WORD OF THE DAY® for Hedge Funds – Derivative
Cross-Border Regulation of Swaps Update from ISDA's Robert Pickel (Part 1)
A Look at Forensic Accounting and Financial Fraud
Regulation 2013: Dodd-Frank Position Limits, CFTC Reuthorization, Regulatory Harmonization
EMIR: Pension funds have been granted a further two-year exemption from central clearing requirements, but what difference does it make in practice? -
The European Market Infrastructure Regulation (EMIR) came into...more
Public companies incorporated in Delaware frequently adopt a charter provision, pursuant to 8 Del. C. § 102(b)(7), that insulates their directors from monetary damages for breaches of the fiduciary duty of care. Those...more
On May 20, 2015, the Securities and Exchange Commission (SEC) released several proposals, "Amendments to Form ADV and Investment Advisers Act Rules," that would require investment advisers to provide additional information on...more
FRB will extend high-quality liquid asset status to some state and municipal bonds.
The FRB has proposed a rule that would recognize certain general obligation state and municipal bonds meeting the same liquidity...more
Two entrepreneurs wanted to create a business that centered on valuing private start-up companies. They experimented with models that began with a variation of “fantasy sports,” changed to a contest and became a game. It...more
The SEC issued an Investor Alert which says fantasy stock trading for small amounts of money can violate provisions of securities laws implemented by the Dodd-Frank Act. I bet the Congressional drafters of these provisions...more
The U.S. Securities and Exchange Commission (SEC or Commission) unanimously approved a proposal (Proposal) to modernize the reporting of information provided by registered investment companies (funds). Guided by the recent...more
In This Issue:
- US Financial Stability Oversight Council Releases Guidance Regarding Calculations of Stage 1 Threshold
- US Federal Agencies Issue Final Standards for Assessing Diversity Policies and Practices of...more
The European Supervisory Authorities (ESAs) have launched a second consultation on draft Regulation Technical Standards (RTS) outlining the framework of the European Market Infrastructure Regulation (EMIR). The document is...more
NYDFS Finalizes BitLicense Regulations -
On June 3, 2015, the New York Department of Financial Services released its final BitLicense regulations, which it described as "the first comprehensive framework for regulating...more
At the annual Mansion House speech to the City on Wednesday, 10 June, Bank of England (BoE) Governor Mark Carney announced an end to “the age of irresponsibility”.
Shortly before the Mansion House speeches began, the...more
Lincoln General Insurance Company (“Lincoln”) appealed a district court judgment, despite it having won a $16.5 million dollar tortious interference verdict, to the Fifth Circuit Court of Appeals. Lincoln alleged that the...more
In This Issue:
- Meeting of the SEC Advisory Committee on Small and Emerging Companies
- FINRA Requests Comment on a Proposed Rule to Require Delivery of an Educational Communication to Customers of a Transferring...more
The question of forum selection by the SEC was a key issue this week. While to date suits challenging the SEC’s right to bring an action as an administrative proceeding rather than in federal court have had little success –...more
The Commodity Futures Trading Commission has requested public comment on a petition by ASX Clear (Futures) Pty Limited for exemption from registration as a derivatives clearing organization (DCO).
On May 20, the Securities Exchange Commission proposed changes to rules affecting the reporting and disclosure obligations of registered investment companies and advisers.
Investment Company Proposals: The SEC...more
Capital Markets Union -
European Commission published a speech by EU Commissioner Jonathan Hill on 17 April 2015, in which he highlighted the benefits of the proposed CMU.
Points of interest from the event...more
In Kruger Incorporated v. The Queen (2015 TCC 119), the Tax Court held that the taxpayer could not value its foreign exchange options contracts on a mark-to-market basis, with the result that certain losses were not...more
On May 20, 2015 the SEC proposed rules, forms and amendments to modernize the reporting and disclosure of information by registered investment companies and investment advisors. The proposals are seen as a first step in a...more
EMSA has recently published Guidelines on which commodity derivatives fall within the definition of "financial instrument" for the purposes of MiFID I. The Guidelines give clarity on the status of forwards, and guidance on...more
Trade reporting obligations take effect in Ontario, Quebec and Manitoba (Applicable Provinces) on June 30, 2015 and will require over-the-counter (OTC) derivatives transactions between “End-Users” to be reported if either or...more
On May 22, the European Securities and Markets Authority (ESMA) published an opinion to the EU institutions (including the Commission, Parliament and Council) calling for a modification of the Directive for Undertakings for...more
At an open meeting of the Securities and Exchange Commission today, Chair Mary Jo White announced to enhance SEC reporting by investment companies and investment advisers.
Data collection. The SEC proposed rules that...more
Six things every investor, start-up, financial institution and payment processor should know about the future regulation of Bitcoin and other cryptocurrency derivatives.
With the quickly developing market for...more
On May 27, 2015, the International Swaps and Derivatives Association (ISDA) published market practice guidance on the portfolio compressions obligations under EMIR. The portfolio compression rules are part of the risk...more
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