Most net asset value (NAV) loans to fund borrowers do not include publicly traded positions in the collateral package because borrowers usually use NAV loans to finance against illiquid positions (and publicly traded...more
This updated guide lays out the margin requirements for uncleared derivative transactions in a user-friendly comparative table. ...more
This client alert addresses three aspects of security-based swap (SBS) regulations recently issued by the Securities Exchange Commission (SEC) that are relevant to commercial end users, funds, and other financial end users:...more
On July 26, 2021, the SEC announced the approval of a substituted compliance determination order with respect to security-based swap dealers and major security-based swap participants (SBS Entities) subject to regulation in...more
On Friday, May 7, 2021, the Financial Industry Regulatory Authority (FINRA) filed a proposal with the Securities and Exchange Commission (SEC) to amend the provisions of a yet-to-become effective version of FINRA Rule 4210...more
This Client Alert White Paper serves as a comprehensive guide to the new rule, which largely supersedes prior CFTC guidance that had informed market practice for over seven years. Key Points: ..The new rule became...more
The proposed amendments could significantly alter the landscape for extended settlement of securities offerings by expressly limiting the public offering exception for “when-issued” securities to equity IPOs. Key Points: ...more
The Financial Industry Regulatory Authority, Inc. (FINRA) filed a proposed rule change with the Securities and Exchange Commission (SEC) on December 22, 2020, to once more delay the implementation of amendments to FINRA Rule...more
The outbreak of the COVID-19 coronavirus is causing business disruption on an unprecedented scale. After more than a decade of sustained economic growth, market volatility and central bank intervention has returned. ...more
As a further step towards the implementation of its security-based swap regime, the Securities and Exchange Commission (SEC) has adopted a number of long-awaited capital, margin and segregation requirements for security-based...more
The Financial Industry Regulatory Authority, Inc. (FINRA) filed a proposed rule change with the Securities and Exchange Commission (SEC) on October 25, 2019, to once more delay the implementation of amendments to FINRA Rule...more
On September 4, 2019, the Securities and Exchange Commission (“SEC”) and the Commodity Futures Trading Commission (“CFTC”) announced they had entered into settlements with Options Clearing Corporation (“OCC”) regarding its...more
On June 21, 2019, the Securities and Exchange Commission (SEC or Commission) adopted a package of rules and rule amendments (Rules) that set forth the capital, margin and segregation requirements for security-based swap...more
The United Kingdom’s Financial Conduct Authority proposed to ban the marketing and sale in or from the UK to retail persons of derivatives and exchange-traded notes based on cryptocurrencies and utility digital tokens,...more
The Securities and Exchange Commission ("SEC") has adopted rules under the Securities Exchange Act (the "SEA") establishing (i) capital and margin requirements applicable to broker-dealers entering into security-based swaps...more
BROKER-DEALER - FINRA Proposes Data Service for Corporate Bond New Issues - The Financial Industry Regulatory Authority (FINRA) has filed with the Securities and Exchange Commission a proposed rule change to establish a...more
BROKER-DEALER - SEC Chairman Clayton and Trading and Markets Director Redfearn Call for a Reassessment of Regulation NMS - On March 8, US Securities and Exchange Commission chairman Jay Clayton and director, Division...more
For the Commodity Futures Trading Commission (CFTC or Commission), 2018 was characterized by (1) an active enforcement program emphasizing cooperation and self-reporting, (2) increasing cross-border tension over supervision...more
In recent days, the Securities and Exchange Commission (SEC) announced a no-action position on enforcing its 2016 Business Conduct Standards against security-based swap dealers (SBSDs) and major security-based swap...more
SEC OCIE Examinations Announces 2018 Examination Priorities - On February 7, the Securities and Exchange Commission's ("SEC") Office of Compliance Inspections and Examinations ("OCIE") announced its 2018 examination...more
SEC/CORPORATE - SEC Approves NYSE Rule to Facilitate Listing Without an IPO - On February 2, the Securities and Exchange Commissions approved a New York Stock Exchange (NYSE) rule change that facilitates the listing...more
CFTC Comparability Determination on EU Margin Requirements and a Common Approach on Trading Venues - On October 13, 2017, the U.S. Commodity Futures Trading Commission ("CFTC") announced determinations by the CFTC and the...more
Sanctions: Will the Trump Administration Stay the Course? President Trump made many statements during the campaign regarding actions he plans to take to reverse Obama administration sanctions policies. These included...more
SEC Approves Rules to Ease Investor Access to Exhibits in Company Filings - On March 1, 2017, the Securities and Exchange Commission (SEC) voted to adopt rule and form amendments that will require issuers to include a...more
Editor's Note - In This Issue. The New York Department of Financial Services issued its highly anticipated cybersecurity regulation in its final form, the Securities and Exchange Commission (SEC) issued updated guidance...more