Foreign Exchanges

News & Analysis as of

Limitations on foreign exchange in Kazakhstan

On 16 March 2015 the Management Board of the National Bank of the Republic of Kazakhstan by its Resolution ?32 resolved to amend the Rules on Currency Operations in the Republic of Kazakhstan (Rules). The Rules inter alia...more

Playtech Enters Foreign Exchange Market

Online gaming software company Playtech Ltd. has announced that it is purchasing TradeFX for close to $499 million, representing just over 91% of TradeFX’s worth. Playtech’s acquisition of TradeFX, which operates the site...more

SAFE Further Relaxes Control of FIE’s Foreign Exchange Registered Capital Settlement

The State Administration of Foreign Exchange (SAFE) issued the Notice of the State Administration of Foreign Exchange Regarding the Reform of the Administration of Foreign Exchange Registered Capital Settlement1 for...more

Federal and State Agencies Announce $714 Million FX Settlement

On March 19, four federal and state agencies –DOJ, the Department of Labor (DOL), the SEC, and New York Attorney General – entered into a proposed $714 million settlement agreement against a large bank to resolve allegations...more

TOO BIG TO FAIL 2: EMIR: "Too Big To Fail", Again?

This alert focuses on the European Market Infrastructure Regulation (or "EMIR" as it is better known) which was introduced as the equivalent of the Dodd-Frank Act of 2010, to address a wide range of issues, many of which were...more

Derivatives in Review - March 2015

NYDFS Releases Revised BitLicense Proposal - On February 4, 2015, the New York State Department of Financial Services ("NYDFS") released a revised version of its proposed virtual currency regulations (commonly referred...more

Overview of the Taxation of Foreign Currency

In this Newsletter: - Determination of the Functional Currency and Definition of a “QBU” - Section 988 — Non Functional Currency Transactions - Section 986 — Translation Rules for Earnings and Profits and...more

NBU tightens restrictions on certain operations on the foreign exchange market

At the beginning of last week the National Bank of Ukraine ("NBU") approved further restrictions regarding certain operations on the foreign exchange market. In particular, the amendments to banking legislation introduced...more

ESMA Publishes Additional Consultation Paper on MiFID II/MiFIR Implementation

On February 18, the European Securities and Markets Authority (ESMA) published a new consultation paper (CP) on the implementation of the transparency provisions of the revised EU Market in Financial Instruments Directive...more

Corporate and Financial Weekly Digest - Volume X, Issue 7

In this issue: - CFTC’s Energy and Environmental Markets Advisory Committee To Hold Meeting - CFTC Announces Members of Market Risk Advisory Committee - NFA Notifies SDs and MSPs of Annual Questionnaire...more

Financial Services Regulation: Exchange International Newsletter - Issue 25 - February 2015

DLA Piper’s Financial Services International Regulatory team welcomes you to the twenty-fifth edition of ‘Exchange – International’ – an international newsletter designed to keep you informed of regulatory developments in the...more

Guide To Going Global: Global Equity Restricted Stock And Restricted Stock Units 2015

Welcome to the updated edition of DLA Piper’s Guide to Going Global – Global Equity, Restricted Stock and RSUs. GUIDE TO GOING GLOBAL SERIES - Many companies today aim to scale their businesses globally and into...more

Guide To Going Global: Global Equity Employee Stock Purchase Rights 2015

Welcome to the updated edition of DLA Piper’s Guide to Going Global – Global Equity, Employment Stock Purchase Rights. GUIDE TO GOING GLOBAL SERIES - Many companies today aim to scale their businesses globally...more

ESMA Determines Not to Propose a Clearing Obligation for NDFs

On February 4, the European Securities and Markets Authority (ESMA) published a feedback statement declaring its current intentions not to propose a clearing obligation for non-deliverable forwards (NDFs) under the European...more

The Financial Report - Volume 4, No. 3 • February 2015 (Global)

Discussion and Analysis - One of the most famous routines of the late great comedian George Carlin commented on the differences between baseball and football. He said, “Baseball is a nineteenth-century pastoral game....more

NFA Increases Minimum Security Deposits for Forex Transactions

The Executive Committee of the National Futures Association (NFA) has temporarily increased the minimum security deposits required to be collected and maintained by forex dealer members (FDMs) for foreign exchange...more

Motion to Dismiss Denied in FX Rigging Case

A federal judge in New York on Wednesday allowed a consolidated class action by U.S.-based investors concerning the rigging of the foreign exchange (FX) market to move forward. In denying a motion to dismiss, U.S. District...more

NFA Increases Minimum Security Deposits for Forex Transactions

National Futures Association (NFA)’s Executive Committee has temporarily increased the minimum security deposits required to be collected and maintained by Forex Dealer Members (FDMs) for foreign exchange transactions...more

Bridging the Week - January 2015 #4

Swiss Franc-Euro Decoupling Spurs Worldwide Legal and Regulatory Fallout - Following the unexpected decoupling by the Swiss National Bank (SNB) of the Swiss franc-Euro exchange rate on January 15; the subsequent...more

Financial Services Regulatory Update: FX Investigations: Lessons Learnt From International Investigations

As the Australian Securities and Investments Commission (ASIC) and the Australian Competition and Consumer Commission (ACCC) continue their respective investigations of the conduct of financial institutions in relation to...more

Popular European Bitcoin Exchange Suffers Breach

BitStamp, one of the largest Bitcoin exchanges, suspended its services last week and asked customers not to make deposits following a security breach. On January 4, some of BitStamp’s “virtual wallets,” which permit customers...more

National Bank of Ukraine prolonged currency market restrictions

On 3 December 2014 the new Resolution* of the National Bank of Ukraine (the "NBU") comes into effect, which prolonged the recent restrictions aimed at Ukraine's foreign exchange market regulation. Thus, now the following...more

Forex Probe Results in Fines, but Investigation Not Over Yet

The American Commodity Futures Trading Commission (CFTC), British Financial Conduct Authority (FCA), and Swiss Financial Market Supervisory Authority (FINMA) announced fines of $3.4 billion against five global banks on...more

Stock Connect is Open for Business: Funds and Managers Will Soon Be Able to Trade Shanghai-Listed Equities

Regulators in Hong Kong and China recently announced the imminent launch of “Stock Connect” on next Monday, November 17, 2014. Stock Connect gives a wide array of fund managers, private investors, and other market...more

Launch Date Announced for the Shanghai-Hong Kong Stock Connect

The Shanghai-Hong Kong Stock Connect (Stock Connect Scheme) is a pilot programme for establishing mutual stock market access between Mainland China and Hong Kong. According to an announcement made jointly by the Hong Kong and...more

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