Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

Tag Archives: OTC

ESMA Proposes Regulatory Change To Support the Brexit Preparations of Counterparties to Uncleared OTC Derivatives

Posted in Brexit, EU Developments, Financial Markets
On November 8, the European Securities and Markets Authority (ESMA) published a final report proposing new draft regulatory technical standards (RTS) contained in a draft Delegated Regulation that would amend the three European Commission Delegated Regulations on the clearing obligation under the European Markets and Infrastructure Regulation (EMIR).… Continue Reading

FINRA Reminds Members of Obligations Related to OTC Securities Quoted by a Filed Form 211

Posted in Broker-Dealer
On September 24, the Financial Industry Regulatory Authority (FINRA) issued a Regulatory Notice (Notice) reminding firms of their applicable obligations when publishing a quote in an OTC security, in addition to filing a Form 211. Securities Exchange Act of 1934 (SEA) Rule 15c2-11 prevents a broker-dealer from initiating quotations in an OTC security unless such… Continue Reading

AFME and ISDA Publish Paper on Brexit Contractual Continuity Issues in OTC Derivatives

Posted in Brexit, Brexit/UK Developments, Derivatives, Financial Markets, UK Developments
On July 30, the Association of Financial Markets in Europe (AFME) and the International Swaps and Derivatives Association, Inc. (ISDA) released a paper outlining the challenges UK and EU firms will face in relation to legacy over-the-counter (OTC) derivative contracts following the United Kingdom’s departure from the European Union (Brexit).… Continue Reading

European Commission Adopts Final Rules on Indirect Clearing

Posted in EU Developments
On September 22, the European Commission adopted two delegated regulations to implement new EU-wide rules on “indirect clearing arrangements” for the exchange-traded derivatives market (ETD Delegated Regulation) and for the over-the-counter (OTC) derivatives market (OTC Delegated Regulation). The term “indirect clearing arrangement” refers to a set of relationships—also called a “chain”—where at least two intermediaries… Continue Reading

SEC Chairman Clayton Makes First Public Speech Outlining His Vision for the Commission

Posted in Derivatives, SEC/Corporate
On July 12, in his first major address since becoming Chairman of the Securities and Exchange Commission earlier this year, Jay Clayton outlined his vision for the SEC under his Chairmanship based upon eight guiding “principles” and his approach for implementing those principles into practice. In the speech, delivered at the Economic Club of New… Continue Reading

FINRA Interprets “As Soon As Practicable” Requirement Under Trade Reporting Rules

Posted in Broker-Dealer
The Financial Industry Regulatory Authority has issued a notice clarifying the “as soon as practicable” requirement under FINRA reporting rules for transactions effected over-the-counter (OTC). As background, FINRA rules provide that OTC trades in national market system (NMS) securities that are executed during the hours that a FINRA trade reporting facility is open must be… Continue Reading

FINRA Proposes Amendment to Transactions in Exchange-Traded Managed Fund Shares Rule

Posted in Broker-Dealer
On March 29, the Financial Industry Regulatory Authority filed with the Securities and Exchange Commission a proposed amendment to FINRA Rule 6184 (Transactions in Exchange-Traded Managed Fund Shares (NextShares)). The amended rule would require the FINRA/NASDAQ Trade Reporting Facility (FINRA/NASDAQ TRF) to provide market participants with access to the final trade price for each over-the-counter… Continue Reading