Corporate and Financial Weekly Digest -- August 3, 2012


In this issue:

- FINRA and ISG Postpone Effective Dates for Enhanced Electronic Blue Sheet Submission

- ICE Announces Plans to Transition Swaps to Futures Contracts

- CFTC Roundtable to Discuss Customer Protection Requirements for FCMs

- Third Circuit Affirms Grant of Summary Judgment for Defendants in Securities Fraud Case

- Second Circuit Finds that Petition to Compel Arbitration Cannot Be Voluntarily Dismissed

- Federal Reserve Finalizes Financial Market Utility Rules

- DOL Revises its Position on Brokerage Windows (Again)

- FSA Imposes Fine of £294,000 for AML Breaches

- FSA Publishes FAQs on Transition to the FCA

- Terms of Wheatley Review of LIBOR Announced

- Treasury Consultation on Financial Sector Resolution Proposals

An excerpt from "Federal Reserve Finalizes Financial Market Utility Rules"

On July 30, the Board of Governors of the Federal Reserve System (Board) announced the approval of a final rule establishing risk-management standards for certain financial market utilities (FMUs) designated as systemically important by the Financial Stability Oversight Council. The final rule also establishes requirements for advance notice of proposed material changes to the rules, procedures, or operations of certain designated FMUs. FMUs, such as payment systems, central securities depositories, and central counterparties, provide the infrastructure to clear and settle payments and other financial transactions. The final rule (Regulation HH) is substantively similar to the proposed rulemaking, with two exceptions. The final rule includes a new provision that would allow the Board to waive the application of certain Regulation HH standards to a particular type of designated FMU, "where the risks presented by or the design of that designated FMU would make application of certain standards inappropriate." In addition, the Board has revised the illustrative list of changes that do not require an advance notice, in part to include changes to a designated FMU's fees, prices, or other charges.

Please see full newsletter 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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