Market Participants

News & Analysis as of

Amendment to the Energy Law Act – application of the REMIT Regulation

I. Amendment to the Energy Law Act - On 26 September 2015 the President of Poland signed the amendment to the Energy Law Act of 10 April 1997. This act introduces measures necessary for the application of Regulation no....more

To Aid Enforcement Issues, FERC Proposes Significant Expansion of Data Required from RTO and ISO Market Participants

On September 17, 2015, the Federal Energy Regulatory Commission (FERC) proposed to significantly expand the types and amount of data that regional transmission organizations (RTOs) and independent system operators (ISOs)...more

CFTC Zeros in on Large Trader Reporting

On September 17, 2015, the Commodity Futures Trading Commission (CFTC) issued an order filing and simultaneously settling charges against Australia and New Zealand Banking Group Ltd. (ANZ), an Australia-based firm that’s...more

Cooperative System Legislation and Regulations Released: Fees, “Interface” and Transition Unresolved

On August 25, 2015, a revised consultation draft of the uniform provincial and territorial Capital Markets Act (CMA) and draft initial regulations under the CMA (Initial Regulations and, together with the CMA, the...more

Guidelines for Mexico's Wholesale Electricity Market

On September 8, 2015, Mexico’s Ministry of Energy (SENER) published the Electricity Market Guidelines (the “Guidelines”) in the Federal Official Gazette. The Guidelines define and specify rules and procedures for the...more

CFTC Announces Upcoming Agricultural Advisory Committee Meeting

The CFTC’s Agricultural Advisory Committee will hold a public meeting on September 22 to address speculative positions limits for agricultural commodities and other agricultural market issues. Interested members of the public...more

Financial Regulatory Developments Focus - September 2015

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

CFTC Registers ICE Futures Canada and Montreal Exchange as FBOTs

The Commodity Futures Trading Commission has issued orders granting foreign board of trade (FBOT) registration to ICE Futures Canada, Inc. and Montreal Exchange Inc. The orders of registration permit US market participants to...more

Cooperative Capital Markets System Publishes Revised Draft Legislation and Draft Regulations

On August 25, 2015, the participating jurisdictions of the proposed Cooperative Capital Markets System (the Cooperative System) published for comment a revised consultation draft of the uniform provincial/territorial Capital...more

ESMA Recommends Changes to EMIR

Under Article 85(1) of the European Market Infrastructure Regulation (648/2012/EU) (EMIR), the European Commission (EC) is required to submit a general report on EMIR to the European Parliament and the European Council on the...more

EU Securities Financing Transactions Regulation––Shining a Light on Shadow Banking

On June 29, the Council of the European Union announced that its Permanent Representatives Committee (Coreper) approved a final compromise text of the proposed regulation on reporting and transparency of securities financing...more

Possible Expansion of the List of Imported Medical Devices Falling under the "Third is Out" Restriction for State Procurement

Following lengthy discussion and despite the criticism of experts, RF Government Decree No. 102 "On Restricting the Admission of Certain Types of Medical Devices Originating in Foreign States for the Purposes of Procurement...more

Risk Retention Realized – Potential Solutions for CLO Market Participants

In anticipation of the effective date of the Final Rule on December 24, 2016 (early Christmas gift?), CLO market participants have been constructing solutions that allow collateral managers to raise the capital necessary to...more

BATS Proposes Rule to Expedite Action Against Manipulative Behavior

On July 30, BATS Exchange, Inc. filed a rule proposal with the Securities and Exchange Commission to expressly prohibit certain manipulative trading activity and to permit BATS to take prompt action against market...more

AIFMD Marketing Passport: ESMA Provides European Commission With Advice on Its Possible Extension to Non-EU Jurisdictions

On July 30, after a one-week delay, the European Securities and Markets Authority (ESMA) published its long-awaited Opinion to the European Parliament, Council and Commission and responses to the call for evidence on the...more

Third-country AIFMs: ESMA says slow down

The Alternative Investment Fund Managers Directive (AIFMD) required ESMA to review, by July 2015, how the arrangements under AIFMD for marketing AIFs have worked, with an assessment of the National Private Placement Regimes...more

Client Alert on Azerbaijani Securities Regulations - Client Alert on Latest Developments in Azerbaijani Securities Regulation...

Securities Markets Law - New categories of professional participants in securities markets - Professional participants in securities markets are defined to include investment companies, stock exchanges, clearing...more

Brokers Beware: Will the SEC Extend New Cyber Guidance to Brokers and Investment Advisers?

Against the backdrop of a steady stream of cyber-attacks and data breaches, Securities and Exchange Commissioner Luis A. Aguilar recently spoke about his hope to expand upcoming SEC cyber security guidance, known as...more

FINRA Proposes New TRACE Data Set

The Financial Industry Regulatory Authority (FINRA) announced last week that it is seeking comment on a proposal to create a new academic Trade Reporting and Compliance Engine (TRACE) data set. While academic researchers...more

ISDA Publishes EMIR Classification Letter

On July 13, the International Swaps and Derivatives Association, Inc. (ISDA) published the ISDA EMIR Classification Letter (the Classification Letter), a form of letter that may be used by market participants managing their...more

Contractual Recognition of Bail-In - EBA publishes Final Draft RTS but practical difficulties remain

Following our article on the European Banking Authority's (EBA) consultation paper on the contractual recognition of bail-in, and industry responses to it, EBA has published the Final Draft Regulatory Technical Standards...more

SEC Approves NMS Plan to Implement Tick Size Pilot for Small Cap Stocks

In June 2014, the Securities and Exchange Commission (“SEC” or “Commission”) issued an order directing the national securities exchanges and the Financial Industry Regulatory Authority (collectively, the “Participants”) to...more

REMIT: The Road to Enforcement

Following a number of recent developments, described below, the rules and regulations enacted under the European Union (EU) Regulation on Wholesale Energy Markets Integrity and Transparency (REMIT) are now close to being...more

Ontario Creates Significant New Record-Keeping Obligations for Capital Markets Participants

The Ontario government has amended Ontario’s Securities Act (Act) to expand the scope of prohibited insider trading and enhance the record-keeping requirements imposed upon capital market participants in the province. This...more

Ontario Expands Scope of Prohibited Insider Trading

The Ontario government has amended Ontario’s Securities Act (Act) to expand the scope of prohibited insider trading and enhance the record-keeping requirements imposed upon capital market participants in the province. This...more

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