Market Participants

News & Analysis as of

CFTC Amends Regulation 1.35

U.S. Commodity Futures Trading Commission (CFTC) Regulation 1.35 requires futures commission merchants (FCMs), retail foreign exchange dealers (RFEDs), introducing brokers (IBs) and members of a swap execution facility (SEF)...more

No Federal Antitrust Immunity for Actions by State Regulatory Boards Controlled by Market Participants without Active State...

The United States has a strong tradition of professional self-regulation, particularly in the learned professions. States frequently delegate regulatory authority to state boards largely comprised of professionals actively...more

CMBS 2016: Tailwinds and wishes

Earlier this month I set out my CMBS predictions for 2016 in the Investment Adviser (Broadening the scope of CMBS loan issuance), where I predicted that macro-economic conditions would continue to challenge the...more

MiFID II Legislation Set For Further 1 Year Delay

The European Parliament has agreed not to block requests from policy makers and regulators to postpone implementation of the Markets in Financial Instruments Directive. This delay pushes back the intended date of the new...more

FERC Terminates Proceeding That Would Increase Reporting of Natural Gas Sales

On November 17, 2015, the Federal Energy Regulatory Commission (FERC) issued an order terminating its inquiry on potentially requiring jurisdictional sellers to submit quarterly reports on natural gas transactions....more

SEC Delays Tick Size Pilot Program by Five Months

On November 6, 2015, the Securities and Exchange Commission (SEC) issued an Order delaying implementation of its Tick Size Pilot Program. The pilot program will now begin on October 3, 2016. The pilot program is being delayed...more

Allocating Section 871(m) Withholding Tax Risk: ISDA Publishes New Protocol Addressing Withholding Under Section 871(m)

On November 2, the International Swaps and Derivatives Association, Inc. (ISDA) published the ISDA 2015 Section 871(m) Protocol (the Protocol) that provides an efficient method to amend existing ISDA Master Agreements to...more

FERC Schedules Technical Conference on Proposed “Connected Entity” Regulations

On November 10, 2015, the Federal Energy Regulatory Commission (FERC or the Commission) scheduled a technical conference regarding its Notice of Proposed Rulemaking (NOPR) on the collection of “Connected Entity” data from...more

OLG München entscheidet im Richtungsstreit über die Vertretung der InvKG: Die Gesellschaft wird durch ihre Organe gesetzlich...

Das Oberlandesgericht München hat in einem Urteil vom 1. Oktober 2015 (23 U 1570/15, das Urteil finden Sie unter diesem Link) entschieden, dass die extern verwaltete geschlossene Investment-Kommanditgesellschaft gesetzlich...more

EBA Announces Details of 2016 EU-Wide Stress Test

The European Banking Authority (EBA) published on November 5, 2015 its EU-wide stress test and draft methodology for discussion. The stress-test exercise to be carried out in 2016 will assess a sample of banks covering...more

CME Group Issues Notice Regarding Position Limits and Accountability Levels

On November 4, CME Group issued Market Regulation Advisory Notice RA1518-5 (Notice) to provide regulatory guidance to market participants concerning CME Group Exchanges’ rules on position limits and exemptions, and position...more

SEC Grants Exemptive Relief With Respect to the Large Trader Rule

The Securities and Exchange Commission recently granted exemptive relief with respect to the large trader rule (SEC Rule 13h-1) (hereinafter referred to as the Rule) that (1) delays the implementation of certain requirements...more

LegalZoom and the North Carolina Bar Settle Antitrust Dispute

In the latest development from a number of antitrust lawsuits filed against state regulatory boards, LegalZoom.com Inc. signed a consent agreement with the North Carolina State Bar (State Bar) to settle a $10.5 million...more

Access Fees and Regulatory Structure of Trading Venues

On October 27, 2015, the Equity Market Structure Advisory Committee (EMSAC or Committee) held its second meeting at the Securities and Exchange Commission (Commission or SEC) in Washington DC. The Committee is considering...more

The renaissance of European multi-loan CMBS

The European CMBS 2.0 market was launched in June 2011 and in the years that have since followed, twenty four public rated deals have so far hit the market. Given that only seven of these deals have featured multiple loans...more

Recent Credit Agreement Restricts Ability of CLOs to Pledge Loans and Ability of Lenders to Sell Participations on the LSTA Form

A broadly-syndicated U.S.-law credit agreement which closed recently includes language limiting the ability of lenders to grant pledges or sell participation interests in their loans. The language appears to be intended to...more

FTC Provides Guidance on State Regulatory Board Antitrust Liability Following Supreme Court Decision

Earlier this year, we covered the Supreme Court’s decision in North Carolina State Board of Dental Examiners v. FTC, which held that a state regulatory board composed of “active market participants” was not immune to federal...more

SEC Chair Calls for Reexamination of Treasury Market Regulations in Light of High Speed Electronic Trading

On October 20, 2015, SEC Chair Mary Jo White gave the keynote address at the “Evolving Structure of the U.S. Treasury Market” conference organized by the U.S. Department of Treasury and the Federal Reserve Bank of New York....more

CFTC Brings Enforcement Action for Swap Reporting Violations

The Commodity Futures Trading Commission (CFTC) recently brought its first enforcement action arising from the Dodd-Frank requirement that swap transactions be reported to a registered swap data repository (SDR). The CFTC has...more

How the Revised Draft Capital Markets Act Affects Registrants, Other Market Participants

The comment period on the recently published 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...more

FTC Answers the Call for Guidance Regarding Antitrust Compliance for State Regulatory Boards Controlled by Market Participants

In North Carolina State Board of Dental Examiners v. FTC, 135 S. Ct. 1101 (2015), the Supreme Court held that the North Carolina Board of Dental Examiners (“Board”), a state agency, was not exempt from federal antitrust laws...more

FERC Clarification Could Lead to Greater Use of Asset Management Agreements by Gas Producers

On October 15, 2015, the Federal Energy Regulatory Commission (FERC or the “Commission”) issued an order clarifying the extent to which natural gas asset management agreements (AMAs) provide an exemption from the Commission’s...more

FTC Provides Guidance Regarding Antitrust Compliance for State Regulatory Boards

In North Carolina State Board of Dental Examiners v. FTC, 135 S. Ct. 1101 (2015), the Supreme Court held that the North Carolina Board of Dental Examiners (“Board”), a state agency, was not exempt from federal antitrust laws...more

Risk Retention: Flash – These Rules Don’t Work!

As we begin to close in on the initial implementation of the Risk Retention Rule, we are looking beyond the headlines and trying to figure out how the Rule will actually work.  The result is troubling....more

New CFTC Cybersecurity Standards Are Coming Soon

On September 29, 2015, Commodity Futures Trading Commission (CFTC) Chairman Timothy Massad delivered a “State of the Derivatives Marketplace” speech before the 3rd Annual OTC Derivative Summit North America. The speech...more

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