Market Participants

News & Analysis as of

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

CFPB Finalizes Rule to Supervise Nonbank Auto Finance Companies, Releases Auto Finance Examination Procedures for Banks, Nonbanks

The Consumer Financial Protection Bureau has issued a final rule allowing it to supervise nonbank companies that qualify as “larger participants of a market for automobile financing.” Relatedly, it adopted simultaneously a...more

First Look at False Marking Under the AIA

In Sukumar v. Nautilus, Inc., the Federal Circuit took its first look at the standing requirements to bring a false marking case under the American Invents Act (AIA). The court rejected Nautilus’ arguments that only “market...more

Biosimilars Access and Education Taking Center Stage with First Biosimilars in the Wings

Two new voices have emerged with goals to help expand patient access and information about biosimilars in the United States—the Biosimilars Forum and the Biosimilars Council, discussed below....more

Canadian Securities Administrators Publish Comment Letters on Proposed National Policy 25-201 Guidance for Proxy Advisory Firms

On April 24, 2014, the Canadian Securities Administrators (CSA) published for comment proposed National Policy 25-201 Guidance for Proxy Advisory Firms. Issuers, law firms and other market participants submitted comment...more

Commenters Don’t Hold Back: Responses to Civil Liability and Enforcement Provisions of Draft Cooperative Capital Markets...

The consultation drafts of the proposed uniform provincial capital markets legislation, Provincial Capital Markets Act (PCMA), and federal capital markets legislation, Capital Markets Stability Act (CMSA), (Consultation...more

Too Many Changes, More Consultation Required: Comments on Proposed Cooperative Capital Markets Legislation

Comments on the consultation drafts of the uniform provincial capital markets legislation, Provincial Capital Markets Act (PCMA), and new federal capital markets legislation, Capital Markets Stability Act (CMSA),...more

CFTC Issues Advisory on Ownership and Control Reporting

The Division of Market Oversight (DMO) and Division of Swap Dealer and Intermediary Oversight (DSIO) of the Commodity Futures Trading Commission have issued an advisory on ownership and control reporting (OCR) for futures...more

FINRA Issues Guidance on Effective Supervision for Firms Engaging in Algorithmic Trading Strategies

The Financial Industry Regulatory Authority released Regulatory Notice 15-09 to provide guidance to member firms and market participants on effective supervision and control practices with respect to algorithmic trading...more

Truthful . . . but Not Forthcoming? FERC Staff Takes Aggressive View of Material Omissions as Basis for Intent in Maxim Power

Recent positions taken by FERC’s Enforcement Staff in the Maxim Power show cause proceeding add to the uncertainty regarding what information market participants must volunteer when communicating with the Commission,...more

Congress Requests Stakeholder Input on the Direction of U.S. Energy Policy

The U.S. House Energy & Commerce Committee has extended an invitation for interested stakeholders to provide feedback to the Committee on a particular set of questions aimed at analyzing and guiding the direction of future...more

Supreme Court Limits Protectionism by State Healthcare Licensing Boards - Boards Comprised of Active Medical Providers Are Not...

The United States Supreme Court’s recent decision in N.C. State Bd. of Dental Examiners v. Federal Trade Commission, No. 13-534, 2015 WL 773331 (S.Ct. February 25, 2015) makes clear that the anticompetitive actions of state...more

Supreme Court Denies Antitrust Shield for NC Dental Board

On Wednesday, February 25, 2015, the Supreme Court released a 6-3 decision in North Carolina Board of Dental Examiners v. Federal Trade Commission, a case with potentially broad implications for regulation by dental and...more

Supreme Court: State Agencies Controlled by Active Market Participants Must Have Active State Supervision to Qualify for Antitrust...

In a 6–3 decision issued February 25, 2015, the Supreme Court of the United States held in North Carolina State Board of Dental Examiners v. Federal Trade Commission that if active market participants control an entity—even a...more

U.S. Supreme Court Holds That to Invoke Antitrust Immunity, State Agencies Controlled by Market Participants Must Prove Active...

On Feb. 25, 2015, the U.S. Supreme Court held in a 6-3 decision that a state board with a controlling number of decision-makers who are active market participants in the occupation the board regulates does not enjoy state...more

Changing MSHA Penalties: What’s on the Horizon for Mine Operators?

The Mine Safety and Health Administration (MSHA) is in the process of reviewing proposed new civil penalty regulations following multiple hearings in which stakeholders offered their comments. Civil penalties for safety...more

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