Corporate and Financial Weekly Digest - Volume IX, Issue 43

Katten Muchin Rosenman LLP
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In this issue:

- ISS Announces Launch of QuickScore 3.0

- SEC Provides Relief to GSEC From Rule 204 Close-Out Requirements

- CFTC Extends Relief to FCMs from Certain Commingling Requirements

- District Court Holds Video Game Company’s Optimistic Statements Are Not Actionable

- Securities Class Action Dismissed Where Information Was Publicly Available

- OCC Revises Process for Managing Matters Requiring Attention

- Agencies Request Comment on Proposed Flood Insurance Rule

- Six Federal Agencies Jointly Approve Final Risk Retention Rule

- UK Regulators Launch Review of Fixed Income, Foreign Exchange and Commodities Markets

- Updated EMIR Q&A Published by ESMA

- European Commission Adopts First Equivalence Decisions for Non-EU CCPs

- Italian Short-Term Ban on Shorting Banca Monte dei Paschi di Siena spa and Banca Carige spa

- Excerpt from SEC Provides Relief to GSEC From Rule 204 Close-Out Requirements:

On October 27, the Securities and Exchange Commission’s Division of Trading and Markets (Division) issued no- action relief to Goldman Sachs Execution & Clearing (GSEC) relating to the close-out requirements of Rule 204. In general, in order for a broker-dealer to satisfy its close-out requirements under Rule 204, it must purchase or borrow sufficient shares to satisfy its fails to deliver in full and must have a net flat or net long position on its books and records as of the end of the applicable close-out date. This latter requirement was problematic for GSEC because some of its clearing clients typically engaged in so-called “subsequent activity” (e.g., effected transactions away from GSEC at or near the end of the trading day).

Please see full publication below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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