On July 20, the Office of the Comptroller of the Currency (OCC), the primary federal regulator for national banks and federal savings banks (each, a Bank), issued a proposed rule regarding when a Bank is the “true lender” in connection with a loan (Proposed Rule). Continue Reading OCC Publishes Proposed Rule Regarding “True Lender”
Katten hosts a weekly, 15-minute fireside chat podcast series on notable UK and European developments from the prior week’s Corporate & Financial Weekly Digest. This week, Neil Robson covers some proposed changes to the UK Financial Promotions/ investment advertising rules, including a proposal to include cryptoassets, as well, separately, as a proposal for a new UK Financial Conduct Authority (FCA) deauthorization mechanism for FCA regulated firms, Nathaniel Lalone reports on some long-awaited good news on the EU’s troubled settlement discipline regime and Carolyn Jackson discusses the notification by the European Supervisory Authorities to the European Commission about the outcome of the review of the packaged retail and insurance-based investment products (PRIIP) key information document.
To listen to the podcast recording, click here.
On July 20, HM Treasury published two separate consultation papers related to proposed reforms to the regulatory framework for the approval of financial promotions under the Financial Services and Markets Act 2000 (FSMA). While separate, the government recommends that they are read in conjunction with each other. Continue Reading HM Treasury Consults on Reforms to Financial Promotion Approvals and Expanding Rules to Cover Cryptoasset Promotions
On July 20, HM Treasury published a policy statement about changes it intends to make to the UK Financial Conduct Authority’s (FCA) process for cancelling firms’ authorizations. Continue Reading HM Treasury Publishes Policy Statement on Intended Changes to FCA’s Cancellation of Authorization Process
On July 23, the Commodity Futures Trading Commission held an open meeting at which it approved an Amendment Order that (1) exempted 16 additional multilateral trading facilities (MTFs) and organized trading facilities (OTFs) authorized within the European Union (EU) from the requirement to register as swap execution facilities (SEFs); and (2) clarified the application of the existing order to UK based MTFs and OTFs during the UK’s Brexit transition period. Continue Reading CFTC Approves Exempt SEF Amendment Order for Certain EU MTFs and OTFs
On July 21, the European Supervisory Authorities (ESAs) (consisting of the European Securities and Markets Authority (ESMA), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Banking Authority (EBA)) informed the European Commission in a letter of the outcome of the review conducted by the ESAs of the key information document (KID) for packaged retail and insurance-based investment products (PRIIPs). Continue Reading ESAs Notify the European Commission About the Outcome of the Review of the PRIIPS Key Information Document
Recently, the Securities and Exchange Commission issued a release (the Release) approving, with immediate effectiveness, the New York Stock Exchange’s (NYSE) proposal to extend through September 30 the NYSE’s temporary and partial waivers from the requirement that NYSE-listed companies obtain stockholder approval in connection with certain related party and 20 percent equity issuances (the Waiver). Continue Reading SEC Approves Extension of Temporary NYSE Waiver of Stockholder Approval Rules
On July 14, the Financial Industry Regulatory Authority (FINRA) filed a proposed rule change to amend Rule 2360 (Options) to increase position limits on options on certain exchange-traded funds. FINRA has indicated that increasing the position limits for conventional options subject to the proposed rule change could lead to a more liquid and competitive market for these options, which will benefit customers interested in these products. Continue Reading FINRA Proposes to Increase Positions Limits on Certain Options
In a release on July 16, the Commodity Futures Trading Commission (CFTC) encourages financial institutions to use a standardized approach to assess and improve their cybersecurity preparedness. Continue Reading CFTC Welcomes Standardized Approaches to Assessing Cybersecurity Preparedness
Katten hosts a weekly 15-minute fireside chat podcast series on notable UK and European developments from the prior week’s Corporate and Financial Weekly Digest. In this week’s edition, Nathaniel Lalone lauds the potential “game-changer” of allowing more clearinghouses to open deposit accounts at the Fed, while Carolyn Jackson notes the successful launch of Securities Financing Transactions Regulation (SFTR) reporting and European Securities and Markets Authority’s (ESMA) updated opinion on the MiFID II “ancillary exemption.” Special guest Chris Collins walks through updated European Commission Brexit notices which, in his view, are useful preparatory checklists for affected firms. Continue Reading London Weekly Fireside Chat