority (ESMA) has opened a consultation for all market participants, about product governance guidelines under MiFID II regarding the target market assessment to be made...more

District Court Judge Assigned in Conflict Minerals Rule Case

How time flies! This month, the litigation relating to the U.S. SEC’s Conflict Minerals Rule enters its fourth year. The litigation has been quiet for the better part of the last year, after the SEC’s petition seeking...more

Final EU Guidelines on Transaction Reporting, Order Record Keeping and Clock Synchronization Published

The European Securities and Markets Authority published a Final Report providing its responses to the feedback on the proposed Guidelines on transaction reporting, order record keeping and clock synchronization under the...more

News on Italian Stock Exchange: Admission to trading on SeDeX also for securitised derivatives traded and settled in a currency...

With notice no. 18285 of 30 September 2016, the Italian Stock Exchange has informed the market participants that, starting from 24 September 2016, also securitised derivatives traded and settled in a currency other than the...more

Final EU Guidelines on Information regarding Commodity Derivatives and Spot Markets

The European Securities and Markets Authority published a Final Report and final Guidelines on information expected or required to be disclosed on commodity derivatives markets or related spot markets under the Market Abuse...more

European Securities and Markets Authority Publishes Draft Regulatory Technical Standards on Consolidated Tape for Non-Equity...

The European Securities and Markets Authority published a consultation paper containing draft Regulatory Technical Standards specifying the scope of the consolidated tape for non-equity financial instruments under the Markets...more

FCPA Enforcement Ramping Up Against Private Equity and Hedge Funds (Part III)

The Och-Ziff settlement has now set the stage for the Justice Department and the SEC to focus its enforcement eye on the private equity and hedge fund industry. The Och-Ziff action was initiated in response to the SEC’s...more

Compliance into the Weeds-Episode 15-breakdowns in the three lines of compliance defense [Video]

In this episode, Matt Kelly and I go deep into the weeds in our discussion of the three lines of compliance defense and how they failed at Wells Fargo and Credit Suisse. We talk about Matt's multi-dimensional view of the...more

FCC Liberalizes Rules for Foreign Investment in U.S. Broadcast Licensees

On September 30, 2016, the FCC adopted an order designed to liberalize and streamline the foreign ownership review process for broadcast licensees (the “Broadcast Liberalization Order”). Section 310(b) of the Communications...more

Corporate and Financial Weekly Digest - Volume XI, Issue 39

SEC/CORPORATE SEC - Staff No Longer Requires “Tandy” Representations in Filing Reviews - On October 5, the staff (Staff) of the Securities and Exchange Commission announced that, effective immediately, a company...more

Major FCPA Enforcement Action Against Nation’s Largest Publicly Traded Hedge Fund

In one of the largest FCPA settlements in history, hedge fund Och-Ziff Capital Management Group LLC (“Och-Ziff”) recently resolved a long-running government inquiry by agreeing to $413 million in financial penalties and a...more

DOJ and SEC Deliver Body Blow to Private Equity and Hedge Funds: Och-Ziff Settles FCPA Violations for $412 Million (Part I)

The Justice Department and the Securities Exchange Commission delivered a powerful FCPA enforcement message to private equity and hedge funds. Och-Ziff settled with the DOJ and SEC for total penalties of $412 million....more

Orrick's Financial Industry Week in Review

SEC Adopts Rules for Enhanced Regulatory Framework for Securities Clearing Agencies - On September 28, 2016 the Securities and Exchange Commission ("SEC") voted to adopt new rules to establish "enhanced standards for the...more

Market Manipulation Using High Frequency Trading and Issues Facing Japan

Centuries ago, a classic tactic to manipulate prices in the Amsterdam Stock Exchange was to spread false rumors that incoming trading companies’ ships were full of furs and diamonds, in attempt to run up prices. Back then,...more

Lessons Learned from the FCPA Pilot Program's First Six Months

The guidance issued by the DOJ in connection with the Pilot Program and recent declinations state that disclosure, remediation and cooperation are essential to any favorable resolution with the government. Six months...more

Your Daily Dose of Financial News

Theranos is “retreating” from its blood tests, cutting its workforce by 40 percent, and shuttering facilities—all signs that Elizabeth Holmes’ company may be shifting to developing products to sell to outside labs rather than...more

SFC Circular to Strengthen Liquidity Risk Management of Its Authorized Funds

The SFC published the “Circular to management companies of SFC-authorized funds on liquidity risk management” dated July 4, 2016 (the “Circular”), designed to provide guidance to the management companies (each a “Fund...more

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