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Securities Finance & Banking Administrative Agency

Read need-to-know updates, commentary, and analysis on Securities issues written by leading professionals.

US Commodity Futures Trading Commission Appoints Head of Enforcement and New Chief Market Intelligence Officer

by Shearman & Sterling LLP on

US Commodity Futures Trading Commission Acting Chairman J. Christopher Giancarlo announced the appointment of federal prosecutor James McDonald as the agency’s new Director of Enforcement. Mr. McDonald, who was most recently...more

US Commodity Futures Trading Commission Appoints First Chief Market Intelligence Officer

by Shearman & Sterling LLP on

The US Commodity Futures Trading Commission announced that Andrew B. Busch had been named the CFTC’s first Chief Market Intelligence Officer...more

Departing Federal Reserve Governor Tarullo Gives Speech Supporting Strong Capital Requirements and Criticizing the Volcker Rule

by Shearman & Sterling LLP on

Daniel Tarullo’s resignation from the US Federal Reserve Board became effective, and he was succeeded by Governor Powell as the Chairman of the Board of Governors’ Committee on Supervision and Regulation...more

Circuits Split Over Constitutionality of SEC’s Administrative Law Judges

by Carlton Fields on

The Tenth Circuit Court of Appeals, in Bandimere v. SEC, recently held that the SEC’s administrative law judges (ALJs) are “inferior officers” whose appointments violate the Appointments Clause of the U.S. Constitution...more

Financial Regulatory Agenda for 2017 and onwards

by DLA Piper on

We bring to you the Financial Regulatory Agenda for 2017 and onwards in the Netherlands and in Europe. Download and keep up to date with the most important dates. Please see full Calendar below for more information....more

DOL Finalizes Delay of Fiduciary Rule

by Tucker Arensberg, P.C. on

The DOL has finalized regulations extending the applicability date from April 10 to June 9, 2017, for the new “Fiduciary Rule,” which defines who is a fiduciary under ERISA and the tax code. The new regulations will be...more

Let's Talk Municipal Finance - Issuing Bonds

by PretiFlaherty on

In my previous installment, I discussed several financing alternatives available to municipalities and certain other governmental entities to supplement revenues from their tax base or user fees. One common option is the...more

European Commission Launches Portal for Better Regulation

by Shearman & Sterling LLP on

The European Commission launched a new portal through which feedback can be provided on proposed EU legislation and initiatives. The portal is part of the Commission’s Better Regulation agenda...more

Ninth Circuit Joins Second Circuit in Adopting Broad Definition of “Whistleblower” Under The Dodd-Frank Act

by Dechert LLP on

A divided panel of the U.S. Court of Appeals for the Ninth Circuit recently ruled in Somers v. Digital Realty Trust Inc. that the Dodd-Frank Act’s definition of “whistleblower” includes not only those who disclose information...more

The SEC’s Proposed Changes to Rule 15c2-12 Could Have Far-Reaching Impact on Issuers and Obligors of Municipal Securities

by Foley & Lardner LLP on

On March 1, 2017, the Securities and Exchange Commission (“SEC”) issued Release No. 34-80130 (the “Release”) proposing several amendments to its Rule 15c2-12 (the “Rule”) that would add two new events to the list of events...more

"Key Takeaways: Recent Investment Management Litigation and Regulatory Developments"

On February 28, 2017, Skadden hosted a webinar titled “Recent Investment Management Litigation and Regulatory Developments.” The Skadden panelists were litigation partners Eben Colby and Seth Schwartz, securities enforcement...more

Swimming in dark pools

by DLA Piper on

NZX has published its regulatory agenda for 2017 setting out its regulatory priorities and resourcing, and the outcomes it seeks to achieve over the coming year. In both the 2016 and 2017 regulatory agendas, NZX has flagged...more

OMB Provides Guidance on Trump’s 2 for 1 Regulatory Cuts

OMB’s Office of Information and Regulatory Affairs has provided interim guidance on the requirements in Section 2, “Regulatory Cap for Fiscal Year 2017,” of the Executive Order of January 30, 2017, titled “Reducing Regulation...more

Tenth Circuit Court of Appeals Finds SEC’s Process for Designating Administrative Law Judges to be Defective, Causing Split with...

by Dechert LLP on

The U.S. Court of Appeals for the Tenth Circuit on December 27, 2016, in Bandimere v. SEC, found the Administrative Law Judges (ALJs) used by the U.S. Securities and Exchange Commission (SEC) to hear its administrative...more

Tenth Circuit ruling on constitutionality of SEC administrative judges: implications for CFPB

by Ballard Spahr LLP on

Just before year-end, the U.S. Court of Appeals for the Tenth Circuit, in Bandimere v. United States Securities and Exchange Commission, set aside an SEC decision finding the petitioner liable for violating various securities...more

SEC Watchdog to Watch Watchdog

by Carlton Fields on

The SEC’s Office of Compliance Inspections and Examinations (OCIE) has established a dedicated team charged specifically with inspecting FINRA and other FINRA-related work. This follows through on the SEC’s...more

Financial Regulatory Developments Focus - November 2016

by Shearman & Sterling LLP on

In this 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 managers and...more

SEC Division of Corporation Finance Update

At the American Bar Association’s Fall Meeting, Keith Higgins, Director of the SEC’s Division of Corporation Finance (the “Division”), gave his last “Dialogue with the Director” given the upcoming change in administration. ...more

New FINRA Capital Acquisition Broker Rules May Offer Limited Relief to Private Investment Fund Advisers

by Jackson Walker on

The U.S. Securities and Exchange Commission (“SEC”) recently approved a Financial Industry Regulatory Authority (“FINRA”) proposal to adopt a new regime for the regulation of electing broker-dealer firms that meet the...more

CFTC Proposes New Rule Allowing it to Obtain Trading Firm’s Trade Secrets Without Due Process

by Seyfarth Shaw LLP on

As the Obama administration winds down, its regulators are showing no signs of letting up. Last week the Commodities Futures Trading Commission (CFTC) decided that it should no longer be constrained by its subpoena power...more

Private equity’s top ten issues for the next president

by Thompson Coburn LLP on

Many of the issues on the next President’s plate have unique resonance within the private equity world. Here is our list of the top ten private equity issues that the new President and Congress may tackle in the upcoming...more

SEC's Focus on Private Equity Firms Continues with Recent Action

by Dechert LLP on

A settled enforcement action, announced by the U.S. Securities and Exchange Commission (SEC) on September 14, 2016, continues the trend of increased SEC scrutiny of private equity advisers concerning the allocation and...more

MSRB Responds to Issuer Complaints and Improves Bank Loan Disclosures on EMMA

by Miles & Stockbridge P.C. on

In late September, the Municipal Securities Rulemaking Board (“MSRB”) announced that it had taken steps to enhance the bank loan disclosure submission process and the display of these documents on MSRB’s Electronic Municipal...more

SEC Announces Record Number of Investment Adviser Cases for FY 2016

The Securities and Exchange Commission today announced its enforcement results for fiscal year 2016, reaching new highs in the number of actions filed and money ordered forfeited through disgorgement and penalties. The SEC...more

Structured Thoughts: News for the financial services community, Volume 7, Issue 10

FINRA Revises its Proposed Amendments to Rule 2210 - In our recent Client Alert, we wrote about the Financial Industry Regulatory Authority, Inc.’s proposed changes to Rule 2210, Communications with the Public. One of...more

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