No-Action Relief

News & Analysis as of

Corporate and Financial Weekly Digest - Volume XI, Issue 31

BROKER-DEALER - FINRA Issues Notice Regarding SEC’s Approval of New NMS Stock Recording and Reporting Requirements Rule - On August 8, the Financial Industry Regulatory Authority issued Regulatory Notice 16-28,...more

CFTC Proposes Permanent Registration Relief to Certain Non-US Asset Managers

The amendments to the CFTC’s registration rules will codify no-action relief that permits non-US asset managers to rely on an exemption from the requirement to register with the CFTC by virtue of trading uncleared swaps in...more

Blog: Corp Fin Refuses To Permit Exclusion Of Proposal To Amend Proxy Access Bylaws Under Rule 14a-8(I)(10). Who Is Gaming The...

Just when we thought we had a handle on the new rules of the game for exclusion of proxy access shareholder proposals comes this new letter to H&R Block, issued on July 21. The proposal, from the prolific James McRitchie (one...more

Financial Services Weekly News - July 2016 #2

Regulatory Developments - Client Alert: Volcker Rule Conformance Period for Legacy Covered Fund Activities Extended One Year - On July 7, the Board of Governors of the Federal Reserve System announced that it has...more

2016 Proxy Season Review: Shareholder Proposals

With most of the 2016 proxy season in the rear-view mirror, it’s clear that shareholder proposals continue to be a preferred vehicle for certain kinds of shareholder activism, though with limited effectiveness unless the...more

"Sanctions in Takeover Situations: Navigating Regulatory Hurdles"

The U.S. government frequently uses sanctions as a key tool in pursuing its foreign policy agenda. As a result, transactions involving sanctioned individuals and entities (Sanctioned Persons) are often prohibited. The...more

US Commodity Futures Trading Commission Extends No-Action Relief to SEFs and DCMs from Certain CFTC Regulations for Correction of...

The US Commodity Futures Trading Commission issued a no-action letter extending the relief provided in CFTC Letter No. 15-24, which expires on June 15, 2016. That no-action letter provides relief to swap execution facilities...more

Corporate and Financial Weekly Digest - Volume XI, Issue 25

SEC/CORPORATE - SEC Proposes Rules Updating Mining Registrant Disclosure Requirements - On June 16, 2016, the Securities and Exchange Commission proposed rules (Proposed Rules) to modernize the property disclosure...more

Orrick's Financial Industry Week in Review

FHFA Releases 2015 Report to Congress - On June 15, 2016, the Federal Housing Finance Agency's "Report to Congress" for 2015 was released. The document, required under federal law, analyzes Fannie Mae, Freddie Mac and...more

Financial Regulatory Developments Focus - June 2016 #2

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

The Delta Report - June 2016

White & Case LLP is proud to introduce the first edition of our derivatives newsletter, The Delta Report. In each issue, we will highlight recent key regulatory developments across the Americas, Europe and Asia and discuss...more

CFTC Extends No-Action Relief to SEFs and DCMs from Certain CFTC Regulations for Correction of Errors

The U.S. Commodity Futures Trading Commission (CFTC) extended the relief contained in CFTC Letter No. 15-24 that allowed swap execution facilities and designated contract markets to correct certain errors that would lead to a...more

SEC Staff Issues No-Action Relief on Auditor Independence and the “Loan Provision”

The U.S. Securities and Exchange Commission’s Division of Investment Management (the “SEC Staff”) last night issued a no-action letter (the “Relief”) to Fidelity Management and Research Company that provides guidance to...more

Corporate and Financial Weekly Digest - Volume XI, Issue 24

SEC/CORPORATE - DC Circuit Court Rejects States’ Challenge of Blue Sky Preemption Under Regulation A+ - On June 14, the Federal Court of Appeals for the District of Columbia (the DC Circuit) rejected challenges...more

A Compilation of Non-Enforcement and Enforcement Actions

Non-Enforcement - Mutual Fund Directors Must Be Vigilant in Addressing Risks - In remarks to the Mutual Fund Directors Forum, SEC Chair Mary Jo White outlined some of the risks and challenges that mutual fund...more

Sub-Advisers Get Relief from Custody Rule’s Surprise Exam Requirement

Recent SEC staff no-action letter allows certain sub-advisers to avoid the burdensome surprise examination requirement under the Custody Rule. On April 25, the US Securities and Exchange Commission (SEC) staff provided...more

Bridging the Week - April 2016 #4

Swap Execution Facility Alleges in Lawsuit That Banks Conspired to Prevent Its Success: The TeraExchange, a swaps execution facility registered with the Commodity Futures Trading Commission, and related entities, brought a...more

No-Action Relief Regarding Masking Information Reportable under the OCR Final Rule

On April 8, the U.S. Commodity Futures Trading Commission’s (“CFTC”) Division of Market Oversight issued a no-action letter regarding the masking of information reportable under the ownership and control final rule (the “OCR...more

Bridging the Week - April 2016 #2

CFTC Again Extends Deadlines for New OCR Compliance; Puts Pressure on FCM Clients Who Will Not Provide Adequate Information Regarding Trading Control - Late last week, staff of the Division of Market Oversight of the...more

Corporate and Financial Weekly Digest - Volume XI, Issue 12

SEC/CORPORATE - SEC Issues No-Action Relief Pursuant to Rule 14a-8(i)(9) - As previously reported in the Corporate and Financial Weekly Digest edition of October 30, 2015, the Securities and Exchange Commission's...more

The Financial Report - Volume 5, No. 6 - March 2016 (Global)

DLA Piper was proud to be a sponsor of last week’s Securities Industry and Financial Markets Association (SIFMA) Compliance and Legal Society Annual Seminar in Orlando. The seminar brought together nearly 2,000 lawyers,...more

Blog: Corp Fin Allows Exclusion Of A Conflicting Shareholder Proposal Under Rule 14a-8(I)(9): Does It Represent A Strategy For The...

Well, we finally have some insight into what the Corp Fin staff had in mind in Staff Legal Bulletin 14H – of course, that’s the SLB in which Corp Fin narrowed the application of Rule 14a-8(i)(9), the exclusion for conflicting...more

European Commission Adopts Equivalence Decision in Regards to US CFTC-Registered CCPs

On March 15, the European Commission (the Commission) adopted an equivalence decision in regards to US central counterparties (CCPs). The equivalence decision will allow CCPs authorized and registered with the Commodity...more

Shareholder Proponent Says “Substantial Implementation” Will Backfire

The SEC recently granted no-action relief to 15 of 18 companies related to shareholder proposals for proxy access. The basis for the relief was the company had already adopted a proxy access by-law and therefore the...more

CFTC Issues No Action Relief for EU-Based DCOs Authorized to Operate in EU

Following on a joint statement by the Commodity Futures Trading Commission and European Commission announcing a common approach to the regulation of central counterparties (CCPs), the CFTC published a comparability...more

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