News & Analysis as of

Clearing Agencies

Update: European Market Infrastructure Regulation Exemptions for Central Banks in Six Countries

by Shearman & Sterling LLP on

A Commission Delegated Regulation exempting central banks in six countries - Australia, Canada, Hong Kong, Mexico, Singapore and Switzerland - from complying with the European Market Infrastructure Regulation was published in...more

Proposed EMIR II – Key Points for Derivatives Markets Participants

by Morrison & Foerster LLP on

On 4th May 2017, the European Commission announced its proposals to amend the current European Market Infrastructure Regulation (Reg. No. 648/2012) (“EMIR”). The proposals stem from its public consultation and Call for...more

The Financial Report, Volume 6, Number 6

by DLA Piper on

Discussion and Analysis - This week, DLA Piper has been proud to once again be a sponsor of the Securities Industry and Financial Markets Association (SIFMA) Compliance and Legal Society’s Annual Seminar. Perhaps the...more

Chris Lazarini Comments on Application of Manifest Disregard of the Law

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini commented on a case in which a former trader fraudulently purchased $1 billion in Apple shares that ultimately forced the closure of the trader's firm, Rochdale Securities. Rochdale...more

US Securities and Exchange Commission Proposes Enhanced Regulatory Framework for Covered Clearing Agencies

by Shearman & Sterling LLP on

The US Securities and Exchange Commission voted to establish enhanced standards for the operation and governance of securities clearing agencies that are deemed systemically important by the Financial Stability Oversight...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

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 operation and governance of securities clearing agencies that are deemed systematically...more

How This Scotus Became A Byword For Dunce

by Allen Matkins on

The Supreme Court of the United States is sometimes referred to by the initialization – SCOTUS – as in the well regarded SCOTUSblog. Scotus is also a name attached to one of the most famous scholars of the High Middle Ages –...more

US and EU reach an important agreement on CCP global equivalence: how will it affect you?

by DLA Piper on

US Commodity Futures Trading Commission Chairman Timothy Massad and European Commissioner Jonathan Hill have agreed on a common approach to harmonizing transatlantic regulations regarding the central clearing of derivatives...more

European Securities and Markets Authority Makes Recommendations after First EU-Wide Stress Test of Central Counterparties

by Shearman & Sterling LLP on

The European Securities and Markets Authority published the results of its first EU-wide stress test for central counterparties, including recommendations for improving CCPs’ internal methodologies. ...more

Mandatory OTC Derivatives Clearing Rules Published for Second Round of Comments

On February 24, 2016, the Canadian Securities Administrators (CSA) published a revised Proposed National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives (Proposed Clearing Rule) and a proposed...more

CFTC and German Regulators Sign Memorandum of Understanding

The Commodity Futures Trading Commission, German regulators Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and Deutsche Bundesbank (Bundesbank) have entered into a memorandum of understanding (MOU) related to the...more

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

by DLA Piper on

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

by Shearman & Sterling LLP on

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

by Katten Muchin Rosenman LLP on

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...

by Morrison & Foerster LLP on

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

by Littler on

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

by Shearman & Sterling LLP on

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?

by Reed Smith on

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

by Dechert LLP on

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

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