Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

SEC Announces Examination Priorities for 2018

Posted in Broker-Dealer, SEC/Corporate

The Office of Compliance Inspections and Examinations (OCIE) of the Securities and Exchange Commission has announced its examination priorities for 2018. This year, the OCIE’s examination priorities fall within the following categories: examining compliance and risks in critical market infrastructures; protecting retail investors, including seniors and those saving for retirement; continuing oversight over the Financial Industry Regulatory Authority (FINRA) and the Municipal Securities Rulemaking Board; prioritizing cybersecurity; and reviewing anti-money laundering programs.

OCIE’s release on its examination priorities is available here.


FINRA Requests Comment on Rules Applicable to Government Securities

Posted in Broker-Dealer

The Financial Industry Regulatory Authority (FINRA) is requesting comment on the applicability of various FINRA rules to government securities. After undertaking a review of its rulebook, FINRA has identified several rules that currently exclude or do not clearly apply to US Treasury securities or other government securities. FINRA has determined that the application of these rules would benefit from additional industry comment. Continue Reading

Conforming Amendments Proposed for Bank Swap Margin Rules

Posted in Banking, CFTC, Derivatives, Dodd-Frank Developments

On February 5, the Prudential Regulators—the five federal banking regulators for swap dealers that are banks—proposed technical amendments to their margin rules for uncleared swaps. The amendments aim to harmonize the definition of Eligible Master Netting Agreement (EMNA) in the margin rules with recent changes made to the definition of “Qualifying Master Netting Agreement” (QMNA) in the capital and liquidity rules applicable to banks. Continue Reading

FCA Revises List of MiFID II Position Limits

Posted in Derivatives, Financial Markets, UK Developments

The UK Financial Conduct Authority (FCA) has reviewed the bespoke position limits set for a number of commodity derivatives traded on UK venues.

Following its review and as a result of strong growth in some commodity derivative contracts, the FCA has increased the limits of approximately 20 commodity derivative contracts as of February 8. Continue Reading

FCA and ICO Publish Joint Update on GDPR

Posted in Financial Markets, UK Developments

On February 8, the UK Financial Conduct Authority (FCA) and the UK Information Commissioner’s Office (ICO) published a joint statement on the EU General Data Protection Regulation (GDPR).

GDPR will go into effect in the UK on May 25. The GDPR is designed to strengthen the rules governing data protection across the European Union and will be regulated and enforced in the UK by the ICO, as part of its continuing mandate for the responsibility of data protection regulation. Continue Reading

ESMA Publishes Updated Version of Its Q&As on Short Selling Regulation

Posted in EU Developments, Financial Markets

On February 5, the European Securities and Markets Authority (ESMA) updated its set of Questions and Answers (Q&As) on the implementation of Regulation (EU) 236/2012 (the Short Selling Regulation). The aim of the Q&As is to promote common supervisory approaches and practices in the application of the Short Selling Regulation by regulators across the European Union. The last version of the Q&As was published in January 2013. Continue Reading

FINRA Proposes Rule Change To Provide Additional Hearing Options for Parties in Certain Arbitrations

Posted in Broker-Dealer

On January 30, the Financial Industry Regulatory Authority filed a proposed rule change with the Securities and Exchange Commission to adopt amendments to FINRA Rules 12600 and 12800 of the Code of Arbitration Procedures for Customer Disputes (Customer Code) and FINRA Rules 13600 and 13800 of the Code of Arbitration Procedure for Industry Disputes (Industry Code).

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FTC Releases Revised Hart-Scott-Rodino Filing Thresholds for 2018

Posted in Antitrust

The Federal Trade Commission (FTC) recently announced new filing thresholds that will apply to mergers and acquisitions under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act of 1976, as amended (the Act). These new thresholds will go into effect on February 28.

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House of Lords European Union Committee Publishes Report on Brexit and The Future of Financial Regulation

Posted in UK Developments

On January 27, the House of Lords European Union Sub-Committee on Financial Affairs (Sub-Committee) published a report (Report) on its inquiry (Inquiry), launched in July 2017, into Brexit and the future of financial regulation and supervision. Continue Reading

Draft Report on Proposed EMIR REFIT Regulation Published By The European Parliament’s Economic and Monetary Affairs Committee

Posted in EU Developments

On January 30, the European Parliament’s Economic and Monetary Affairs Committee (ECON) published its draft report (Draft Report), dated January 26, on the proposal for a regulation (EMIR REFIT Regulation) to amend the European Market Infrastructure Regulation (EMIR). Continue Reading