News & Analysis as of

Liquidity Broker-Dealer

Davis Wright Tremaine LLP

Broker Dealer Regulatory Digest - March 2024

Editor's Note: The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency, specifically...more

K&L Gates LLP

SEC Expands "Dealer" Definition to Capture Liquidity Providers

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Introduction - On 6 February 2024, the US Securities and Exchange Commission (SEC) voted 3-2 to adopt two new rules that significantly expand the definitions of a “dealer” and “government securities dealer” in Sections...more

Mayer Brown

SEC Adopts Rules to Require Registration of Certain Persons Engaging in Liquidity-Providing Activities as “Dealers” and...

Mayer Brown on

On February 5, 2024, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules – SEC Rules 3a5-4 and 3a44-2 (collectively, the “Final Rules”) – to further define the phrase “as part of a regular business” used in...more

King & Spalding

SEC Adopts Rules Requiring Certain Trading Entities, Including Certain Investment Advisers and Private Funds, to Register as...

King & Spalding on

Section 3(a)(5) of the Securities Exchange Act of 1934, as amended (the “Securities Exchange Act”) defines a “dealer” as “any person engaged in the business of buying and selling securities […] for such person’s own account...more

Skadden, Arps, Slate, Meagher & Flom LLP

SEC Grants Broker-Dealers Permanent Exemptive Relief From Rule 15c2-11 for Fixed-Income Securities Sold Under Rule 144A Safe...

On October 30, 2023, the Securities and Exchange Commission (SEC) issued an order granting broker-dealers exemptive relief from Rule 15c2-11 of the Securities Exchange Act of 1934 for fixed-income securities sold in...more

Seward & Kissel LLP

Tilting at Windmills: SEC Sues Binance and Coinbase

Seward & Kissel LLP on

On June 5, 2023, the SEC filed a complaint in the United States District Court for the District of Columbia against Binance, the world’s largest cryptocurrency exchange, and its founder, Changpeng Zhao, known to the world as...more

K&L Gates LLP

SEC Proposes Another Round of Money Market Fund Reforms

K&L Gates LLP on

I. EXECUTIVE SUMMARY - On 15 December 2021, the Securities and Exchange Commission (the SEC) proposed amendments to Rule 2a-7 under the Investment Company Act of 1940, as amended (the 1940 Act) (the Proposed Rule), which...more

Moore & Van Allen PLLC

UPDATED: Term SOFR vs BSBY vs Ameribor in the Loan Market

This is an update to a previous post. This update highlights the formal endorsement of Term SOFR by the ARRC, expands the discussion to include Ameribor and dives more deeply into the issues associated with Term SOFR swaps...more

ArentFox Schiff

Repo Market Disruptions: In Reverse (Part II)

ArentFox Schiff on

Based upon the records of the New York Fed and the Federal Reserve Economic Data (FRED) of the St. Louis Fed, the level of reverse repo activity on June 17th -18th reached unprecedented levels. It was previously reported...more

Cadwalader, Wickersham & Taft LLP

Managing Risks and Maximizing Leverage – Thinking Outside the Square

There has been considerable discussion in the market over the last 12 months about how lenders can increase liquidity and manage the risks that can arise through over-exposure to a particular sponsor, sector or product....more

Dechert LLP

COVID-19 Coronavirus: Fund Needs Cash? How about a Rights Offering?

Dechert LLP on

Key Takeaways - Rights offerings serve as an attractive capital-raising option for issuers in need of liquidity, particularly for closed-end funds and business development companies (“BDCs”), which generally cannot issue...more

A&O Shearman

COVID-19: Compliance and Legal Considerations for Asset Managers

A&O Shearman on

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

Eversheds Sutherland (US) LLP

Regulators have bank deposit sweep programs in their sights

Coming on the heels of the share class initiative, the US Securities and Exchange Commission (SEC) is at the initial stages of another initiative involving concerns about adviser disclosures and conflicts related to bank...more

A&O Shearman

International Organization for Securities Commissions Publishes Report on Liquidity in Corporate Bond Markets Under Stressed...

A&O Shearman on

The International Organization for Securities Commissions has published a report studying the effect of stressed market conditions on liquidity in corporate bond markets. The report arose out of concerns about liquidity in...more

Kilpatrick

Investment Management Regulation: Year in Review

Kilpatrick on

As we prepare for a new year of regulatory initiates and actions, we believe it is important to take inventory of the most significant regulatory events from the past year. True to its word, the SEC focused on reducing...more

A&O Shearman

Financial Regulatory Developments Focus - November 2018 #4

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In this week’s newsletter, we provide a snapshot of the principal U.S., European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

Vedder Price

Investment Services Regulatory Update - February 2018

Vedder Price on

New Rules, Proposed Rules, Guidance and Alerts – SEC STAFF GUIDANCE AND ALERTS - SEC Staff Issues Guidance on Cryptocurrency-related Holdings - On January 18, 2018, the staff of the SEC’s Division of Investment...more

Wilson Sonsini Goodrich & Rosati

WSGR Fintech Update - February 2018

Wilson Sonsini Goodrich & Rosati is pleased to present the February 2018 issue of the WSGR Fintech Update. This latest edition features an article discussing a letter recently issued by the SEC’s Division of Investment...more

Vedder Price

Investment Services Regulatory Update - November 2017

Vedder Price on

New Rules, Proposed Rules, Guidance and Alerts - SEC STAFF GUIDANCE AND ALERTS - SEC Staff Issues No-Action Letters to Facilitate Cross-Border Compliance with the Research “Unbundling” Provisions of the European...more

Vedder Price

Investment Services Regulatory Update - August 2017

Vedder Price on

On August 7, 2017, the SEC’s Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert providing a summary of the staff’s observations from sweep exams of broker-dealers, investment advisers and funds...more

WilmerHale

SEC's Equity Market Structure Advisory Committee Considers Market Volatility and Customer Issues

WilmerHale on

The Equity Market Structure Advisory Committee (EMSAC or Committee) held its third meeting at the Securities and Exchange Commission (Commission or SEC) in Washington DC on February 2, 2016. The Committee is considering...more

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