On February 15, the Council of the European Union (the Council) published a press release announcing the adoption of a “quick fix” amendment to the revised Markets in Financial Instruments Directive (MiFID II) in response to the economic impact caused by the COVID-19 pandemic (the Amendment).

The key changes to MiFID II in the Amendment include: Continue Reading MiFID II “Quick Fix” Adopted in Response to COVID-19

On February 17, the European Commission (the Commission) published two Delegated Regulations amending the European Market Infrastructure Regulation (EMIR) Margin Regulatory Technical Standards (RTS) and the Clearing Obligation RTS (the Delegated Regulations).

The key amendments proposed by the Commission in the Margin RTS include: Continue Reading European Commission Publishes Delegated Regulations Under EMIR on Risk Mitigation and Clearing Obligation

On February 8, the staff of the SEC’s Division of Corporation Finance (the Staff) published a sample comment letter that the Staff might send to companies that conduct securities offerings during periods of extreme stock price volatility. Continue Reading SEC Staff Releases Sample Comment Letter on Securities Offerings During Periods of Market and Price Volatility

On February 10, the Financial Industry Regulatory Authority (FINRA) issued Regulatory Notice 21-03 (the Notice) urging member firms to review their policies and procedures with respect to red flags of potential securities fraud involving low-priced securities. Continue Reading FINRA Releases Regulatory Notice on Policies and Procedures Relating to Fraud Involving Low-Priced Securities

On February 8, the National Futures Association (NFA) released three Notices to Member that cover educational resources, common regulatory and compliance deficiencies, and recent amendments to NFA Rules and Interpretative notices, each aimed at a different audience, as indicated below. Continue Reading NFA Publishes Series of Member Notices Related to Common Deficiencies and Other Regulatory Matters

On February 5, the UK’s Financial Conduct Authority (FCA) updated its webpage on the temporary measures introduced to regulatory reporting in response to the COVID-19 pandemic (the Webpage). Continue Reading FCA Updates Webpage on Changes to Regulatory Reporting During COVID-19

On February 15, Financial Industry Regulatory Authority (FINRA) new Rule 3241 — “Registered Person Being Named a Customer’s Beneficiary or Holding a Position of Trust for a Customer” — becomes effective. The new rule limits any associated person of a member firm who is registered with FINRA (each a “registered person”) from being named a beneficiary, executor or trustee, or to have a power of attorney or similar position of trust for or on behalf of a customer. Continue Reading FINRA New Rule 3241 Becomes Effective February 15

On February 4, the Securities and Exchange Commission published a request for public comment (Comment Request) on potential reform measures to improve the resilience of money market funds, as highlighted in a report of the President’s Working Group on Financial Markets issued in December 2020 (Report). Continue Reading SEC Requests Comment on Potential Money Market Fund Reform Options Highlighted in President’s Working Group Report