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 Disclosure

- FINRA Proposes to Extend Tier Size Pilot for OTC Equity Securities

- FINRA Postpones Rules on MPID Requirements for ATSs

- FINRA Proposes to Make Permanent the Limited Fee Waiver Pilot Program for TRACE Data

- SEC Issues Risk Alert and FAQs on Customer Sales of Unregistered Securities

- CFTC Issues Relief from Certain Part 45 Requirements to Singapore Exchange Derivatives Clearing Limited

- CFTC Hears Testimony on Bitcoin

- Fifth Circuit Holds Multiple Disclosures Establish Loss Causation in Securities Action

- District Court Dismisses Securities Class Action for Failure to Show Causal Connection

- Jonathan Hill Confirmed as New European Commissioner for Financial Services

- ESMA Clearing Obligations for FX NDF and IRS

- Excerpt from SEC Division of Corporation Finance Issues New C&DI Related to Rule 147 and Website/Social Media Use:

On October 2, the Securities and Exchange Commission’s Division of Corporation Finance issued a new Compliance and Disclosure Interpretation (C&DI) regarding whether an issuer of securities may use its own website or social media to offer securities in a manner consistent with Rule 147 under the Securities Act of 1933 (Securities Act). Rule 147 provides objective standards for satisfying the exemption from registration provided by Section 3(a)(11) under the Securities Act (which generally exempts from registration securities offered and sold by an issuer if the transaction is wholly intrastate, meaning the issuer and all the offerees/purchasers are residents of the same state).