No-Action Relief

News & Analysis as of

No-Action Relief Allows Broker-Dealers and OTC Derivatives Dealers to Submit Certain Reports Electronically

On December 21, 2015, the Securities and Exchange Commission’s Division of Trading and Markets granted no-action relief that will allow broker-dealers and over-the-counter (OTC) derivatives dealers to submit their annual and...more

Extension of Time-Limited, Conditional No-Action Relief Regarding Masking Certain Reportable Identifying Information

On January 15, the Commodity Futures Trading Commission’s Division of Market Oversight (DMO) issued CFTC letter 16-03 (“Letter”) providing a conditional, time-limited extension of the relief provided in CFTC Letter 13-41,...more

Corporate and Financial Weekly Digest - Volume XI, Issue 3

SEC/CORPORATE - SEC Settles With Adviser That Allegedly Overcharged Management Fees and Misled Investors - On January 19, the Securities and Exchange Commission announced that it had settled with Equinox Fund...more

CFTC Staff Issues No-Action Relief from Mandatory Swaps Clearing for Small Bank Holding Companies, Small Savings and Loan Holding...

On January 8, 2016, the Division of Clearing and Risk (“Division”) of the Commodity Futures Trading Commission (“CFTC”) issued no-action letters providing relief from the mandatory clearing requirement for swaps under Section...more

U.S. Commodity Futures Trading Commission Division of Clearing and Risk Issues No-Action Relief from Swap Clearing Requirements

On January 8, 2016, the U.S. Commodity Futures Trading Commission’s (the “CFTC”) Division of Clearing and Risk issued no-action relief to certain entities from the swap clearing requirements so long as certain conditions...more

CFTC Issues No-Action Relief From the Swap Clearing Requirements for Small Bank Holding Companies, Small Savings and Loan Holding...

On January 8, the Division of Clearing and Risk (Division) of the Commodity Futures Trading Commission issued no-action relief from the swap clearing requirements of Section 2(h)(1)(A) of the Commodity Exchange Act to certain...more

CFTC Provides Relief to SEFs From Audit Trail Requirements Related to Post-Trade Allocation Information

The Division of Market Oversight of the Commodity Futures Trading Commission has issued temporary no-action relief to swap execution facilities (SEFs) from certain audit trail requirements related to post-trade allocations....more

The Financial Report - Volume 5, No. 1 January 2016 (Global)

Discussion and Analysis Richard Ketchum, Chairman and CEO of the Financial Industry Regulatory Authority, announced in FINRA’s 11th annual Regulatory and Examination Priorities Letter, published earlier this week, that...more

CFTC Extends Continued No-Action Relief From Certain Recordkeeping Requirements

The Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight and Division of Market Oversight (collectively, Divisions) have issued CFTC Letter No. 15-65, which indefinitely extends the...more

CFTC Extends No-Action Relief to Certain Affiliated Counterparties

On November 17, the Commodity Futures Trading Commission’s Division of Market Oversight (DMO) and Division of Clearing and Risk (DCR) each extended no-action relief for certain affiliated counterparties....more

CFTC Extends Time-Limited Relief to SEFs for Block Trades

The Division of Market Oversight of the Commodity Futures Trading Commission has extended no-action relief for swap execution facilities (SEFs) from certain block trade requirements. Specifically, CFTC Letter No. 15-60...more

A New Shareholder Proposal Staff Legal Bulletin–Just in Time for Proxy Season

Just in time for calendar year companies to begin receiving shareholder proposals, the SEC staff has released Staff Legal Bulletin No. 14H, which closes the loop on the controversy initiated by a Whole Foods proxy access...more

SEC Provides Guidance on Exclusion of Shareholder Proposals

On October 22, 2015, the staff of the Division of Corporation Finance (the “Division”) of the U.S. Securities and Exchange Commission (SEC) released the highly anticipated Staff Legal Bulletin No. 14H (SLB 14H) concerning...more

Blog: Corp Fin Issues New SLB Providing Guidance On Rule 14a-8 Exclusions For “Conflicting Proposals” And “Ordinary Business”

Corp Fin today posted Staff Legal Bulletin 14H providing guidance on two key issues regarding shareholder proposals under Rule 14a-8: - the scope and application of Rule 14a-8(i)(9) (the exclusion for conflicting...more

CFTC Further Extends No-Action Relief for Certain Package Transaction Swaps

The Commodity Futures Trading Commission’s Division of Market Oversight (DMO) has issued CFTC Letter No. 15-55, extending until November 15, 2016, time-limited no-action relief for certain swaps executed as part of a package...more

CFTC Announces Further Extension of Time-Limited No Action Relief

On October 14, the U.S. Commodity Futures Trading Commission’s (“CFTC”) Division of Market Oversight (the “Division”) announced further extension of the time-limited no action relief for swaps executed as part of a package...more

Orrick's Financial Industry Week in Review

EBA Updates Single Rulebook Q&As - On October 16, 2015, the European Banking Authority (EBA) updated its Q&As on the single rulebook, publishing four new questions. The single rulebook Q&As relate to the CRD IV package...more

Corporate and Financial Weekly Digest - Volume X, Issue 40

BROKER-DEALER - FINRA Requests Comment on Revised Price Disclosure Information Standards for Corporate and Agency Debt Securities - The Financial Industry Regulatory Authority issued a regulatory notice...more

Financial Regulatory Developments Focus - October 2015

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

CFTC Extends Relief from Electronic OCR Requirements

The Division of Market Oversight of the Commodity Futures Trading Commission has extended no-action relief from certain of the CFTC’s ownership and control reporting (OCR) regulations, including electronic reporting via new...more

SEC Reconsiders Exchange-Traded Products

The SEC recently published myriad questions about the listing, trading, and marketing (especially to retail investors) of "new, novel, or complex" exchange-traded products (ETPs). Such ETPs include exchange-traded funds...more

CFTC Zeros in on Large Trader Reporting

On September 17, 2015, the Commodity Futures Trading Commission (CFTC) issued an order filing and simultaneously settling charges against Australia and New Zealand Banking Group Ltd. (ANZ), an Australia-based firm that’s...more

Proxy Access: Round 2 Begins

Shareholder proponent James McRitchie, who was successful in persuading the SEC to reconsider its no-action position with Whole Foods on proxy access, has hinted at his intentions for the upcoming proxy season, or at least...more

Blog: Trinity Wall Street Files Cert Petition: Will SCOTUS Delve Into The “Ordinary Business Operations” Exclusion For Shareholder...

You might recall Trinity Wall Street v. Wal-Mart Stores Inc, a case involving a shareholder proposal requesting that Wal-Mart’s board of directors develop a policy regarding the sale of high-capacity firearms, such as the...more

CFTC Extends No-Action Relief on the Applicability of Transaction-Level Requirements for Non-U.S. Swap Dealers

On August 13, 2015, CFTC Division of Swap Dealer and Intermediary Oversight, Clearing and Risk, and Market Oversight extended a time-limited no-action relief to swap dealers registered with the CFTC that are established under...more

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