Financial Markets

News & Analysis as of

State Regulation of Virtual Currency: A Recap

This may be the year of the virtual currency. Virtual currencies have garnered much media, investor, and government attention. But, as venture capital funding continues to pour into the industry—more than $1 billion is...more

New UAE Commercial Companies Law - Debt Capital Markets

On 31 March 2015, the new Federal Law (No. 2 of 2015) concerning Commercial Companies (the NCCL) was issued and published in Federal Gazette No. 577 in the United Arab Emirates (the UAE) (the Official Gazette). The NCCL comes...more

US Regulators’ Anxieties Could Limit European Financing Options

PE houses in Europe have benefitted in recent years from the availability of “Yankee” financings — access to the US leveraged loan markets to support buyout and refinancing activity in Europe, at low interest rates, with...more

"Mutual Fund Recognition Scheme Further Opens China’s Financial Markets"

The liberalization of China’s financial markets continues at a rapid pace. For April and May 2015, the combined average daily value of trade on China's stock exchanges1 was around US$150 billion, compared to around US$40...more

Valid at Inception Rule Shot Down by the Second Circuit

Marketplace lenders and investors that purchase interests in loans originated by banks should pay close attention as it could spawn a host of class action lawsuits if left standing. In a controversial opinion decided on...more

Unregistered Broker Activity in EB-5 Capital Fund Raising SEC Imposes Cease-And-Desist Order

In an important development affecting the EB-5 financial community the SEC has imposed a cease-and-desist order with respect to fund raising activities conducted by two unregistered brokers and related persons in connection...more

SEC Enforcement Defendants Descend on Georgia for Judicial Relief from the SEC’s Allegedly Unconstitutional In-House Tribunal

It is often hot in Georgia this time of year. In one particular Georgia federal court, the U.S. Securities and Exchange Commission (SEC) has been feeling some of that heat on an issue of significant interest to subjects of...more

For Life Insurers and Agents – A Summary of Predicted Litigation Under the DOL’s Proposed Fiduciary Rule

The Department of Labor’s recent Proposed Rule (the “Proposal”), which defines the term “fiduciary” as it applies to persons who provide “investment advice” to ERISA plans and IRAs, will impact the likelihood and severity of...more

What happens if Greece defaults to the IMF?

The prospect of Greece's potential default to the International Monetary Fund and European Union lenders and de facto exit from the EU single currency looms larger day by day. The next week—until the June 30 repayment due...more

SEC Puts Janus in its Place

Interpretive positions adopted in a recent SEC opinion will, if accepted by the courts, greatly undermine the significance of the U.S. Supreme Court’s 2011 opinion in Janus Capital Group, Inc. v. First...more

Broker-Dealers File Suspiciously Few Suspicious Activity Reports

Speaking at an anti-money laundering (AML) conference in February, SEC Director of Enforcement John Ceresney warned attendees that broker-dealers were under-filing suspicious activity reports (SARs). He said that...more

SEC Requests Public Feedback On Exchange-Traded Products

On June 12, the SEC issued a press release announcing that it is seeking public comment on how it should regulate exchange-traded products (ETPs), on how broker-dealers sell the securities, especially to retail investors, and...more

Still Threatened: Arbitration Clauses in Securities Customer Agreements

In a report to Congress released in March, the Consumer Financial Protection Bureau (CFPB) takes aim at consumer agreements that require disputes to be resolved by arbitration. The CFPB generally does not have...more

Can “Bad Actors” Wave Goodbye to SEC Waivers?

The SEC has been thinking harder before waiving automatic disqualifications that the federal securities laws and regulations impose on so-called "bad actors." Without such waivers, companies may be barred from, among...more

SEC Staff Ready to Recommend Variable Annuity Summary Prospectus

William Kotapish, an Assistant Director in the SEC’s Division of Investment Management, recently stated that the SEC staff is prepared to recommend that the Commission adopt rules and forms authorizing a variable annuity...more

Regulators Compose New Music for Broker-Dealers and Investment Advisers

Federal regulators finally seem to be sharpening their pencils to achieve greater harmony between broker-dealer (BD) regulation and investment adviser (IA) regulation. In March, for example, SEC Chair Mary Jo White...more

Gallagher: SEC Should Not Alienate Chief Compliance Officers

Outgoing SEC Commissioner Daniel M. Gallagher explained his dissenting votes in two SEC enforcement actions against Chief Compliance Officers. Mr. Gallagher explained that in both instances, the Commission’s order states...more

English Rolls Building: The Forum Of Choice For Global Businesses?

The English civil justice system operates in an ever more globalised and competitive market, with international businesses seeking not only robust enforceable decisions, but also efficiently delivered ones. These proposals...more

MSRB Provides Guidance on Developing Supervision and Compliance Programs for Municipal Advisors

Rule G-44 of the Municipal Securities Rulemaking Board, or MSRB, became effective on April 23, 2015. That Rule establishes the supervisory and compliance obligations of municipal advisors. The MSRB has provided an...more

Meeting of the SEC Advisory Committee on Small and Emerging Companies

The Securities and Exchange Commission’s Advisory Committee on Small and Emerging Companies (Committee) met on June 3 to discuss various topics including (1) SEC rules with respect to intrastate crowdfunding; (2) the...more

California’s Bizarre Voting Records Disclosure Requirement

Some statutes are so poorly drafted that one hardly knows where to begin. One such statute is Section 711 of the California Corporations Code. According to the legislature, the purpose of the statute is “to serve the public...more

Financial Regulatory Developments Focus - June 2015 #3

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

Financial Markets Disputes and Regulatory Update - Summer 2015 Issue 1

In This Issue: - What is worth remembering from the first half of 2015? - Judgments - so far this year… ..Jurisdiction for claims in relation to bearer bonds ..Exercise of contractual rights by...more

SEC to Appeal Preliminary Injunction Blocking Administrative Proceeding

The United States District Court for the Northern District of Georgia, Atlanta Division, entered a preliminary injunction preventing the SEC from conducting an administrative proceeding in an insider trading matter. The...more

Bridging the Week - June 2015 #3

UK Fair and Effective Markets Review Calls for Upping the Standards in UK and Global Fixed Income, Currency and Commodity Markets: The Fair and Effective Markets Review issued 21 recommendations to “restore trust” in...more

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