News & Analysis as of

Futures Securities and Exchange Commission (SEC)

Proskauer Rose LLP

Proskauer's Hedge Start: When Is CFTC Registration Necessary?

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An initial question faced by a new hedge fund manager is whether or not registration with the U.S. Commodity Futures Trading Commission (CFTC) will be required. Limited Trading Exemption - CFTC Rule 4.13(a)(3), which...more

BCLP

At Long Last: What Crypto’s First Spot Etfs Mean for the Digital Asset Industry

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After years of denials, the SEC has finally approved its first Bitcoin spot ETFs. Reaching this point has involved legal battles, repeated reviews of applications, and much more....more

BakerHostetler

SEC Approves Spot Bitcoin ETFs; CFTC Publishes DeFi Report; FINRA Addresses Crypto Assets; Reports Provide Data on Crypto Scams

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On January 10, the U.S. Securities and Exchange Commission (SEC) simultaneously approved eleven spot bitcoin Exchange Traded Funds (ETFs) on an accelerated basis based on its Order Granting Accelerated Approval of Proposed...more

Katten Muchin Rosenman LLP

Foreign Listed Stock Index Futures and Options Approvals December 2023

Attached please find the updated Foreign Listed Stock Index Futures and Options Approvals Chart, current as of December 19, 2023. All prior versions are superseded and should be discarded. Please note the following...more

Troutman Pepper

The SEC, Grayscale, and the Race for a Spot-Bitcoin ETF: An Inside Look at the APA’s “Arbitrary and Capricious” Standard

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In the ever-evolving world of digital assets and law, Grayscale Investments, LLC (Grayscale) found itself at the pinnacle of a major decision by the Court of Appeals for the District of Columbia. On August 29, the court...more

Katten Muchin Rosenman LLP

Broker-dealer/FCMs! You need to have a talk with your clients about AEX Index Futures

Last month, Euronext published a notice to clients that will be of interest to US broker-dealers and FCMs who facilitate client execution and clearing of futures contracts listed on Euronext. The notice advises that from 20...more

Skadden, Arps, Slate, Meagher & Flom LLP

Inside the Courts – An Update From Skadden Securities Litigators - December 2022

Cornerstone Research reports that during the first six months of 2022, plaintiffs filed 110 securities class actions, a pace that is generally in line — 2.8% higher — with what we saw in the second half of 2021. Looking...more

Dorsey & Whitney LLP

Complex Products: In Need of A Solution

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​​​​​​​Complex financial products continue to present difficult issues for the Commission. In many instances the products involved are so complex that is may be questionable if any amount of policies, procedures and...more

Goodwin

Grayscale Investments Petitions D.C. Circuit For Review Of SEC’s Decision To Disapprove Proposed Bitcoin Exchange-Traded Product

Goodwin on

On June 29, 2022, Grayscale Investments, LLC petitioned the U.S. Court of Appeals for the District of Columbia for review of the U.S. Securities and Exchange Commission’s June 29, 2022 final order disapproving of an October...more

Faegre Drinker Biddle & Reath LLP

Ubiquitous Use of WhatsApp and Other Unrecorded Internal Communications Result in Substantial Penalties in Recent SEC, CFTC...

The SEC has, for many years, used broker-dealer and associated persons’ failure to create and maintain books and records as a basis for the imposition of serious penalties. In recent actions, it appears to be continuing—and...more

Nelson Mullins Riley & Scarborough LLP

The Only Thing to Fear is Fear Itself or Digital Asset Fund and Futures

President Franklin D. Roosevelt once noted: “The only thing to fear is fear itself ... ” Apparently, some in the federal government no longer share this belief. In a recent Investor Bulletin[2] (“Bulletin”), the Securities...more

Faegre Drinker Biddle & Reath LLP

SEC’s Director of Enforcement Unexpectedly Resigns Just Days after Taking the Job: Reminiscent of Previous Resignation by former...

