News & Analysis as of

Market Participants

CFTC Staff Provides Relief from Position Limit Aggregation Rules, Including August 14, 2017 Filing Deadline

by Ropes & Gray LLP on

Just days before a new notice filing requirement for certain position limit aggregation exemptions was to take effect, on August 10, 2017 the staff of the U.S. Commodity Futures Trading Commission (the “CFTC”) Division of...more

SEC: Certain Initial Coin Offerings Are Securities Offerings

by Latham & Watkins LLP on

SEC’s investigative report sends clear message that virtual transactions using innovative technologies are subject to the application of securities laws. Introduction - On July 25, 2017, the US Securities and Exchange...more

FINRA Holds Regulator Forum on Distributed Ledger Technology

On July 13, 2017, the Financial Industry Regulatory Authority, Inc. (FINRA) held a Blockchain Symposium (the Symposium) in which representatives from a number of US regulators discussed the work they have undertaken to assess...more

Jersey City’s PLA Ordinance Found Preempted by NLRA and ERISA and Void Ab Initio

by Genova Burns LLC on

On June 15 U.S. District Court Judge Wigenton determined that Jersey City’s ordinance, in effect since 2007 and providing for tax abatements for real estate developers that sign Project Labor Agreements (PLAs) is preempted by...more

Collocamento diretto di azioni: La piattaforma di Borsa Italiana del mercato secondario a servizio del primario

by Latham & Watkins LLP on

Dal 3 luglio 2017 è possibile utilizzare la piattaforma del mercato secondario oltre che per le obbligazioni anche per l’offerta di azioni. Nuove opportunità per le offerte retail con nuovi ruoli (e responsabilità) per lo...more

Tips for Negotiating a Third-Party Subpoena in a Merger Investigation

Humana recently lost its effort to limit third-party discovery requests served by the Federal Trade Commission (FTC) in its ongoing Walgreens/Rite Aid investigation. Typically, negotiations over the scope of third-party...more

European distressed debt and private equity - defensive strategies coming to the fore?

by DLA Piper on

Where a corporate borrower defaults on its debt terms, distressed debt investors are often presented with opportunities to acquire the debt at a discount. The strategy of investing in distressed debt presents investors with a...more

The California Supreme Court Has a Banner Week, Hearing Argument in Three CEQA and Land Use Cases

by Downey Brand LLP on

On May 3–4, 2017, the California Supreme Court heard oral arguments in three cases with significant implications for California land use law. Below we summarize the main issue(s) argued in each matter and possible outcomes....more

Green Bonds – An Introduction

by White & Case LLP on

Since their introduction in 2007, Green Bonds issuances have exponentially increased in volume and have become part of the lexicon of environmental finance. Simply defined, Green Bonds raise funds for new and existing...more

Financial Services Quarterly Report - First Quarter 2017: DIFC Lowers Cost of Entry for Fund Managers

by Dechert LLP on

The Dubai International Financial Centre (DIFC) is one of the leading financial hubs in the Middle East. Its funds regime – administered and regulated by the Dubai Financial Services Authority (DFSA) – has been updated a...more

US Securities and Exchange Commission Approves Rules to Ease Investor Access to Exhibits in Company Filings

by Shearman & Sterling LLP on

The SEC adopted rule and form amendments to make it easier for investors and other market participants to find and access exhibits in registration statements and periodic reports that were originally provided in previous...more

Sorry, Mr. Burns: Nielsen’s TLR Has Nothing To Do With FCC Market Definitions

In 2003, the FCC changed the local radio market definition for rated markets under its ownership rules from the contour-overlap methodology to the Arbitron Metro geographic market. The FCC defined the radio market for...more

US Commodity Futures Trading Commission Signs Counterpart to Memorandum of Understanding with Canadian Authority in Newfoundland...

by Shearman & Sterling LLP on

The CFTC announced that Chairman Massad had signed the Counterpart to a Memorandum of Understanding with the Superintendent of Securities for Newfoundland and Labrador and the Canadian Minister for Intergovernmental...more

Local Tax Incentives Tied to Use of Union Labor —Preempted by the NLRA?

by Seyfarth Shaw LLP on

Seyfarth Synopsis: Third Circuit rejects market-participant argument, opening the door for preemption challenge to local law tying tax incentives to use of union labor. The case before the Third Circuit, Associated...more

Second Circuit: Aluminum End Users Lack Antitrust Standing; Price Manipulation Claims Against Traders and Warehouses Foiled

by Mintz Levin on

Last week, in In re Aluminum Warehousing Antitrust Litigation, the US Court of Appeals for the Second Circuit (“Second Circuit”) rejected a claim by certain downstream end-users of aluminum that their price manipulation...more

UK Market Abuse Regime Extends Its Reach: Implications for Market Participants

by Morgan Lewis on

The new regime shares the same aims as its predecessor—to ensure the integrity of EU financial markets and enhance investor confidence—and keeps pace with market developments such as new trading platforms, new technology, and...more

National Council for Public Private Partnerships asks “What’s Next?” at its Annual P3 Connect Conference

by Nossaman LLP on

The National Council for Public Private Partnerships, reengineered its 2016 “P3 Connect” annual conference June 27 to 29, 2016, posing the question “What’s Next” for public-private partnerships in the United States. NCPPP...more

China Accelerates the Establishment of Social Credit System

The State Council published the Guiding Opinions on Accelerating Social Credit System Establishment by Further Developing Joint Incentives for Honest Market Participants and Joint Penalties for Dishonest Market Participants,...more

European Securities and Markets Authority Opines on Regime for Disclosure of Inside Information by Emission Allowance Market...

by Shearman & Sterling LLP on

The European Securities and Markets Authority published its Opinion on the proposed requirements for Emission Allowance Market Participants to disclose inside information under the Market Abuse Regulation...more

Traders and Compliance Professionals Take Note: Phase One of New BIS “Global Code” Establishes “Best Practices” in the Foreign...

Limitations on Use of Confidential Information is Prominent in the New Standards Continuing Recent Enforcement Trend in the Commodities and Derivatives Markets - On May 26, 2016, the Foreign Exchange Working Group...more

Technical Standards on Market Soundings under the Market Abuse Regulation

by Shearman & Sterling LLP on

The European Commission adopted Regulatory Technical Standards on the arrangements, systems and procedures for market participants disclosing inside information while conducting market soundings. The Market Abuse Regulation,...more

Rocky Mountain Securities Conference: Cybersecurity Takes Center Stage

Given the security industry’s increased use of information technology and the constant evolution of cyber threats, cybersecurity will continue to demand significant attention from regulators and industry participants in the...more

US Federal Reserve Bank of New York Executive Vice President Discusses Importance of Liquidity Regulations

by Shearman & Sterling LLP on

Executive Vice President of the US Federal Reserve Bank of New York Simon Potter discussed steps the US Board of Governors of the Federal Reserve System has taken to improve the US monetary policy framework following the...more

US and EU reach an important agreement on CCP global equivalence: how will it affect you?

by DLA Piper on

US Commodity Futures Trading Commission Chairman Timothy Massad and European Commissioner Jonathan Hill have agreed on a common approach to harmonizing transatlantic regulations regarding the central clearing of derivatives...more

US Commodity Futures Trading Commission Signs Memorandum of Understanding with Canadian Provinces on Cross-Border Supervision

by Shearman & Sterling LLP on

CFTC Chairman Timothy Massad and authorities for three Canadian provinces signed a March 2014 Memorandum of Understanding regarding (i) cooperation and coordination between the jurisdictions in respect of derivatives and...more

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