Capital Markets

News & Analysis as of

European Commission publishes plans for a Capital Markets Union

On 30 September, the European Commission released its Action Plan for a Capital Markets Union (the “Action Plan”). The Capital Markets Union (“CMU”) is one of the key elements of the broader Investment Plan for Europe...more

Legislative Proposal for an EU Framework for Simple, Transparent and Standardized Securitization

On September 30, 2015 the European Commission (EC) published a legislative proposal for an EU framework for simple, transparent and standardized securitization. It has also published a legislative proposal for a regulation...more

Orrick's Financial Industry Week in Review

SEC Proposes to Amend Rules Governing Its Administrative Proceedings - On September 24, the U.S. Securities and Exchange Commission (the "SEC") proposed to amend rules governing its administrative proceedings. Key...more

Securitisation: Keeping it Simple?

On 30 September 2015, the European Commission (the “Commission”) published a proposal for a regulation (the “Proposed Regulation”)1 intended to harmonise existing EU laws applying to securitisations (including proposed...more

ESMA publishes UCITS V ITS on penalties and measures

ESMA has published for the Commission’s endorsement implementing technical standards (ITS) on penalties and measures under UCITS V. ESMA did not conduct open public consultations on the draft ITS, as it says this would have...more

ESMA speaks on changes to derivatives market

ESMA Chair Steven Maijoor spoke at the 2015 ISDA Annual Europe Conference in London. In his speech he highlighted the importance of ensuring consistent implementation of the European Market Infrastructure Regulation (EMIR),...more

New 871(m) Regulations Finalize Dividend Equivalent Payment Withholding Rules for Equity Derivatives

On September 17, 2015, the IRS and the Treasury Department issued final, temporary, and proposed regulations under section 871(m) of the Internal Revenue Code (collectively, the “new regulations”) that provide the rules for...more

SEC’s Increased Cybersecurity Enforcement and How to Reduce Your Risks

The SEC announced last week that an investment adviser had agreed to settle charges that it failed to take required steps to protect against and respond effectively to a cybersecurity breach. The action comes on the heels of...more

ESMA Speech on Clearing the Way Towards an EU OTC Derivatives Union

On September 22, 2015, the European Securities and Markets Authority (ESMA) published a speech, given by Steven Majoor, ESMA Chair, on the regulation and supervision of the derivatives market. Points of interest in the speech...more

Transparency Template For Covered Bonds

On September 17, 2015, the Covered Bond Label Foundation and the European Covered Bond Council announced agreement on the implementation of a Harmonized Transparency Template (HTT) across jurisdictions for all covered bond...more

Investment Adviser Settles SEC Charges After Data Breach

Last week, the Securities and Exchange Commission (SEC) settled charges against a registered investment adviser for failing to comply with Rule 30(a) of Regulation S-P (17 C.F.R. § 248.30(a)) (“Safeguards Rule”). The...more

IOSCO reports on cross-border regulation

IOSCO’s task force has reported on cross-border regulation. A range of stakeholders, regulators, policymakers, and supranational institutions responded to the task force. IOSCO will now consider: - how to be more...more

Make Room for the Independent Sponsor

It’s no secret that it has become more difficult for traditional private equity firms to raise captive funds. In fact, California Public Employees’ Retirement System is looking to further reduce its number of private equity...more

Blockchain technology identified as capital market disruptor

IOSCO Chairman Greg Medcraft has discussed digital disruption in capital markets in a speech at Carnegie Mellon University. He identifies blockchain technology, the algorithm behind bitcoin, as having the potential to...more

ISDA launches new derivatives product identification standard

ISDA has launched a new industry data project, aimed at developing an open-source standard derivatives product identification system that can be applied consistently and comprehensively across all derivatives facilities. ...more

Financial Regulatory Developments Focus - September 2015 #3

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

Agency CMBS – the perfect pill for a large loan CMBS pricing headache!

The recent below par pricing of two Goldman Sachs arranged CMBS deals demonstrate the potential perils of CMBS as a distribution tool for CRE debt. Indeed, these two deals bring into stark focus the pricing quandary that...more

The Financial Report - Volume 14, No. 17 - September 2015 (US)

We all love to quote statistics when they tend to support whatever position we may be advocating. At the same time, however, we are often loath to take the time and effort to respond to surveys or provide information needed...more

ESMA consults on final MiFID 2 ITS

ESMA is consulting on the remaining draft implementing technical standards (ITS) under the revised Markets in Financial Instruments Directive (MiFID 2) on which it has not previously consulted. The consultation and draft ITS...more

Financial Regulatory Developments Focus - September 2015 #2

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

FCA and Ofgem Question Adequacy of Commodity Firms’ Compliance and Market Abuse Controls

In the most recent edition of its regular market conduct and transaction reporting-focused ‘Market Watch’ publication, the UK Financial Conduct Authority (“FCA”) provides a review of commodities firms’ compliance and...more

CFTC Approves National Futures Association Rules Enhancing Protections for Retail Forex Customers

On August 27, 2015, the U.S. Commodity Futures Trading Commission (CFTC) approved rule amendments and a new interpretive notice proposed by the National Futures Association (NFA). The rule amendments and interpretive notice...more

ESMA Consults on Remaining MiFID II Draft ITS

On August 31, 2015, the European Securities and Markets Authority (ESMA) published a consultation paper on the remaining draft implementing technical standards (ITS) under the MiFID II Directive (2014/65/EU) and the Markets...more

Cornerstone Report Describes Securities Class Action Litigation Shift Toward West Coast and Smaller Public Companies

Recently, Cornerstone Research, an economic and financial consultancy, released its mid-year report on federal securities class action filings. Cornerstone reported that 85 of these lawsuits were filed in the first half of...more

FMLC comments on legal uncertainties of CCPs

FMLC and the US-based Committee on Capital Markets Regulation (CCMR) have published a joint comment paper highlighting the damaging impact that uncertainties relating to the recognition and supervision of CCPs are causing for...more

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