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This Week In Securities Litigation

The Commission prevailed in three litigated decisions. The agency secured a favorable jury verdict in an action centered on an offering fraud. In two other cases — one based on misrepresentations regarding the only company...more

Judge Rules in Favor of CFTC on Cross-Border Application of Dodd-Frank Rules

On September 16, Judge Paul L. Friedman of the US District Court for the District of Columbia denied a challenge to the extraterritorial application of certain Commodity Futures Trading Commission rules promulgated under...more

The Financial Report, Volume 3, Number 18 (Global)

Discussion and Analysis - Last Tuesday, the United States District Court for the District of Columbia mostly upheld the Commodity Futures Trading Commission’s authority to regulate cross-border derivatives trading. The...more

SEC Sued to Implement Resource Extraction Rules

On July 2, 2013, the United States District Court for the District of Columbia vacated the SEC’s resource extraction rules which were mandated by the Dodd-Frank Act. Since that time, industry players have asked the SEC to...more

Between Bridges: Federal Court Tosses Out Challenges to CFTC Cross-Border Guidance and Policy Statement

A United States federal court on September 16, 2014, mostly tossed out all legal challenges brought by three industry groups to the cross-border guidance and policy statement initially issued by the Commodity Futures Trading...more

Federal Appeals Court Says Dodd-Frank Does Not Protect Overseas Whistleblowers

The U.S. Court of Appeals for the Second Circuit has ruled that the Dodd-Frank Act does not protect whistleblowers outside the United States. In Liu Meng Lin v. Siemens AG, Case No. 13-4385-cv (2nd Cir. August 14,...more

SEC Adopts Certain Final Rules Relating to Cross-Border Security-Based Swap Activities

The U.S. Securities and Exchange Commission (SEC) adopted its final rules on the definition of the term “U.S. person” solely for purposes of certain aspects of cross-border security-based swap activities (Final Rules) on July...more

SEC Finalizes Partial Framework for the Cross-Border Application of its Derivatives Regulations

The SEC Final Rule is the SEC’s first major step toward implementing its final regulatory regime under Title VII of the Dodd-Frank Act. On June 25, 2014, the Securities and Exchange Commission (SEC) approved a final...more

U.S. Brokers Doing Business Overseas

Recently, regulators have made inquiries about the lawfulness of U.S. brokerage firms soliciting foreign clients. The regulators want to know under what exemptions or rules U.S. firms can do business overseas. This is a new...more

Updated: CFTC FORM 40/40S Reporting Requirements

Note: This version includes an additional section on cross-border considerations. Significant amendments to the CFTC’s large trader reporting program will apply as of August 15, 2014. The U.S. Commodity...more

SEC Adopts First Installment of Rules for Cross-Border Security-Based Swap Activity

On June 25, 2014, the Securities and Exchange Commission (SEC) re-started its rulemaking for security-based swaps (SBS) under Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act")...more

The CFTC’S Cross-Border Application of the Dodd-Frank Act

After years of anticipation, the U.S. Commodity Futures Trading Commission in July 2013 issued more than 300 pages of “guidance” ostensibly to assist market participants in understanding the breadth of the extraterritorial...more

SEC Adopts Rules on Cross-Border Security-Based Swap Activities

On June 25, 2014, the Securities and Exchange Commission (“SEC” or “Commission”) unanimously adopted final rules regarding the application of “Security-Based Swap Dealer” and “Major Security-based Swap Participant”...more

SEC Finalizes Cross-Border Rule for Security-Based Swaps

On June 25, 2014, the United States Securities and Exchange Commission (“SEC”) adopted the first in a series of final rules and interpretive guidance related to U.S. regulation of cross-border security-based swap activities....more

"SEC Begins to Finalize Cross-Border Security-Based Swaps Rules"

On June 25, 2014, the Securities and Exchange Commission (SEC) adopted the first of a series of rules and guidance that will establish how security-based (SB) swap requirements under the Dodd-Frank Wall Street Reform and...more

SEC to Hold Open Meeting on Cross-Border Security-Based Swap Definitions

On June 18, the Securities and Exchange Commission announced that it will hold an open meeting on June 25 to consider whether to adopt rules that would apply the definitions of “security-based swap dealer” and “major...more

"US Swap Regulation: Cross-Border Debate Among Issues to Watch in 2014"

Since the enactment of Dodd-Frank in 2010, the CFTC and the SEC have proceeded at different speeds to address previously unregulated markets for swaps and security-based swaps, respectively. The CFTC moved quickly to develop...more

Update: An End-User’s Guide to the CFTC’s Final Cross-Border Guidance

There were a number of new developments with respect to the cross-border application of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) requirements for swaps in the latter part of 2013. This...more

Trade Associations File Lawsuit Over CFTC’s Cross-Border Guidance

The Securities Industry and Financial Markets Association, the International Swaps and Derivatives Association, Inc. and the Institute of International Bankers (collectively, Trade Associations) filed a complaint challenging...more

CFTC Staff Issues Advisory on Transaction-Level Requirements in Certain Cross-Border Situations

On November 14, CFTC issued advisory on the applicability of Dodd-Frank transaction-level requirements to swaps between non-U.S. swap dealers (SDs) (whether or not an affiliate of a U.S. person) and non-U.S. persons if the...more

CFTC Guidance on Cross-Border Application of United States Swap Regulations

Introduction - On July 12, 2013, the Commodity Futures Trading Commission (the “CFTC”) adopted interpretive guidance (the “Guidance”) that details the CFTC’s interpretation of the application of the Commodity Exchange...more

CFTC Issues Final Guidance on Cross-Border Application of Swap Regulations

On July 12, 2013, the Commodity Futures Trading Commission ("CTFC") approved final guidance addressing the extent to which the swap provisions of the Commodity Exchange Act ("CEA") added by Title VII of the Dodd-Frank Wall...more

An End-User's Guide to the CFTC's Final Cross-Border Guidance

Last month, the U.S. Commodity Futures Trading Commission (CFTC) issued final interpretive guidance with respect to the cross-border application of the Dodd-Frank Wall Street Reform and Consumer Protection Act’s (Dodd-Frank...more

CFTC Cross-Border Guidance Frequently Asked Questions

Section 722(d) of the Dodd-Frank Act amended the Commodity Exchange Act (“CEA”) by adding section 2(i), which provides that the provisions of the CEA relating to swaps shall not apply to activities outside the United States...more

CFTC Issues Final Guidance and Accompanying Exemptive Order on Cross-Border Application of Certain Swap Regulations

At a public meeting on July 12, 2013, the Commodity Futures Trading Commission (CFTC or Commission) adopted final guidance on how Dodd-Frank Act requirements will apply to cross-border swap activities (Guidance). In...more

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