Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

Tag Archives: Federal Register

SEC Proposes Best Interest Standard for Broker-Dealers

Posted in Broker-Dealer
On April 18, the Securities and Exchange Commission proposed a new rule under the Securities Exchange Act of 1934, creating a standard of conduct for registered broker-dealers who make recommendations of securities transactions or investment strategies involving securities to a retail customer. The best interest standard requires broker-dealers to act in the best interest of… Continue Reading

CFTC Approves Amendments to Commission Regulations Under Parts 3 and 9

Posted in CFTC, Derivatives
On January 9, the Commodity Futures Trading Commission announced it had unanimously approved final rules that update Parts 3 (Registration) and 9 (Review of Exchange Disciplinary, Access Denial or Other Adverse Actions). These updates integrate existing advisory guidance, incorporate swap execution facilities, and update provisions currently applicable to designated contract markets. The CFTC also approved… Continue Reading

CFTC Requests Comment on Proposed Exemptive Order to Permit ICE Clear Credit, ICE Clear US and ICE Clear Europe to Invest Customer Funds in French and German Sovereign Debt

Posted in CFTC
On December 12, the Commodity Futures Trading Commission requested comment on a proposed exemptive order, pursuant to Section 4(c) of the Commodity Exchange Act (CEA), which would grant ICE Clear Credit, ICE Clear US and ICE Clear Europe (ICE DCOs) limited exemptions from Section 4d of the CEA and CFTC Rule 1.25. Subject to the… Continue Reading

SEC-Proposed Amendments to Modernize, Simplify and Increase the Accessibility of Required Disclosure

Posted in SEC/Corporate
As previously reported in the October 13, 2017 edition of Corporate & Financial Weekly Digest, on October 11, the Securities and Exchange Commission proposed amendments (the Proposal) to modernize and simplify disclosure requirements in Regulation S-K, and related rules and forms. The Proposal is intended to reduce registrants’ burden and costs to comply with the… Continue Reading

FINRA Proposes to Make New TRACE Security Activity Reports Available

Posted in Broker-Dealer
On June 19, the Financial Industry Regulatory Authority filed a proposed rule amendment that would make new Trade Reporting and Compliance Engine (TRACE) Security Activity Reports available. Currently, FINRA Rule 7730 enumerates the TRACE data products that FINRA offers in connection with TRACE-Eligible Securities (i.e., certain debt and US Treasury securities). Under the amendment, Rule… Continue Reading

CFTC Approves Amendments to Recordkeeping Requirements

Posted in CFTC
On May 23, the Commodity Futures Trading Commission approved amendments to Regulation 1.31, which contains the recordkeeping requirements under the Commodity Exchange Act and CFTC regulations. The final rule adopts the amendments as proposed with a few exceptions. The proposed amendments are discussed in the January 13 edition of the Corporate & Financial Weekly Digest.… Continue Reading

FINRA Files Proposed Rules With The SEC To Implement Consolidated Audit Trail Plan

Posted in Broker-Dealer
The Financial Industry Regulatory Authority (FINRA) has filed proposed rules with the Securities and Exchange Commission to adopt FINRA Rule 6800 Series, which is designed to implement the compliance rule regarding the National Market System (NMS) Plan Governing the Consolidated Audit Trail. Pursuant to Regulation NMS, various exchanges have filed with the SEC a plan to… Continue Reading

CFTC Extends Public Comment Period for Regulation AT Supplemental Proposal

Posted in CFTC
On January 26, the Commodity Futures Trading Commission published in the Federal Register its decision to extend the public comment period for the supplemental notice of proposed rulemaking for Regulation Automated Trading (Regulation AT) (the Supplement). (For a more complete discussion of the Supplement, see the November 11, 2016 edition of Corporate & Financial Weekly… Continue Reading

FTC Releases Revised Hart-Scott-Rodino Filing Thresholds for 2017

Posted in Antitrust
On January 19, the Federal Trade Commission (FTC) announced the 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 in effect 30 days after publication in the Federal Register and will likely be effective by mid-to-late… Continue Reading

