U.S. Financial Industry Developments - CFTC Proposes Rules to Simplify Process for Foreign Clearing Organizations to Obtain DCO Registration Exemption - On August 8, 2018, the Commodity Futures Trading Commission (CFTC)...more
CFTC Files Eight Anti-Spoofing Enforcement Actions against Three Banks (Deutsche Bank, HSBC & UBS) & Six Individuals - On January 29, 2018, the Commodity Futures Trading Commission ("CFTC"), along with the Department of...more
Uber’s got more than a spot of bother on its hands in London after this morning’s announcement that the company’s largest market in Europe won’t renew the ride-hailing service’s license to operate in the city (citing “a lack...more
Financial Industry Developments - Federal Reserve Board Announces Finalized Rule Adjusting the Board's Maximum Civil Money Penalties - On January 18, 2017, the Federal Reserve Board announced that it was adjusting...more
On January 13, 2017, Moody’s Corporation agreed to pay $864 million in a settlement with the U.S. Department of Justice and 21 states in connection with the ratings agency’s credit rating work on residential mortgage-backed...more
After markets closed on Friday the 13th, the U.S. Department of Justice (“DOJ”) announced an $864 million settlement regarding Moody’s credit ratings of residential mortgage-backed securities (“RMBS”) and collateralized debt...more
Ratings Agency Moody’s Corp. has agreed to pay roughly $864 million to resolve federal and state claims that it gave juiced ratings to risky MBS in the run-up to the financial crisis. Half of the total will end up in DOJ...more
The weekend’s business news was dominated by the word that AT&T has agreed to buy Time Warner for $85.4 billion in the biggest yet in a series of telecomm mergers....more
The Foreign Corrupt Practices Act was a key focus this week. The DOJ announced a new one year Pilot Program which holds the promise of a significant reduction in penalties if the firm self-reports and takes a series of steps....more
Once again pulling no punches, Breakingviews dubs Foxconn’s [now questionable] takeover a “messy milestone” for Sharp, the “ailing maker of display TVs” – NYTimes... South Korea’s top financial regulator is seeking to...more
ESMA Publishes Table Showing Compliance with its Guidelines Relating to Global Supervisory Co-Operation on AIFs - On June 20, ESMA published a table showing which competent authorities comply or intend to comply with...more
CFTC and EC Statement on Regulatory Framework - On February 12, the CFTC and the European Commission announced jointly that the two agencies have made significant progress in their collaboration on the regulatory...more