A Tale of Two Issues: Zach Ziliak Breaks Down the HFT Debate
Keith Ross on HFT, Reg NMS and Dark Pools
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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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