Jacqueline Cook, Of Counsel, sums up the key messages from Sullivan’s May webinar. Geoffrey Wynne considered what financiers could do if things start to go wrong in a trade, export or project finance transaction and...more
Imagine you work as “in-house” counsel at an investment bank. Your principal role is to advise your clients (typically sales personnel, product structurers and traders) about the various legal, regulatory and compliance...more
After 15 years of heavily contested litigation, the United States Court of Appeals for the Seventh Circuit recently put the kibosh on antitrust claims arising out of the futures trading market. The decision in U.S. Futures...more
The FCA has published a special edition of its Primary Market Bulletin which provides key commentary for issuers and market participants in light of the coronavirus pandemic. Ongoing disclosure under the Market Abuse...more
This is the inaugural issue of The Distributed Ledger, a periodic publication covering the latest trends and developments in blockchain technology, digital assets and smart contracts. In this edition, we examine a federal...more
On September 28, the European Securities and Markets Authority (ESMA) published a final report (Report) containing draft regulatory technical standards (RTS) and implementing technical standards (ITS) on the new EU Market...more
SEC/CORPORATE - ISS Publishes Results of 2015–2016 Annual Global Policy Survey - On September 28, Institutional Shareholder Services (ISS), a leading proxy advisory firm, published the results of its 2015–2016...more
Alleged Flash Crasher's Formal Indictment Provides More Details Regarding His Purported Spoofing - The US Department of Justice filed a formal indictment against Navinder Singh Sarao in a US federal court in Chicago on...more
SEC/CORPORATE - US District Court Orders SEC To Revise Resource Extraction Issuer Rule - On September 2, the US District Court for the District of Massachusetts ordered the SEC to file with the District Court in 30...more
In the most recent edition of its regular market conduct and transaction reporting-focused ‘Market Watch’ publication, the UK Financial Conduct Authority (“FCA”) provides a review of commodities firms’ compliance and...more
Hackers and Traders Charged by SEC and Department of Justice in International Securities Fraud Scheme - The computer servers of three major newswire companies were allegedly hacked as part of an elaborate illicit...more
At the annual Mansion House speech to the City on Wednesday, 10 June, Bank of England (BoE) Governor Mark Carney announced an end to “the age of irresponsibility”. Shortly before the Mansion House speeches began, the...more
On July 3, 2016, the European Union’s Market Abuse Regulation (MAR) will replace the EU’s Market Abuse Directive (MAD). The directive on criminal sanctions for insider dealing and market manipulation (CSMAD) will be...more
AFG and Amafi's Response to ESMA on MiFID II/MiFIR - The AFG, (Association Française de Gestion), the association representing French management companies, replied to ESMA’s consultation paper on MiFID II and MIFIR on 2...more
FCA Study on Competition in Investment and Corporate Banking Services - The FCA has announced plans to launch its first wholesale market study into investment and corporate banking to assess whether competition in the...more
On February 3, the European Securities and Markets Authority (ESMA) published its final report to the European Commission (EC) with technical advice on possible new secondary legislation under the European Union’s Market...more
Industry Watchdogs Warn Brokers and Advisory Firms on Cybersecurity Threats - Both the Securities and Exchange Commission and the Financial Industry Regulatory Authority published observations of their review of...more
In This Issue: - Transactions Involving Digital Media in Europe: Know the Source - New Framework on Market Abuse in the European Union - Current Developments ..“Made in Germany” Attracts Foreign...more
On Oct. 16, 2014, the Chinese Supreme People’s Court (“SPC”) issued its first antitrust decision since August 2008, when China’s Anti-Monopoly Law came into effect. In its lengthy opinion in Qihoo v. Tencent, the SPC provides...more
The latest edition of Financial Services Europe and International Update from Dechert’s Financial Services Practice covers the most recent regulatory developments. In This Issue: - Part A – Regulation of Financial...more
In a press release published on September 10, the European Parliament announced that it had adopted a legislative resolution on the Market Abuse Regulation (MAR) in a plenary session. The legislative resolution will establish...more
On June 26, following long running negotiations, the Council of the EU announced a compromise with the European Parliament on the proposed MAR....more
Council of the EU Announces Political Agreement on the Market Abuse Regulation (MAR) - On June 26, following long running negotiations, the Council of the EU announced a compromise with the European Parliament on the...more
On January 28, the Upper Tribunal (Tax and Chancery Chamber) upheld the decision of the Regulatory Decisions Committee (RDC) of the UK Financial Services Authority (FSA) to impose a fine of £8 million (approximately $12.6...more
On January 28, the FSA published a press release regarding the decision of the Upper Tribunal (Tax and Chancery Chamber) to uphold the FSA’s decision to fine Swift Trade Inc £8 million for market abuse, marking the largest...more