Alex Oh, U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler’s pick for the agency’s Director of the Division of Enforcement, unexpectedly resigned on Wednesday amid growing criticism for her decades-long work as...more

Katten Muchin Rosenman LLP

Foreign Listed Stock Index Futures and Options Approval Chart March 2021

Attached please find the updated Foreign Listed Stock Index Futures and Options Approvals Chart, current as of March 25, 2021. All prior versions are superseded and should be discarded. Please note the following developments...more

Faegre Drinker Biddle & Reath LLP

A Proposal to the CFTC for a New Way for “Bets” to Be Hedged

Perhaps it is in the spirit of March Madness and bracketology, but the Commodity Futures Trading Commission (CFTC or Commission) recently acknowledged consideration of a proposal by a sports gambling company to allow...more

Faegre Drinker Biddle & Reath LLP

SEC Enforcement Victory in its Efforts to Police Cannabis Industry Investments

As the cannabis industry continues to evolve and generate capital raising and investment opportunities, the SEC Division of Enforcement will continue to closely keep watch and target the bad actors that new market...more

The Volkov Law Group

Deutsche Bank Agrees to Pay $130 Million to Resolve FCPA and Fraud Cases (Part I of II)

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Deutsche Bank, the infamous German bank connected to President Trump, settled FCPA and fraud cases with the Justice Department and the SEC, and agreed to pay a total of $130 million....more

The Volkov Law Group

DOJ, CFTC and SEC Settle Spoofing Fraud Charges with JP Morgan for $920 Million

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JP Morgan Chase (“JP Morgan”) is not having a positive year when it comes to government enforcement.  JP Morgan is at the brink of a multi-billion dollar FCPA settlement for its involvement in the 1MDB corruption scandal in...more

Robins Kaplan LLP

Financial Daily Dose 9.24.2020 | Top Story: JPMorgan Nears $1B Settlement Over Alleged Spoofing

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JPMorgan is preparing to finalize a deal with federal prosecutors and regulators in which the bank would pay nearly $1 billion to “settle civil and criminal charges that its traders rigged futures and securities markets”...more

Faegre Drinker Biddle & Reath LLP

CFTC Enforcement Update: A Spoofing Record Breaker & More on “Insider Trading”

On August 19, 2020, the Commodity Futures Trading Commission (“CFTC”) issued three orders filing and settling charges against a bank with a provisionally registered swap dealer (the “Firm”) requiring the Firm to pay $127.4...more

Morgan Lewis

Change in the US Regulatory Status of the KRX300 Futures Contract

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Effective July 1, 2020, the KRX300 (a Korean Large-Cap Index) Futures Contract will no longer be considered a broad-based security index futures contract and instead will be subject to joint regulation by the CFTC and SEC as...more

Perkins Coie

Part 2: CFTC Finalizes Guidance on Digital Assets in the Context of Retail Commodity Transactions

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The Regulation of Retail Commodity Transactions—History and Background - On March 24, 2020, the U.S. Commodity Futures Trading Commission (the Commission or the CFTC) finalized long-awaited interpretive guidance regarding...more

Perkins Coie

CFTC Finalizes Guidance on Digital Assets in the Context of Retail Commodity Transactions

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On March 24, 2020, the U.S. Commodity Futures Trading Commission (the Commission or the CFTC) finalized long-awaited interpretive guidance regarding what constitutes the “actual delivery” of a digital asset in the context of...more

Robins Kaplan LLP

Financial Daily Dose 3.24.2020 | Top Story: Fed’s “Unlimited” QE Promise Doesn’t Reassure Markets Amid D.C. Deadlock

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A promise of “unlimited” QE from the Fed Monday morning briefly turned the tides on Dow futures but wasn’t enough to overcome another day of COVID-19-related fears and DC gridlock over the $1.8 trillion stimulus package III...more

A&O Shearman

COVID-19: Compliance and Legal Considerations for Asset Managers

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As the world responds to COVID-19, we have identified a number of compliance and legal considerations for asset managers. We summarize a select list of these in our note below....more

Robins Kaplan LLP

Financial Daily Dose 2.24.2020 | Top Story: Wells Fargo to Pay $3 Billion to Resolve DOJ and SEC Investigations

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Wells Fargo & Co. agreed to pay a total of $3 billion to resolve criminal and civil investigations by the DOJ and SEC. Wells Fargo admitted “that it took millions in wrongful fees and interest, misused customer information...more

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