Financial Markets

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Your daily dose of financial news - The Brief – 8.24.16

Apollo Global has settled its ongoing dispute with federal regulators, with the private equity firm agreeing to cough up $53 million to the SEC over an “array of [alleged] securities law violations”....more

ISDA Launches 2016 Variation Margin Protocol to Facilitate Compliance With Margin Rules

On August 16, 2016, the International Swaps and Derivatives Association, Inc. (ISDA) published the ISDA 2016 Variation Margin Protocol (VM Protocol). The VM Protocol will help market participants implement the new variation...more

Your daily dose of financial news - The Brief – 8.23.16

The 2d Circuit has refused the DOJ’s motion for reconsideration of the panel’s May decision overturning a jury verdict and accompanying $1.27 billion fine against Bank of America over its “Hustle” mortgage generation program....more

Bank of England Proposes to Extend its Enforcement Remit

The Bank of England published a consultation paper on a proposed unified Enforcement Decision Making Committee. The EDMC would take decisions on the matters regarding: (i) firms and individuals regulated by Prudential...more

CFTC Staff Issues Final Swap Dealer De Minimis Exception Report

On August 15, 2016, Staff of the U.S. Commodity Futures Trading Commission (“CFTC”) published a final report regarding the de minimis exception from swap dealer registration (“Staff De Minimis Report”).  The Staff De Minimis...more

Your daily dose of financial news - The Brief – 8.17.16

Billionaire hedge-fund manager Steven Cohen (he, formerly of SAC Capital Advisors) has agreed to be barred from commodities trading until 2018 under the terms of a settlement announced by the CFTC yesterday....more

European Commission Implementing Regulation Establishing a List of Critical Benchmarks Used in Financial Markets under Benchmarks...

On August 12, 2016, the European Commission Implementing Regulation (EU) 2016/1368 establishing a list of critical benchmarks used in financial markets pursuant to the Regulation on indices used as benchmarks in financial...more

Your daily dose of financial news - The Brief – 8.16.16

ValueAct Capital Mgmt, an activist investor, has taken a $1.1 billion stake in Morgan Stanley with 38 million shares that represent about 2% of shares outstanding. Unlike normal activists (at least for now), ValueAct took the...more

Orrick's Financial Industry Week in Review

Agencies Issue Proposal on Method to Adjust Threshold for Exempting Small Loans from Special Appraisal Requirements - On July 22, 2016, the Consumer Financial Protection Bureau, the Federal Reserve Board and the Office...more

Your daily dose of financial news - The Brief – 8.15.16

More details have emerged from the February cyberheist that resulted in the theft of more than $81 million from Bangladesh’s account at the NY Fed, including a pretty significant lack of critical concern from the bank itself....more

Structured Thoughts: News for the financial services community, Volume 7, Issue 8

Brexit and Structured Products: A Framework for Considering Disclosures - The U.K.’s recent referendum to withdraw from the European Union has affected virtually all segments of the financial industry. The structured...more

Association for Financial Markets in Europe Publishes Model Clauses for the Contractual Recognition of Bail-In under Article 55 of...

On August 1, 2016, the Association for Financial Markets in Europe (AFME) published model clauses for the contractual recognition of bail-in for the purpose of satisfying the requirements of Article 55 of the EU Bank Recovery...more

Bitcoin Exchange Bitfinex Hacked

Bitcoin Exchange Bitfinex, based in Hong Kong, was hacked last week, incurring a whopping loss of $65 million. It was shut down last week after 119,756 bitcoins were stolen from users’ accounts....more

Russian Legislation Update: 9 May - 17 July 2016

Welcome to the most recent issue of our Russian Legislation Update, covering the period of 9 May - 17 July 2016. In this issue: - Civil relations - Currency Control - Anti-Money Laundering - Banking -...more

Recent Fed Action Presents Compliance Questions

The Federal Reserve announced on August 3, 2016, that it would fine Goldman Sachs $36.3 million in connection with a leak of confidential information from its New York branch. The leak was discovered and reported by Goldman...more

Your daily dose of financial news - The Brief – 8.4.16

As foreshadowed a few weeks ago, the Bank of England has cut its main interest rate to an historically low .25 percent in an effort to address the impact of June’s Brexit vote. The BOE will start bond buying in September....more

Agencies Adopt Final Rule on Swap Margin Requirements

The Office of the Comptroller of the Currency, Treasury (“OCC”), Board of Governors of the Federal Reserve System (“Board”), Federal Deposit Insurance Corporation (“FDIC”), Farm Credit Administration (“FCS”), and the Federal...more

Orrick's Financial Industry Week In Review

Agencies Issue Proposal on Method to Adjust Threshold for Exempting Small Loans from Special Appraisal Requirements - On July 22, 2016, the Consumer Financial Protection Bureau, the Federal Reserve Board and the Office...more

Derivatives in Review - July 2016

An Overview of Proposed Regulation AT - Orrick attorneys authored an overview of Regulation Automated Trading (known as "Regulation AT") proposed by the Commodity Futures Trading Commission ("CFTC") in the May/June 2016...more

Your daily dose of financial news - The Brief – 8.1.16

And just like that, Uber’s ride-hailing war in China is over (for now, at least). Uber has agreed to sell Uber China to rival Didi Chuxing [though maintaining a 20% stake in the new company], creating a new company worth an...more

6th Circuit Joins Majority, Accepting "Materialization of the Risk"

Last month, the 6th Circuit joined the majority view recognizing the “materialization of the risk” theory of loss-causation as an alternative to “corrective-disclosure” in securities litigation under Rule 10b-5....more

CFTC Considers Blockchain Technology

The disruptive effects of blockchain technology on the financial system may take several years to materialize. Nevertheless, in preparation, regulators are increasingly focused on understanding potential uses of blockchain...more

SEC Amends Rules on Security-Based Swap Reporting

On July 13, 2016, the Securities Exchange Commission (“SEC”) approved certain amendments and guidance to the rules governing the reporting and public dissemination of security-based swaps (“SBS”), known as “Regulation SBSR,”...more

Are You an Insider? Data Privacy Challenges Posed by New Insider List Requirements

The EU’s Market Abuse Regulation (“MAR”) came into effect on July 3, 2016 replacing the EU’s Market Abuse Directive. Unlike the Directive, the MAR has direct effect in each EU member state, including the UK....more

The SEC Audit Trail – Several Industry Groups See Problems as Currently Proposed

Last week, several securities industry groups filed critical responses to the SEC’s plan for an audit trail. While most groups that commented on the SEC’s proposed regulation supported implementing the proposal, several had...more

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