Foreign Exchanges

CFTC Provides Foreign Exchange Prime Brokers Relief

by Felix Shipkevich | Shipkevich PLLC on 5/7/2013

The Commodity Futures Trading Commission (CFTC) gave last-minute relief to Foreign Exchange prime brokers after listening to complaints that the market could be threatened by new business conduct rules....more

Court Finds Section 15(a) of the Exchange Act Only Applicable in Domestic Transactions

by Elizabeth D. Langdale, Michael Rosensaft | Katten Muchin Rosenman LLP on 4/17/2013

The US District Court for the Northern District of Illinois recently granted defendants’ motion to dismiss one count of a Securities and Exchange Commission complaint, finding that the registration requirement under Section...more

Federal Reserve Board Issues Final Retail Foreign Exchange Transactions Rule

by BuckleySandler LLP on 4/17/2013

On April 9, the Federal Reserve Board published a final rule that allows supervised entities to engage in off-exchange foreign currency transactions with retail customers. Covered transactions include foreign exchange...more

CFTC Permits Cantor Clearinghouse to Clear Certain Foreign Exchange Options

by Blake Brockway, Kenneth M. Rosenzweig | Katten Muchin Rosenman LLP on 2/19/2013

On February 11, the Commodity Futures Trading Commission issued an amended order that allows Cantor Clearinghouse, L.P. (Cantor), a registered derivatives clearing organization, to clear...more

Foreign Exchange Rules Related to Qualified Foreign Institutional Investors (QFIIs) Released as Expected in China

by Paul Wang, Le Yu | Dechert LLP on 1/24/2013

The QFII program, as a principal means for foreign investors to invest directly in China’s securities market, has undergone significant changes in the past year. Most recently, the State Administration of Foreign Exchange of...more

Iran Sanctions Update

by Jonathan M. Epstein | Holland & Knight LLP on 1/16/2013

The United States continues to impose additional layers of sanctions on Iran. The rate of change and complexity of U.S. sanctions laws present challenges, particularly where these sanctions have extraterritorial effect on the...more

China 20/20 Legal and Regulatory Developments - January 2013

by Seung Chong, Elizabeth Cole, Veronica Lockyer, Yan Zeng | Orrick, Herrington & Sutcliffe LLP on 1/10/2013

In This Issue: SAFE Issues Notice of State Administration of Foreign Exchange on Further Improving and Adjusting Foreign Exchange Policies Related to Direct Investment; SAFE Makes Revisions to Provisions on Foreign...more

CFTC Adopts Tape-Recording and Recordkeeping Rules

by P. Georgia Bullitt, F. Mindy Lo, Michael M. Philipp, Michael A. Piracci, Dana D.C. Westfall | Morgan Lewis on 1/4/2013

Final rules require tape recording by futures commission merchants, introducing brokers, retail foreign exchange dealers, and commodity trading advisors; affected CFTC registrants must implement systems to comply by December...more

No-Action Letter Regarding Definition of "Ready Market" with Regard to Foreign Equity Securities Pursuant to SEC Rule...

by Janet M. Angstadt, Tanja Samardzija | Katten Muchin Rosenman LLP on 12/28/2012

Currently, under Securities and Exchange Commission Rule 15c3-1 (the Net Capital Rule), broker-dealers may treat equity securities of a foreign issuer that are listed on the FTSE World Index as having a ready market. A ready...more

Asia Derivatives Update: Korean Banks Strong On Cap Levels; China & FX

by Elan Mendel | Shipkevich PLLC on 12/26/2012

The South Korean banking sector is already well ahead of international regulatory benchmarks for capital requirements, according to Lee Sangche, deputy chairman for international affairs at the Financial Services Commission,...more

Potter Anderson Serves as Counsel to ICE in $8.2 Billion Agreement to Acquire the New York Stock Exchange

by Michael K. Reilly, Michael B. Tumas | Potter Anderson & Corroon LLP on 12/21/2012

IntercontinentalExchange, Inc., an operator of global markets and clearing houses, and NYSE Euronext, a global equity, equity options and fixed income derivatives market operator, announced a definitive agreement for ICE to...more

SAFE Liberalizes Foreign Exchange Rules … Or Not? -- Two recent circulars from China's foreign exchange regulator represent a...

by Gabriel Bloch, Mac Fu, Paul D. McKenzie | Morrison & Foerster LLP on 12/21/2012

Is the State Administration of Foreign Exchange (“SAFE”) finally loosening its grip on foreign exchange transactions? Not exactly - the baseline principle of control and scrutiny over the flows of money into and out of China...more

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