Who may be interested: Mutual Funds; Exchange-Traded Funds - Quick Take: Cboe BZX Exchange, Inc. (“CBOE”) has filed an application with the SEC pursuant to Rule 19b-4 under the Exchange Act seeking approval of a proposed...more
On November 13, 2020, the SEC announced that it had settled actions against several investment advisory firms and firms dually-registered as broker-dealers and investment advisers. These actions relate to unsuitable sales of...more
BROKER-DEALER - CBOE Exchange Proposes to Temporarily Extend the Filing Deadline for Certain Supervision-Related Reports - On June 1, Cboe Exchange, Inc. (Cboe) filed with the Securities and Exchange Commission a...more
On April 6, 2020, the Securities and Exchange Commission granted the request of Cboe BZX Exchange, Inc. (CBOE) to change BZX Rule 14.11(1).This will accelerate approval of Exchange-Traded Fund shares and series of ETF shares...more
BROKER-DEALER - CBOE Proposes Amendments to Rule 6.49A Concerning Off-Floor Position Transfers Including RWA Transfers - CBOE Exchange, Inc. (CBOE) recently filed a proposal to amend its Rule 6.49A to amend provisions...more
BROKER-DEALER - SEC Extends Compliance Date for Regulation NMS Changes - The Securities and Exchange Commission has extended the compliance dates for amendments to Rule 606 of Regulation National Market System (NMS)...more
BROKER-DEALER - SEC Commissioner Jackson Gives Speech Regarding the State of America’s Stock Exchanges - On September 19, Commissioner Robert J. Jackson, Jr. of the Securities and Exchange Commission gave a speech...more
In our previous update, we informed you that Atlantic Trading USA LLC had filed the first class action complaint in Chicago federal court against various numerous unnamed market maker trading firms, alleging manipulation of...more
CBOE Global Markets Inc. (CBOE) began trading CFTC-approved bitcoin futures on December 10th, and CME Group Inc. (CME) will begin trading them on December 18th. Bitcoin futures have generated significant attention as the...more
After lingering on the periphery of financial markets for the past several years, cryptocurrency has finally started to move into the mainstream. While the explosion in Bitcoin’s value dominated the news headlines,...more
On December 1, 2017, the Chicago Mercantile Exchange and CBOE Futures Exchange took the necessary regulatory steps to begin trading new bitcoin futures contracts this month. The Cantor Exchange took similar steps to begin...more
The U.S. District Court for the Northern District of Illinois issued an implicit warning to arbitration practitioners in the Urquhart v. Kurlan decision issued two weeks ago: choose your words carefully at the close of...more
US Broker-Dealer, Its CEO and a Non-US Client Sued by SEC for Layering and Other Manipulative Schemes - Lek Securities Corporation (“LEK”), a US-registered broker-dealer and Samuel Lek, its 70 percent owner and chief...more
SEC Overturns CBOE Determination That Individual Traders of Two Omnibus Accounts Were Customers Requiring Application of Customer Identification Rule - The Securities and Exchange Commission set aside a determination by...more
One other interesting thing coming out of last Friday’s enforcement discussion at SEC Speaks (there weren’t many): Market Abuse Unit co-chief Rob Cohen’s mention of the SEC’s Analysis and Detection Center. First, though,...more
In a significant rebuff of the California State Board of Equalization (BOE), the California Second District Court of Appeal held that a manufacturer’s sale of software on tangible media was exempt from sales tax under the...more
In a regulatory circular to Trading Permit Holders (TPHs), the Chicago Board Options Exchange (CBOE) announced that as of August 10 it has made the Book Trade Through Surveillance Reports available to TPHs on its Web Based...more
ESMA Says “No for Now” to Granting Passport Rights to US Fund Managers Under AIFMD - The European Securities and Markets Authority told the European Commission last week that it was premature to grant passport rights to...more
ESMA Says “No for Now” to Granting Passport Rights to US Fund Managers Under AIFMD: The European Securities and Markets Authority told the European Commission last week that it was premature to grant passport rights to...more
Et tu, CFE? CBOE Futures Proposes Amended Disruptive Practices Rules and New Related Policies and Procedures: CBOE Futures Exchange became the latest designated contract market to propose specific rules to ban disruptive...more
On March 11, the Chicago Board Options Exchange (CBOE) proposed new qualifications for Trading Permit Holder (TPH) applicants and direct access users. The proposed amendments require a TPH to be domiciled in (in the case of...more
The Chicago Board Options Exchange (CBOE) has proposed to offer Extended Trading Hours (ETH) on certain index options contracts....more
In this issue: - CBOE Proposes to Offer Extended Trading Hours for SPX and VIX Options - CFTC Staff to Host Public Roundtable on Recovery and Orderly Wind-Down of DCOs - CFTC Reopens Comment Period for...more
On January 23, the Chicago Board Options Exchange (CBOE) proposed rule changes that would amend order ticket requirements for certain orders under CBOE Rules 6.53 and 24.20. Specifically, the proposed amendment to CBOE Rule...more
In this issue: - SEC Advisory Committee on Small and Emerging Companies to Discuss “Accredited Investor” Definition - Glass Lewis Enhances its Pay-for-Performance and Equity Plan Models - SEC Issues New...more