Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

NFA Announces Cybersecurity Member Regulatory Workshop Sessions

Posted in CFTC

On April 12, the National Futures Association (NFA) announced two upcoming Member Regulatory Workshop sessions that will discuss members’ regulatory responsibilities regarding cybersecurity. NFA staff will provide updates on their cybersecurity examination findings, and a panel of experts will share best practices. The sessions will be held in New York on May 10 and in Chicago on May 11.

More information regarding the sessions is available here.

New Private Fund Limited Partnership Structure Now Available

Posted in Financial Markets, UK Developments

On April 6, the Legislative Reform (Private Fund Limited Partnerships) Order 2017 (LRO), implementing changes to the Limited Partnerships Act 1907, introduced a new subcategory of limited partnership known as the private fund limited partnership (PFLP). Continue Reading

PRA Issues “Dear CEO” Letters on Brexit Contingency Planning

Posted in Brexit, UK Developments

On April 7, the Prudential Regulation Authority (PRA) published a copy of the “Dear CEO” letter it had sent to firms relating to contingency planning for the UK’s withdrawal from the European Union. The letter was sent by Sam Woods, chief executive officer of the PRA, in response to a speech by Mark Carney, governor of the Bank of England—also delivered on April 7—on the future of global financial services regulation (available here). Continue Reading

SEC Adopts Technical Amendments to JOBS Act Rules

Posted in SEC/Corporate

On March 31, the Securities and Exchange Commission adopted technical amendments to rules adopted by the SEC under the Jumpstart Our Business Startups Act (JOBS Act). These technical amendments include, among others, an increase in the revenue cap for determining emerging growth company (EGC) status; an increase of the amount of money companies can raise through crowdfunding; and revisions to certain rules and forms to conform to amendments made to the Securities Act of 1933 (Securities Act) and the Securities Exchange Act of 1934 (Exchange Act) by the JOBS Act. Continue Reading

CFTC Grants No-Action Relief From CPO Registration for Managers of Endowment Assets

Posted in CFTC

On April 4, the Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight (DISO) granted no-action relief from registration as a commodity pool operator (CPO) to a management company and certain fund directors whose sole clients are funds established to manage the endowment of a state university (University) and certain of its affiliates. Continue Reading

FCA Publishes Fifth Consultation on UK Implementation of MiFID II

Posted in Financial Markets, UK Developments

On March 31, the Financial Conduct Authority (FCA) published its fifth consultation paper (CP17/8) on the implementation of the revised Markets in Financial Instruments Directive (MiFID II).

CP17/8 covers the following three areas:

  • occupational pension scheme (OPS) firms;
  • the decision procedure and penalties manual and enforcement guide; and
  • consequential changes to the FCA Handbook and reporting financial instrument reference data and positions in commodity derivatives.

The deadline for comments on the proposals relating to OPS firms is June 23. The FCA requests comments on its other proposals by May 12.

CP17/8 is available here.

MiFID II Delegated Acts Published in the Official Journal

Posted in EU Developments, Financial Markets

On March 31, 28 delegated regulations (Delegated Regulations) supplementing the revised Market in Financial Instruments Directive (MiFID II)and Market in Financial Instruments Directive Regulation (MiFIR) were published in the Official Journal of the European Union (OJ). Continue Reading

ESMA Updates MiFID II Q&As on Market Structures, Commodity Derivatives and Transparency

Posted in EU Developments, Financial Markets

On April 5, the European Securities and Markets Authority (ESMA) announced that it had published four new questions and answers (Q&A) providing guidance on implementation of the revised Market in Financial Instruments Directive (MiFID II) and Market in Financial Instruments Directive Regulation (MiFIR). Continue Reading

ESMA Updates MiFID II/MiFIR Investor Protection Q&As

Posted in EU Developments, Financial Markets

On April 4, the European Securities and Markets Authority (ESMA) added 10 new questions and answers (Q&A) to its Q&A document on the implementation of investor protection topics under the revised Market in Financial Instruments Directive (MiFID II)and Market in Financial Instruments Directive Regulation (MiFIR).

The Q&A provides clarification on the following topics:

  • best execution;
  • suitability;
  • post-sale reporting;
  • inducements (research);
  • information on charges and costs; and
  • underwriting and placement of a financial instrument.

The Q&A is available here.