Market Participants

News & Analysis as of

International Swaps and Derivatives Association Publishes Updated Asset Classification Letter

The International Swaps and Derivatives Association published an updated ISDA European Markets Infrastructure Regulation Classification Letter. The purpose of the Classification Letter is to assist market participants in...more

UK Regulator Bans Former LIBOR Trader from UK Financial Services Industry

The Financial Conduct Authority published a decision notice banning Mr Arif Hussein from the UK financial services industry. The FCA found Mr Hussein not to be a fit and proper person to carry out the functions of a trader or...more

Financial Conduct Authority Publishes Results of Assessment of Behaviour of High Frequency Traders

The Financial Conduct Authority published an Occasional Paper which assesses whether high frequency traders, on a systematic basis, foresee when trading orders are going to arrive at different trading venues and trade in...more

International Report on Cyber Security in Securities Markets

The International Organization of Securities Commissions published a report on cyber security in securities markets from an international perspective. The purpose of the report is to assist IOSCO members and market...more

EU Regulation and Template on Public Disclosure of Managers Transactions

A Commission Delegated Regulation and Commission Implementing Regulation supplementing the Market Abuse Regulation were published in the Official Journal of the European Union. The Delegated Regulation extends the exemption...more

Changes to the Canadian early warning reporting system adopted by securities regulators

On March 13, 2013, the Canadian Securities Administrators (CSA) published for comment proposed changes to the Canadian early warning reporting system and received extensive comments from market participants and industry...more

Merrick Garland on Efficiencies

Judge Merrick Garland, if he is confirmed, may become one of the Supreme Court’s foremost authorities in antitrust law. He taught antitrust law at Harvard, and he has published on the subject, so it’s fair to expect him to...more

SEC's Equity Market Structure Advisory Committee Considers Market Volatility and Customer Issues

The Equity Market Structure Advisory Committee (EMSAC or Committee) held its third meeting at the Securities and Exchange Commission (Commission or SEC) in Washington DC on February 2, 2016. The Committee is considering...more

CFTC Extends Trade Option Reporting Deadline to April 1, 2016

The CFTC provides the market additional time to submit Form TO while considering further amendments to trade option reporting rules. On February 18, 2016, the US Commodity Futures Trading Commission's (the CFTC) Division...more

CFTC Uncleared Swap Margin Rules to Take Effect in September

While the US gears up for compliance with uncleared swap margin rules, cross-border application of the CFTC rules remains unclear. The US Commodity Futures Trading Commission (the CFTC) finalized its margin requirements...more

European Commission and CFTC Announce Harmonized Approach to CCPs

On February 10, the Commodity Futures Trading Commission and the European Commission (EC) announced that they had reached an agreement on a harmonized approach to central clearing counterparties (CCPs). The agreement ensures...more

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

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