OTC

News & Analysis as of

Investment Funds Update - Asia: Legal and regulatory updates for the funds industry from the key jurisdictions in Asia: Hong Kong

Hong Kong – China Mutual Recognition Scheme (the “Scheme”) - An opportunity to market HK-domiciled and authorized funds to Mainland retail investors is starting to take shape. There is keen expectation that this Scheme...more

A Practical Guide for the Buy-Side to the U.S. Margin Rules for Uncleared Swaps - What the Buy-Side Needs to Know about the OTC...

This guide is designed to provide in a concise format the principal information that the buy-side needs to know about the U.S. margin rules. The format of the guide is question-and-answer, with most answers followed by the...more

The Financial Report - Volume 4, No. 7 • April 2015 (Global)

Discussion and Analysis - Last week, the Securities and Exchange Commission proposed to amend SEC Rule 15b9-1 under the Securities Exchange Act of 1934, which exempts certain broker-dealers from membership in a...more

TOO BIG TO FAIL 2: EMIR: "Too Big To Fail", Again?

This alert focuses on the European Market Infrastructure Regulation (or "EMIR" as it is better known) which was introduced as the equivalent of the Dodd-Frank Act of 2010, to address a wide range of issues, many of which were...more

OTC Derivatives Trading and Clearing Rules Move Closer to Implementation

Canada’s securities regulators have taken two additional steps towards implementing a comprehensive regulatory framework for over-the-counter derivatives (OTC Derivatives) and satisfying Canada’s G20 commitments in respect of...more

CFTC Penalizes Energy Company for Failing to Register as a CTA

The Commodity Futures Trading Commission (“CFTC”) recently ordered Summit Energy Services, Inc. (“Summit Energy”) to pay a $140,000 civil penalty to resolve allegations that it violated the Commodity Exchange Act (“CEA”). In...more

Funds and the Derivatives Markets: Recent Developments and Ongoing Challenges*

INTRODUCTION AND OVERVIEW OF DODD-FRANK TITLE VII - Title VII of the U.S. Dodd-Frank Wall Street Reform and Consumer Protection Act ("Title VII" or "Dodd- Frank"), enacted on July 21, 2010, provided for the first time...more

New ISDA Protocol Will Limit Buy-Side Remedies in a Financial Institution Failure

The ISDA 2014 Resolution Stay Protocol, published on November 12, 2014, by the International Swaps and Derivatives Association, Inc. (ISDA), represents a significant shift in the terms of the over-the-counter derivatives...more

OTC Derivatives Regulators Group Issues Report to G20 Leaders

The OTC Derivatives Regulators Group (ODRG) has issued an update to the G20 Leaders on the ODRG’s effort to resolve cross-border issues relating to over-the-counter derivatives reform. ...more

Corporate and Financial Weekly Digest - Volume IX, Issue 45

In this issue: - Proxy Advisory Firms Release Policy Updates for 2015 - CBOE Makes Enhancements to Its Market-Maker Trade Notification System - OTC Derivatives Regulators Group Issues Report to G20...more

SEC and FINRA Issue Risk Alert on Penny Stock Companies

I’m not your legal advisor. And I’m definitely not your investment adviser. But the first rule of penny stock companies should be: do not invest in penny stock companies. I mean, does that seem like a smart thing to do? ...more

Blog: More “Broken Windows” Enforcement From The SEC?

Yesterday, the SEC announced that it had sanctioned ten companies (generally, smaller reporting companies traded on OTC Link) for failing to make required Form 8-K disclosures related to financings and unregistered stock...more

FINRA Proposes to Extend Tier Size Pilot for OTC Equity Securities

On October 3, the Financial Industry Regulatory Authority, Inc. proposed to amend FINRA Rule 6433 to extend to February 13, 2015, the operation of the Tier Size Pilot (Pilot) that changed minimum quotation sizes (tier sizes)...more

Corporate and Financial Weekly Digest - Volume IX, Issue 40

In this issue: - SEC Division of Corporation Finance Issues New C&DI Related to Rule 147 and Website/Social Media Use - Director of SEC Division of Corporation Finance Gives Speech on Securities...more

ESMA Plans Phased-in Approach to EMIR OTC Derivatives Clearing

The European Regulation on Derivative Transactions, Central Counterparties and Trade Repositories (known as the European Market Infrastructure Regulation (“EMIR”)) requires counterparties to clear over-the-counter (“OTC”)...more

FINRA Board Approves Several Rulemaking Items Including Proposed Rule Changes Regarding Algorithmic Trading and Enhanced...

The Financial Industry Regulatory Authority, Inc. announced on September 19 that the FINRA Board of Governors (Board) approved several new rule initiatives. Among the initiatives, FINRA will seek comment from members on a...more

IOSCO Publishes Consultation Paper on Risk Mitigation Standards for Non-Centrally Cleared OTC Derivatives

On September 17, the IOSCO published a consultation paper on risk mitigation standards for non-centrally cleared OTC derivatives (CR06/2014). The standards have been developed in consultation with the Basel Committee...more

Corporate and Financial Weekly Digest - Volume IX, Issue 38

In this issue: - SEC Releases Strategic Plan for 2014–2018 - House Passes Bill H.R. 5405 “Promoting Job Creation and Reducing Small Business Burdens Act” - FINRA Board Approves Several Rulemaking Items...more

Orrick's Financial Industry Week in Review

IOSCO Publishes Consultation Paper on Risk Mitigation Standards for Non-Centrally Cleared OTC Derivatives - On September 17, the IOSCO published a consultation paper on risk mitigation standards for non-centrally...more

OTC Derivatives Regulators Issue Report Regarding Cross-Border Issues

On September 10, the Over-the-Counter Derivatives Regulators Group (ODRG) issued a report providing an update to the Group of 20 (G20) on its progress in resolving over-the-counter (OTC) derivatives cross-border...more

First Bitcoin Swap Proposed

According to Reuters reports on September 12, TeraExchange, LLC, received approval from the Commodity Futures Trading Commission to begin listing an over-the-counter swap that is based on the price of a bitcoin. ...more

Corporate and Financial Weekly Digest - Volume IX, Issue 36

In this issue: - Bylaw of Delaware Corporation Providing for Exclusive Forum in North Carolina Upheld - FINRA Board to Consider Rule Proposals Regarding Private Trading Platforms - CBOE and C2 in...more

ESMA Publishes Responses to Consultation on the Clearing Obligation Under EMIR

On August 19, ESMA published a list of responses received in respect of its first consultation on the clearing obligation relating to draft regulatory technical standards (RTS) for the clearing of interest rate swaps under EU...more

ESMA Discussion Paper on Calculation of Counterparty Risk by UCITS for OTC Derivatives Subject to EMIR Clearing

On July 23, ESMA published a discussion paper on how the limits on counterparty risk in centrally cleared OTC derivative transactions under the UCITS IV Directive should be calculated, and whether the same rules for both OTC...more

Corporate and Financial Weekly Digest - Volume IX, Issue 28

In this issue: - FINRA Proposes to Adopt Rules on Quotation Requirements for OTC Equity Securities - CFTC Seeks Comment on ICE Clear Europe Portfolio Margining Proposal - New York DFS Proposes First...more

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