Financial Instruments

News & Analysis as of

Banks Speak: LIBOR Plaintiffs Are Not Efficient Enforcers Of Antitrust Laws

As our loyal readers know, on May 23, 2016, the Second Circuit issued a decision in the In re: LIBOR-Based Financial Instruments Antitrust Litigation vacating the District Court’s prior decision dismissing one case in this...more

UK Financial Regulatory Developments - July 2016 #5

Commission reports on FCD - The Commission has reported on the appropriateness of Article 3(1) of the Financial Collateral Arrangements Directive (FCD). The FCD established a framework for the creation and enforcement of...more

Blog: North Carolina Introduces #Bitlicence For Virtual Currency Exchanges & Wallet Providers

North Carolina has amended its Money Transmitters Act, to introduce a new #Bitlicence. The new legislation was introduced into the North Carolina General Assembly on 18 March 2015, at the request of the Office of the...more

Update of the Luxembourg transparency rules

Luxembourg finally implements the Transparency Amending Directive. In line with the Directive, the Transparency Act 2008, amongst others: - reinforces rules on the disclosure of major shareholdings, including a new...more

FERC Issues Order Assessing Civil Penalties Against ETRACOM

On Friday, June 17, 2016, the Federal Energy Regulatory Commission (the “Commission”) issued an Order Assessing Civil Penalties against ETRACOM LLC (“ETRACOM”) and ETRACOM’s founding member and majority owner, Michael...more

European Commission Adopts Delegated Regulation on RTS Relating to Maintenance of Relevant Data Relating to Orders in Financial...

On June 24, 2016, the European Commission adopted a Delegated Regulation and annex supplementing the Markets in Financial Instruments Regulation (Regulation 600/2014) (“MiFIR“) with regard to regulatory technical standards...more

UK Financial Regulatory Developments - June 2016 #13

Commission consults on FICOD evaluation - The Commission has launched a consultation on its performance evaluation of the Financial Conglomerates Directive (FICOD). Its purpose is to assess whether the current FICOD...more

UK Financial Regulatory Developments - June 2016 #8

ESMA updates EMIR Q&A - ESMA has updated its Q&A on EMIR. The new questions address: - the clearing obligation, specifically about the self-categorisation needed to establish which counterparties belong to which...more

UK Financial Regulatory Developments - June 2016 #7

Treasury updates sanctions - Treasury has updated the sanctions lists in respect of North Korea, to reflect new prohibitions on dealing with any person in the country. It has also updated the guidance from the Office of...more

Second Circuit Resurrects LIBOR Antitrust Case Against Bank Defendants, But Reprieve May Be Short-Lived

On May 23, 2016, the Second Circuit breathed new life into the class action case against 16 banks belonging to the British Bankers’ Association (the Banks), vacating the Southern District of New York’s dismissal of the case...more

ESMA Publishes Opinion on MiFIR II RTS on Ancillary Activities

ESMA has published an opinion proposing amendments to its draft technical standards (“RTS“) under the MiFID II Directive (2014/65/EU) and the Markets in Financial Instruments Regulation (Regulation 600/2014) (MiFIR) relating...more

ESMA Consults on Draft Implementing Measures under the Benchmark Regulation

ESMA published a consultation paper (ESMA/2016/723) on the technical implementation of the proposed Regulation on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of...more

EU Technical Standards on the Removal or Suspension of Financial Instruments from Trading

A Commission Delegated Regulation outlining the Regulatory Technical Standards on when financial instruments should be removed or suspended from trading was adopted by the European Commission. ...more

IRS Issues Proposed Regulations That Would Recast Certain Debt Instruments as Equity

On April 4, 2016, the IRS and U.S. Treasury Department, in connection with a package of anti-inversion regulations prompted by news of the recent spate of corporate inversions (particularly the $160 billion Pfizer-Allergan...more

2016-17 New York State Budget

On April 13, 2016, Governor Andrew M. Cuomo signed the 2016-17 New York State Budget into law. We summarize the highlights of the revenue provisions below. Personal Income/Estate Taxes Personal Income Tax rates are scheduled...more

Legislative Developments in Post-Grant Proceedings

Amidst a spate of high-profile IPR filings in the life sciences space by hedge fund financiers, the biotechnology industry has mobilized behind two chief legislative strategies designed to limit or eliminate its exposure to...more

EU Guidelines on Assessing Knowledge and Competence Under MIFID II

The European Securities and Markets Authority published translations of its guidelines on the assessment of the knowledge and competence of individuals providing investment advice or information about financial instruments,...more

Regulatory Technical Standards for the Submission and Content of Notifications to EU Regulators Published

The European Commission adopted a Delegated Regulation, in the form of Regulatory Technical Standards, detailing the content of the financial instrument reference data that must be supplied to regulators. The adopted RTS will...more

The Effect of Article 63 Amendments on Existing Article 63 Exemption Operators

Existing Article 63 Exemption Operators will be subject to new obligations and duties starting March 1, 2016. Beginning March 1, 2016, the amendments to the exemption concerning the Special Business Activities for...more

ESMA Guidelines for Assessment of Knowledge and Competence Under MiFID II

On December 18, the European Securities and Markets Authority (“ESMA”) published a final report on guidelines for the assessment of knowledge and competence under the MiFID II Directive (2014/65/EU) (“Directive”)....more

European Commission Adopts Delegated Regulation on Obligations of Depositaries Required by UCITS V

The European Commission has adopted a Delegated Regulation (C(2015) 9160) supplementing the UCITS IV Directive (2009/65/EC) on the obligations of depositaries. The Delegated Regulation sets out provisions relating to issues...more

IOSCO reports on creditworthiness assessments

IOSCO has published its report on sound practices at large intermediaries in assessing creditworthiness and the use of external credit ratings. It recommends 12 sound practices that regulators could consider as part of their...more

Council approves Benchmarks Regulation text

The Council has published a note to the Permanent Representatives Committee (COREPER) on the proposed Regulation on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of...more

Council explains tougher benchmarks regulation

The Council has confirmed its agreement with EP that the approved benchmarks Regulation needs to be strict in order to restore trust in the integrity of benchmarks. The Council laid out the three categories of benchmarks...more

ECJ rules on FX part of foreign currency loans

ECJ has ruled in the case of Banif Plus Bank Zrt. v. Marton Lantos and Martonne Lantos. ECJ held that foreign exchange (FX) transactions which are part of foreign currency denominated loans do not constitute an investment...more

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