Regulation 2013: Dodd-Frank Position Limits, CFTC Reuthorization, Regulatory Harmonization
On September 29, the U.S. Commodity Futures Trading Commission announced that it would issue an award of approximately $290,000 to whistleblowers for providing valuable information about violations of the Commodity Exchange...more
The Commodity Futures Trading Commission (CFTC) recently took a series of actions confirming views expressed late last year by CFTC Chairman Timothy Massad that "[d]erivatives contracts based on a virtual currency represent...more
On September 21, 2015, the United States further amended existing regulations to implement the changes announced by President Obama on December 17, 2014 liberalizing US sanctions and export controls targeting Cuba. As a...more
On September 22, 2015, the Commodity Futures Trading Commission (CFTC or Commission) unanimously approved the publication of a “supplemental” proposed rule on position limits. The supplemental proposal would modify the...more
Will sustained stress unmake the mining & metals markets?
A year ago, the first wave of distress in the mining & metals sector provided the industry’s major and mid-size players with something to think and talk about. It...more
In the space of just seven days, the CFTC has brought two enforcement actions regarding Bitcoin transactions.
In the first action, the CFTC issued an order filing and simultaneously settling charges...more
Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of...more
The French Macron law and the framework of commercial relations -
Promulgated on August 6, 2015, the law to promote growth, activity and equal economic opportunity, known as the “Macron law”, provides for a series of...more
BoE has announced an open forum for 11 November for those involved in the Fixed Income, Currency and Commodities (FICC) markets. The forum’s goal is to discuss the prospects for market functioning, where regulations might...more
It is inevitable that some commodity trades end in dispute, particularly in current markets where prices are generally low and have been falling. This may happen in any jurisdiction, although this article focuses on China and...more
CFTC Says Virtual Currencies Are a “Commodity” Under Federal Law, Files Charges Against Coinflip for Operating an Unregistered Bitcoin Options Trading Platform -
The Commodity Futures Trading Commission filed and...more
In the absence of specific CFTC regulations regarding Bitcoin, the order helps clarify the CFTC’s positions on cryptocurrency derivatives.
On September 17, 2015, the US Commodity Futures Trading Commission (CFTC) issued...more
On September 3, the Financial Conduct Authority (FCA) published issue 49 of Market Watch, its newsletter on market conduct and transaction reporting issues. In it, the FCA sets out its findings following a thematic review it...more
FCA has published a thematic review of commodities trading (CT) in September’s Market Watch. The review has taken place following recent changes in the structure of the CT markets. It focuses on firms trading and broking...more
Alleged Flash Crasher's Formal Indictment Provides More Details Regarding His Purported Spoofing -
The US Department of Justice filed a formal indictment against Navinder Singh Sarao in a US federal court in Chicago on...more
US District Court Orders SEC To Revise Resource Extraction Issuer Rule -
On September 2, the US District Court for the District of Massachusetts ordered the SEC to file with the District Court in 30...more
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
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
The CFTC’s Agricultural Advisory Committee will hold a public meeting on September 22 to address speculative positions limits for agricultural commodities and other agricultural market issues. Interested members of the public...more
In 2008, SemCrude, L.P. and related entities (collectively, SemCrude or the Debtors) filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code. In connection with the SemCrude bankruptcy, a dispute...more
The CFTC recently approved a futures contract on a dividend index as a non-security based index futures contract over the SEC’s objection that the dividend index contract could be a security future; the CFTC’s actions may...more
Welcome to the 2015 Mid-Year Report from the BakerHostetler Securities Litigation and Regulatory Enforcement Practice Team. The purpose is to provide a periodic survey, apart from our team Executive Alerts, on matters we...more
US lawmakers seek push out details.
US Senators Elizabeth Warren and Elijah Cummings sent a letter to the country’s banking regulators asking for information concerning the effect of an amendment to the Dodd-Frank act...more
The SEC entered into partial settlements with three persons charged with acting as brokers without registering. The charges were tied to an offering fraud which centered on selling interests in a firm that claimed to be...more
What are the characteristics of the energy companies that are seeking bankruptcy protection at this point in the current cycle?
A: With respect to “upstream” sector companies that have sought bankruptcy protection over...more
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