Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

Register for Our 2018 Proxy Season Update Webinar

Posted in SEC/Corporate

On Thursday, December 14 at 12:00 p.m. (CT), please join Katten Muchin Rosenman LLP, Ernst & Young LLP and Strategic Governance Advisors for a webinar discussion of key developments and trends impacting public companies in the 2018 annual reporting and proxy season.

Further details are available here; click here to register.

FINRA Requests Further Comments on the Effectiveness and Efficiency of Its Payments for Market Making Rule

Posted in Broker-Dealer

On November 28, as part a retrospective rule review, the Financial Industry Regulatory Authority (FINRA) requested comments on Rule 5250 (payments for market makers). FINRA’s retrospective rule review process examines significant rulemaking to determine whether the FINRA rule or rule set is meeting its intended objectives by reasonably efficient means and, as necessary, make any amendments to the rules based on these findings. Continue Reading

FINRA Issues Guidance on Reporting Interest Positions Held in Master/Sub-Accounts or Parent/Child Accounts

Posted in Broker-Dealer

On December 6, the Financial Industry Regulatory Authority (FINRA) issued a notice to reiterate that firms must report short positions in each individual firm or customer account on a gross basis under FINRA Rule 4560 (Short-Interest Reporting). Continue Reading

FINRA Releases Report on FINRA Examination Findings

Posted in Broker-Dealer

On December 6, the Financial Industry Regulatory Authority (FINRA) released a summary of findings from its examinations of broker-dealers (Summary Report). As part of FINRA’s mission of investor protection and market integrity, FINRA conducts regular examinations of its broker-dealer members, with each broker-dealer being examined at least once every four years. FINRA prepares a report—which is only available to the examined FINRA member—based upon the examination findings, and the members are required to address issues identified in this report. Continue Reading

NFA Proposes to Amend NFA Registration Rule 802

Posted in CFTC

On November 30, the National Futures Association (NFA) submitted proposed amendments to NFA Registration Rule 802 to the Commodity Futures Trading Commission. The amendment is intended to ensure the language of Rule 802 is consistent with that in recently amended registration forms. Specifically, the amendments reflect changes in the language of Forms 7-R; 8-R; and 3-R. Continue Reading

NFA Proposes to Amend NFA Compliance Rules 2-36 and 2-43

Posted in CFTC

On December 4, the National Futures Association (NFA) submitted proposed amendments to NFA Compliance Rule 2-36 and Rule 2-43 to the Commodity Futures Trading Commission.

The amendment to NFA Compliance Rule 2-36 will require forex dealer members (FDM) to disclose to customers on a per-trade basis: (1) any commissions or other fees charged; (2) for FDMs using a straight-through processing (STP) model, any mark-up or mark-down imposed on the price received from the liquidity provider for the offsetting position; and (3) for FDMs using a non-STP model, the mid-point spread cost. Further, the amendment will require FDMs not using the STP model to provide customers with a description of the mid-point spread cost in a form and manner acceptable to the NFA. Continue Reading

CFTC Releases Rule Enforcement Review of the Chicago Board of Trade, Chicago Mercantile Exchange, Commodity Exchange, Inc. and New York Mercantile Exchange, Inc.

Posted in CFTC

On December 4, the Commodity Futures Trading Commission released a report of the results of its Division of Market Oversight’s (Division) Rule Enforcement Review of the Chicago Board of Trade, Chicago Mercantile Exchange, Commodity Exchange, Inc. and New York Mercantile Exchange, Inc. (collectively the CME Group). Continue Reading

FCA’s Changes to Connect Impact MiFID Passport Notifications

Posted in Financial Markets, UK Developments

On December 4, the UK Financial Conduct Authority (FCA) announced changes, effective from the same date, to Connect, its online system that is used by firms to make various applications and notifications to the FCA. The changes reflect the revised Markets in Financial Instruments Directive legal framework (MiFID II), in anticipation of the implementation of MiFID II on January 3, 2018. Continue Reading

PRIIPs Regulations Published on the UK’s Statute Law Database

Posted in Financial Markets, UK Developments

On December 5, the Packaged Retail and Insurance-based Investment Products Regulations 2017 (Regulations) were published on legislation.gov.uk website, the UK Statute Law Database, together with an explanatory memorandum (Explanatory Memorandum). Continue Reading

HM Treasury Publishes Renewed Investment Management Strategy

Posted in Financial Markets, UK Developments

On December 6, Her Majesty’s Treasury published a report setting out the UK government’s renewed long-term investment management strategy. This follows the announcement by the UK Chancellor of the Exchequer, Philip Hammond, in his Autumn 2017 Budget on November 22, that the government would be publishing its new strategy to “ensure that the UK asset management industry continues to thrive and deliver the best outcomes for investors and the UK economy.” Continue Reading