We here at SECond Opinions pride ourselves on staying current on all things SEC. But how about when in a single day, the SEC finalizes one rule and proposes four others (totaling 1,656 pages!) that could drastically change...more
BROKER-DEALER - SEC Releases Statement on Expiration of Tick Size Pilot - On September 10, the Securities and Exchange Commission announced the early expiration of its Tick Size Pilot Program. Under the program, the...more
The European Securities and Markets Authority has launched a consultation on proposed amendments to the Regulatory Technical Standards (Commission Delegated Regulation (EU) 2017/588, also known as RTS 11) providing for the...more
On April 27, 2018, the Securities Industry and Financial Markets Association (SIFMA), the U.S. Chamber of Commerce and Nasdaq, along with certain technology and biotechnology groups, released a policy paper titled “Expanding...more
The European Commission has published a consultation paper in which it seeks views on the main challenges for SME-dedicated markets and possible changes to EU legislation that might help build the EU high-growth SME markets....more
The European Securities and Markets Authority has published a consultation proposing amendments to the Regulatory Technical Standards on the equity transparency obligations of trading venues and investment firms (Commission...more
SEC/CORPORATE - SEC and Division of Corporation Finance Issue New Pay Ratio Disclosure Guidance - On September 21, the Securities and Exchange Commission (SEC) issued an interpretive release (available here) regarding...more
SEC/CORPORATE - On May 4, Jay Clayton was sworn into office as the new chairman of the Securities and Exchange Commission. As discussed in the January 6 edition of the Corporate & Financial Weekly Digest, Mr. Clayton was a...more
Financial Industry Developments - The CFPB Publishes Final Rule for Prepaid Accounts - On October 5, 2016, the Consumer Financial Protection Bureau (the "CFPB") finalized comprehensive consumer protections for...more
On October 3, 2016, a National Market System (NMS) Plan to implement a Tick Size Pilot Program commenced. The program was introduced by an Order of the Securities and Exchange Commission (SEC) on May 6, 2015, as “an...more
On October 3, 2016, the two-year tick size pilot program, which was proposed by the national securities exchanges and FINRA in June 2014 and approved by the SEC in May 2015, officially commenced. The pilot program is a...more
Deutsche Bank’s penchant for dealing in risk—in the form of currency swaps, bond sales, or derivatives, among others—has left it (and its highly leveraged balance sheet) particularly vulnerable amidst last week’s news of...more
On November 6, 2015, the Securities and Exchange Commission (SEC) issued an Order delaying implementation of its Tick Size Pilot Program. The pilot program will now begin on October 3, 2016. The pilot program is being delayed...more
In June 2014, the Securities and Exchange Commission (“SEC” or “Commission”) issued an order directing the national securities exchanges and the Financial Industry Regulatory Authority (collectively, the “Participants”) to...more
The SEC recently approved a proposal by the national securities exchanges and FINRA for a two-year pilot program to widen tick sizes for prices of certain smaller company common stock. The SEC adopted the tick size pilot...more
In response to the initial proposal received last August from the national securities exchanges and the Financial Industry Regulatory Authority (FINRA), the U.S. Securities and Exchange Commission (SEC) announced on May 6,...more
EBA Final Report on Guidelines on Triggers for Use of Early Intervention Measures Under BRRD - On May 8, the European Banking Authority (EBA) published its final report (EBA/GL/2015/03) on guidelines on triggers for the...more
On May 6, 2015, the Securities and Exchange Commission approved a proposal by the national securities exchanges and the Financial Industry Regulatory Authority (FINRA) for a two-year pilot program that would widen the minimum...more
Two Traders Subject of CME Summary Suspension for Alleged Spoofing Sued by CFTC Too - Last week, the Commodity Futures Trading Commission commenced a lawsuit in federal court in New York against Heet Khara and Nasim...more