News & Analysis as of

Regulators Re-Propose Minimum Margin Requirements for Uncleared Swaps

U.S. Federal banking regulators (the “Prudential Regulators”) recently re-proposed rules providing for minimum margin requirements for uncleared swaps and security-based swaps executed by swap dealers, security-based swap...more

This Week In Securities Litigation

The Commission announced its largest whistleblower action this week – an award to a person overseas of over $30 million. The agency also filed a series of actions this week....more

Regulators Publish Re-proposed Margin Requirements for Uncleared Swaps

On September 3, 2014, the Board of Governors of the Federal Reserve System (the Board) jointly adopted, with certain federal banking regulators, re-proposed rules that will require registered swap dealers, security-based swap...more

Bridging the Week - September 2014 #2

CFTC Proposes Margin Rules for Uncleared Swaps and Approves Special Treatment for Operations-Related Swaps With Certain Government-Owned Natural Gas and Electric Utilities - A few weeks after the Federal Reserve Bank...more

The Financial Report, Volume 3, Number 18 (Global)

Discussion and Analysis - Last Tuesday, the United States District Court for the District of Columbia mostly upheld the Commodity Futures Trading Commission’s authority to regulate cross-border derivatives trading. The...more

Financial Services Weekly News Roundup - September 2014

In This Issue: The CFTC provided long-awaited exemptive relief for commodity pool operators that wish to offer their funds in private offerings using general solicitation under Rule 506(c) of the SEC’s Regulation D. ...more

Financial Regulatory Developments Focus - September 2014 #3

In this issue: - Derivatives - Consumer Protection - Enforcement - People - Events - Excerpt from Derivatives: CFTC Issues No-Action Relief for Qualifying Swaps Trading...more

SEC Proposes Rule for Communications Involving Security-Based Swaps

On September 8, the Securities and Exchange Commission proposed a rule providing that publication or distribution of quotes involving security-based swaps that may be purchased only by eligible contract participants would not...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

SEC Proposes Communications Exemption for Certain Security Based Swaps

The Dodd-Frank Act amended the Securities Act of 1933 and the Securities Exchange Act of 1934 to include “security-based swaps” in the definition of “security” for purposes of those statutes. As a result, “security-based...more

Orrick's Financial Industry Week in Review

ESMA Publishes Guidelines on the EU Implementation of CPSS-IOSCO Principles - On September 4, ESMA published the translation of guidelines and recommendations on implementing the principles for financial market...more

Corporate and Financial Weekly Digest - Volume IX, Issue 33

In this issue: - ISS Launches New Equity Plan Data Verification Portal - ISDA Publishes Protocol for 2014 Credit Derivatives Definitions - FinCEN Issues Advisories for US Financial Institutions -...more

SEC Adopts Certain Final Rules Relating to Cross-Border Security-Based Swap Activities

The U.S. Securities and Exchange Commission (SEC) adopted its final rules on the definition of the term “U.S. person” solely for purposes of certain aspects of cross-border security-based swap activities (Final Rules) on July...more

SEC Adopts First Installment of Rules for Cross-Border Security-Based Swap Activity

On June 25, 2014, the Securities and Exchange Commission (SEC) re-started its rulemaking for security-based swaps (SBS) under Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act")...more

The SEC, An Idea, Insider Trading And The Wyly Case

The SEC got a much needed courtroom win with a jury verdict in the Wyly case. The insider trading claim, however, was not submitted to the jury because any penalty was time barred. That claim, which was little more than the...more

Harmony or Dissonance: The CFTC’s and SEC’s Cross-Border Rules

Recently, the SEC issued final rules addressing, among other things, the applicability of the security-based swap dealer (“SBSD”) and major security-based swap participant (“MSBSP”) definitions to cross-border security-based...more

SEC Adopts Final Rules and Guidance Regarding the Cross-Border Application of “Security-Based Swap Dealer” and “Major...

Nearly four years after the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”), on June 25, 2014, the Securities and Exchange Commission (“SEC”) adopted its first in a series of...more

SEC Adopts Cross-Border Security-Based Swap Rules

The SEC adopted final rules addressing when market participants engaging in cross-border transactions must register as security-based swap dealers or major security-based swap participants, as applicable. Additionally, the...more

Financial Services Bulletin: Action at the SEC

On Wednesday, June 25, 2014, the Securities and Exchange Commission (the "SEC") issued new rules and guidance regarding cross-border security-based swap activities for market participants. The SEC issued the new rules as part...more

SEC Finalizes Cross-Border Rule for Security-Based Swaps

On June 25, 2014, the United States Securities and Exchange Commission (“SEC”) adopted the first in a series of final rules and interpretive guidance related to U.S. regulation of cross-border security-based swap activities....more

Corporate and Financial Weekly Digest - Volume IX, Issue 26

In this issue: - Delaware Fee-Shifting Legislation Delayed - SEC Orders Securities Exchanges and FINRA to Develop Tick Size Pilot Plan - CFTC Extends Relief to FCMs from Certain Commingling...more

SEC to Hold Open Meeting on Cross-Border Security-Based Swap Definitions

On June 18, the Securities and Exchange Commission announced that it will hold an open meeting on June 25 to consider whether to adopt rules that would apply the definitions of “security-based swap dealer” and “major...more

Corporate and Financial Weekly Digest - Volume IX, Issue 25

In this issue: - Delaware Court of Chancery Rules That a Major Debt Holder and 48 Percent Stockholder Is a Controlling Stockholder and Owes Fiduciary Duties to Minority Stockholders - Delaware Court of Chancery...more

Corporate and Financial Weekly Digest - Volume IX, Issue 23

In this issue: - SEC Chair Gives Speech on Equity Market Structure - New CFTC Commissioners Confirmed; Chairman Sworn In - CFTC Extends No-Action Relief for Certain Transaction-Level Requirements...more

CFTC Provides Streamlined No-Action Relief Filing Procedure to Certain Commodity Pool Operators Who Delegate Responsibilities to...

The Division of Swap Dealer and Intermediary Oversight (the “Division”) of the Commodity Futures Trading Commission (“CFTC” or the “Commission”) recently issued CFTC Letter No. 14-69 (May 12, 2014) (the “Letter”), which...more

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