Clearing Agencies

News & Analysis as of

Corporate and Financial Weekly Digest - Volume X, Issue 42

SEC/CORPORATE - ISS Releases 2016 Draft Voting Policy Changes for Comment - On October 26, Institutional Shareholder Services (ISS), a leading proxy advisory firm, released for comment draft voting policy changes...more

Exchange International: Financial Services Regulation Newsletter - Issue 27

DLA Piper’s Financial Services International Regulatory Team welcomes you to the twenty-seventh edition of ‘Exchange – International’ – an international newsletter designed to keep you informed of regulatory developments in...more

Financial Regulatory Developments Focus - October 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

CFTC’s Market Risk Advisory Committee To Meet on November 2

The Commodity Futures Trading Commission’s Market Risk Advisory Committee will hold a public meeting on November 2 from 10:00 a.m. to 1:30 p.m. The Committee will discuss a subcommittee’s recommendations on the effectiveness...more

CFTC and Korean Regulators Sign MOU Regarding Cross-Border Clearing Organizations

The Commodity Futures Trading Commission has signed a memorandum of understanding (MOU) with two Korean regulators, the Korean Financial Services Commission and the Korean Financial Supervisory Service to enhance the...more

Non-Securities Dealer Corporations Have Until September 30, 2015 to Comply with Investment Capital Identification Procedures for...

This is an important reminder that non-securities dealer corporations subject to New York State and City corporate tax have until September 30, 2015 to identify stock as investment capital in order for the stock to qualify as...more

NYC Commission Issues Guidance on the Citywide Bill Restricting Employers from Using Credit Information in Employment Decisions

As previously reported, on May 6, 2015, New York City Mayor Bill de Blasio signed the "Stop Credit Discrimination in Employment Act" (Act), which makes it unlawful for most employers to use an applicant's or employee's credit...more

SEC Sanctions Senior Executives Of Failed Clearing Broker

On September 17, 2015, the SEC announced charges against several senior executives of Penson Financial Services Inc., once the second-largest clearing broker-dealer in the country, and its parent corporation, Penson...more

Rating Agency Developments

On August 18, Moody’s extended comment period on proposed clearing house global rating methodology to September 17, 2015. On August 17, Fitch released its updated corporate rating methodology. On August 13, DBRS published its...more

EU Clearing Obligation for Interest Rate Swaps Looms

Implementation of the obligation for central clearing of OTC derivatives under the European Market Infrastructure Regulation now seems imminent. The European Commission has adopted a Delegated Regulation that would impose a...more

Section 236 of the UK Insolvency Act 1986 – extra-territorial effect?

The English High Court rejects an application by the Joint Special Administrators of MF Global UK Limited (“MF Global”) for an order seeking the production of documents pursuant to section 236 of the Insolvency Act 1986 (the...more

Irish UCITS and AIFs Permitted to Invest via Stock Connect

The Central Bank of Ireland (“CBI”) issued an update to its Q&A documents on 15 July 2015 for both UCITS and AIFMD FAQ (“Q&A”) which clarifies how Irish funds can invest in Chinese shares via the Shanghai-Hong Kong Stock...more

Bridging the Week - June 2015 #2

NYDFS Issues BitLicense Framework for Regulating Virtual Currency Firms - The New York State Department of Financial Services issued final regulations requiring a so-called “BitLicense” and establishing minimum...more

Neither Side Folds on FINRA CARDS Proposal

The Comprehensive Automated Risk Data System (CARDS) proposed by the Financial Industry Regulatory Authority (FINRA) to regularly collect customer account data from various broker-dealers and clearing firms and allow FINRA to...more

European Court Sides with the United Kingdom on Euro Clearing

On March 4, Europe’s second-highest court ruled in favor of the United Kingdom in a long-running dispute with the European Central Bank (ECB) regarding the latter’s right to mandate that central counterparties (CCPs) clearing...more

European Court Rules in Favor of the UK in ECB Dispute Over the Relocation of Clearing Houses

After a three year dispute over the place of the City of London in Europe’s single market, the EU General Court has ruled that the European Central Bank (“ECB”) lacked the legal powers to enforce a ban on clearing and...more

The Financial Report -Volume 4, No. 4 • February 2015 (Global)

US Judicial Developments - Receiver can be subject to arbitration. The court-appointed receiver for hedge funds used as part of a Ponzi scheme sued the scheme’s “net winners” in an effort to claw back their gains....more

Financial Regulatory Developments Focus - February 2015 #2

In this issue: - US Financial Stability Oversight Council Adopts Supplemental Procedures for Nonbank Financial Company Designations - UK Government to Proceed with Giving Financial Policy Committee Powers for...more

CFTC Expands Existing Clearing Relief for Treasury Affiliates

On November 24, the Commodity Futures Trading Commission’s (CFTC) Division of Clearing and Risk (DCR) issued a no-action letter to expand previously issued relief, that is available to “treasury affiliates,” from the...more

CFTC Extends Relief to Four Foreign Clearing Organizations

On December 18, the Division of Clearing and Risk (DCR) of the Commodity Futures Trading Commission extended the no-action relief previously granted to four foreign clearing organizations: ASX Clear (Futures) Pty Limited,...more

Court Of Appeal Takes A Deep Dive Into Short Selling

In a lengthy opinion issued yesterday, Justice Kathleen M. Banke explains naked short selling, describes the mechanics of executing and clearing stock trades, describes the SEC’s Regulation SHO, and recounts the SEC’s...more

Orrick's Financial Industry Week in Review

ESMA Publishes Guidelines on the EU Implementation of CPSS-IOSCO Principles - On September 4, ESMA published the translation of guidelines and recommendations on implementing the principles for financial market...more

ESMA Publishes Updated List of Non-EEA Central Counterparties Applying for Recognition Under EMIR

On August 11, the European Securities and Markets Authority (ESMA) published an updated list of central counterparties (CCPs) outside the European Economic Area (EEA) that have applied for recognition under Article 25 of the...more

ESMA Publishes Responses to Consultation on the Clearing Obligation Under EMIR

On August 19, ESMA published a list of responses received in respect of its first consultation on the clearing obligation relating to draft regulatory technical standards (RTS) for the clearing of interest rate swaps under EU...more

Timing and Scope of EU Clearing Obligation for Derivatives

The European Securities and Markets Authority is consulting on the mandatory clearing obligation for certain derivatives. Draft regulatory technical standards have been published for the mandatory clearing of certain interest...more

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