CFTC Proposes to Amend Access to Swap Data Requirements

Posted in CFTC, Derivatives
On January 13, the Commodity Futures Trading Commission approved for publication in the Federal Register proposed amendments to Part 49 of the CFTC’s regulations relating to access to swap data held by Swap Data Repositories (SDR). Among other revisions, the proposal: (1) eliminates the requirement that foreign and domestic authorities seeking access to SDR swap… Continue Reading

CFTC Proposes To Amend Recordkeeping Requirements

Posted in CFTC
On January 12, the Commodity Futures Trading Commission approved for publication in the Federal Register proposed amendments to Regulation 1.31, which contains the recordkeeping requirements under the Commodity Exchange Act and CFTC regulations. The CFTC proposes to eliminate certain outdated terms and provisions, add new definitions, and update language to reflect advances in information technology.… Continue Reading

FFIEC Streamlines Call Reports for Small Institutions

Posted in Banking
The Federal Financial Institutions Examination Council (FFIEC) published a Federal Register notice on December 30, 2016, finalizing the reporting requirements for a new and streamlined call report (Call Report) for small financial institutions. Institutions with less than $1 billion in assets and with only domestic offices will be eligible to file this new streamlined report.… Continue Reading

CFTC Unanimously Approves Final Rule Amendments to Its Regulations Regarding CPO Financial Reports

Posted in CFTC
On November 21, the Commodity Futures Trading Commission announced unanimous approval of amendments to the required financial reports that a commodity pool operator (CPO) provides on each pool the CPO operates. The amendments contain provisions similar to the guidance previously provided through exemptive relief or no-action letters and include the following changes: approved use of… Continue Reading

SEC Proposes Amendments To Require Universal Proxy Cards in Contested Elections

Posted in SEC/Corporate
On October 26, the Securities and Exchange Commission voted to propose amendments to the proxy rules that would require the use of universal proxy cards in contested elections (i.e., in a contested election, shareholders would be provided with a proxy card that contains the names of both the management nominees and one or more dissident… Continue Reading

SEC Adopts Amendments to Rules 147 and 504, Adopts Rule 147A and Repeals Rule 505

Posted in SEC/Corporate
On October 26, the Securities and Exchange Commission adopted final rules amending (1) Rule 147 promulgated under the Securities Act of 1933 (Securities Act) to modernize the existing safe harbor under Section 3(a)(11) of the Securities Act for intrastate securities offerings and (2) Rule 504 of Regulation D under the Securities Act to assist capital… Continue Reading

FINRA Files Proposed Amendment to FINRA Rule 2232

Posted in Broker-Dealer
On August 15, the Securities and Exchange Commission published the Financial Industry Regulatory Authority’s proposed amendment to FINRA Rule 2232, which will require FINRA members to provide additional price disclosures to retail customers in relation to certain transactions in fixed income securities. FINRA believes the proposed amendment will allow customers to better evaluate the cost… Continue Reading

CFTC Extends DTCC-SWIFT’s LEI Provider Designation

Posted in CFTC, Derivatives
On July 21, the Commodity Futures Trading Commission published in the Federal Register an order to extend for an additional year the CFTC’s designation of the Depository Trust and Clearing Corporation and Society for Worldwide Interbank Financial Telecommunications joint venture (DTCC-SWIFT) as the provider of legal entity identifiers (LEIs). Such LEIs are used by registered entities… Continue Reading

FINRA Files Proposed Amendment to Margin Requirements for Credit Default Swaps Rule

Posted in Broker-Dealer, Derivatives
On June 15, the Financial Industry Regulatory Authority filed with the Securities and Exchange Commission a proposed amendment to FINRA Rule 4240 (Margin Requirements for Credit Default Swaps). FINRA Rule 4240 implements a pilot program that imposes margin requirements for certain credit default swaps that are also security-based swaps. The proposed amendment would allow for… Continue Reading