News & Analysis as of

Market Manipulation

Further Implementation of the Market Abuse Regulation, European Capital Markets Update

by Jones Day on

On 31 July 2017, a new law was adopted to further implement and ensure the effectiveness of Regulation 596/2014 on market abuse ("Market Abuse Regulation"). This new law amends the law of 2 August 2002 on the supervision of...more

Governance and more on market manipulation

by DLA Piper on

The Financial Markets Authority (FMA) has been busy heading into the end of the year. Amongst other things, the FMA has...more

Cross-Border Investigations Update - November 2017

This issue of Skadden’s semiannual Cross-Border Investigations Update takes a close look at recent cases, regulatory activity and other key developments, including new U.K. reporting obligations for sanctions violations,...more

FERC Enforcement Releases 2017 Annual Report

• On November 16, 2017, the Federal Energy Regulatory Commission released its 11th annual Report on Enforcement, detailing the agency’s Enforcement activities in 2017. • Key highlights are that Enforcement priorities were...more

2017 FERC Report on Enforcement

by PretiFlaherty on

Federal regulators of U.S. energy markets and infrastructure described an increase in litigation activities in the most recent fiscal year. According to the eleventh annual Report on Enforcement issued by the Federal Energy...more

SEC Enforcement Division Priorities Pertaining to Retail Investors and Cybersecurity

by Dechert LLP on

In a keynote speech to the Securities Enforcement Forum on October 26, 2017, U.S. SEC Division of Enforcement (Division) Co-Director Stephanie Avakian emphasized the protection of retail investors and cybersecurity as...more

SEC Files Complaint Against Trader Involving Bitcoin Conversion Scheme

by Reed Smith on

On October 30, 2017, the U.S. Securities and Exchange Commission (“SEC”) filed a complaint in federal court against a day trader for allegedly committing fraud and market manipulation during which the trader utilized a...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Swiss pharma giant Novartis has issued a $3.9 billion cash bid to buy Advanced Accelerator Applications, a French company [and spinoff of the organization in charge of the Large Hadron Collider] known for producing...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Old-school retailer Lord & Taylor has reached a deal with WeWork to sell its landmark New York flagship store for $850 million. L&T will continue on with a greatly decreased department store footprint in the space, but the...more

CFTC Imposes Sanctions On A Proprietary Trading Firm For Spoofing The Market

by Shearman & Sterling LLP on

On October 10, 2017, the Commodity Futures Trading Commission (“CFTC”) filed and settled charges against Arab Global Commodities DMCC (“AGC”), a proprietary trading firm headquartered in Dubai. Specifically, the CFTC found...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

A federal jury in Brooklyn has found former HSBC Holdings exec Mark Johnson guilty on 9 counts of front-running that grew out of the DOJ’s investigation into forex manipulation at HSBC....more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The Supreme Court removed Leidos from its argument document this week. The case, which focused on a question regarding the scope of Section 10(b) in a securities class action, was scheduled for argument next month. The...more

CEO, Attorney Plead Guilty to Market Manipulation

by Dorsey & Whitney LLP on

Microcap fraud has long been a focus of the Commission. The U.S. Attorney’s Office has also brought a series of criminal cases centered on market manipulation charges involving these entities....more

[Webinar] Developments and Trends in Cross-Border Regulation and Enforcement: What You Need to Know for 2018 - October 24th,...

by BakerHostetler on

Join BakerHostetler for a complimentary webinar on trends and predictions for 2018 in the cross-border government investigations and enforcement landscape. This year has seen a marked uptick in international coordination in...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Uber’s Board of Directors has officially voted to realign the power balance at the company, reducing the clout of ousted CEO Travis Kalanick, and setting the stage for a stock sale to SoftBank. Oh yeah, and prepping for that...more

Court In FERC V. Barclays Bank PLC Interprets Statute Of Limitations Applicable To FERC Enforcement Actions

by Pierce Atwood LLP on

In Federal Energy Regulatory Commission v. Barclays Bank PLC, et al. (Barclays Bank), the U.S. District Court for the Eastern District of California (the court) has granted a motion for judgment on the pleadings of defendant...more

China’s ‘One Belt, One Road’ Initiative Creates Opportunities and Regulatory Challenges

In a time of shifting opinions on the benefits of globalization, China’s “One Belt, One Road” initiative (OBOR) offers an unexpected bright spot for multinational companies able and willing to participate in this...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

As the scandal grows, WF’s newish CEO, Timothy Sloan, faces the unfortunate reality of being a company man (30-years at Wells) when the foundations of that company are cracking....more

FERC v. City Power Marketing — The Commission’s First Enforcement Settlement Since Regaining Quorum

Matt Connolly, a senior associate in Nutter’s Litigation Department, discussed the Federal Energy Regulatory Commission (FERC) issuing its first enforcement order since regaining a quorum in Nutter Insights. Matt commented on...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Along with this week’s news that Amazon and Whole Foods are putting the finishing touches on their deal and have the government’s stamp of approval came word that as of Monday, the first official day of Amazon control, the...more

FERC Issues Order Approving Consent Agreement in City Power Marketing Case

On August 22, 2017, the Federal Energy Regulatory Commission (“FERC” or “Commission”) issued an Order Approving Stipulation and Consent Agreement with City Power Marketing, LLC (“City Power”) and its owner, K. Stephen Tsingas...more

First-Ever "Spoofing" Conviction Upheld by the Seventh Circuit

by Clark Hill PLC on

In today's computer-driven world, trading firms use computer software to execute, at very high speed, large volumes of trades. Their trading strategies take advantage of minor discrepancies in the prices of securities or...more

Seventh Circuit Upholds First Spoofing Conviction Against High-Frequency Trader

by Shearman & Sterling LLP on

On August 7, 2017, the Seventh Circuit upheld the conviction of Michael Coscia, founder of Panther Energy Trading LLC, for a market manipulation tactic known as “spoofing,” under Section 6c(a)(5)(C) and 13(a)(2) of the...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Mr. Buffett’s decided to sell his massive 10.6 million share stake in General Electric, withdrawing from the company to which he lent roughly $3 billion to help see it through the 2008 financial crisis....more

Seventh Circuit Upholds First-Ever “Spoofing” Conviction

On August 8, 2017, a three-judge panel of the US Court of Appeals for the Seventh Circuit unanimously upheld the first-ever criminal conviction of a New Jersey futures trader for the manipulative trading practice known as...more

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