On May 5, the Legal Entity Identifier Regulatory Oversight Committee (LEI ROC) published a consultative document on changes to the technical guidance on the harmonization of critical over-the-counter (OTC) derivatives data elements (CDE Technical Guidance).
Continue Reading LEI ROC Consults on Changes to Technical Guidance on Harmonization of Critical OTC Derivatives Data Elements
FCA Confirms No Current Revisions to Temporary Transitional Power Applying to UK’s Derivatives Trading Obligation
Posted in Financial Markets, UK Developments
On March 24, the Financial Conduct Authority (FCA) published a statement announcing that it has not observed market or regulatory developments that warrant a change in its use of the Temporary Transitional Power (TTP) applying to the United Kingdom’s derivatives trading obligation (DTO).
Continue Reading FCA Confirms No Current Revisions to Temporary Transitional Power Applying to UK’s Derivatives Trading Obligation
New Rate for Fees Paid Under Section 31 of the Exchange Act
Posted in Broker-Dealer
On February 16, the Financial Industry Regulatory Authority (FINRA) issued an Information Notice (Notice) regarding a new fee rate applicable to specified securities transactions on the exchanges and in the over-the-counter markets. Such fee rate will decrease from its current rate of $22.10 per million dollars in transactions to a new rate of $5.10 per million dollars in transactions.
Continue Reading New Rate for Fees Paid Under Section 31 of the Exchange Act
2021 Report on FINRA’s Examination and Risk Monitoring Program
By Susan Light on
Posted in Broker-Dealer
On February 1, the Financial Industry Regulatory Authority (FINRA) published its 2021 Report on FINRA’s Examination and Risk Monitoring Program (Report). The annual Report summarizes various findings and observations from recent FINRA examinations of its member firms on a range of topics and notes certain areas of the future focus of FINRA examinations in 2021.
Continue Reading 2021 Report on FINRA’s Examination and Risk Monitoring Program
ESMA Publishes Final Report on EMIR RTS Clearing Obligation Regarding Intragroup Transactions and Novations From UK to EU Counterparties
Posted in EU Developments, Financial Markets
On November 23, the European Securities and Markets Authority (ESMA) published a final report on regulatory technical standards (RTS) on the risk mitigation techniques for OTC derivative contracts not cleared by central counterparties detailing bilateral margin requirements under the European Market Infrastructure Regulation (EMIR) (the Report).
Continue Reading ESMA Publishes Final Report on EMIR RTS Clearing Obligation Regarding Intragroup Transactions and Novations From UK to EU Counterparties
HM Treasury Announced Equivalence Decisions for EEA and EU Member States
Posted in Financial Markets, UK Developments
On November 9, the Chancellor of the UK’s HM Treasury announced its intention to provide equivalence decisions to European Economic Area (EEA) States and Member States of the European Union (EU) that will come into effect at the end of the Brexit transition period (the Announcement).
Continue Reading HM Treasury Announced Equivalence Decisions for EEA and EU Member States
FCA Publishes Statement on MiFIR Trade Reporting and Position Limit Obligations
Posted in Brexit, Financial Markets
On October 1, the United Kingdom’s (UK) Financial Conduct Authority (FCA) published a statement on trade reporting and position limit obligations under the Markets in Financial Instruments Regulation (MiFIR) (the Statement).
Continue Reading FCA Publishes Statement on MiFIR Trade Reporting and Position Limit Obligations
MiFID II: FCA Publishes Regulatory Forbearance on the 10 Percent Depreciation Rule
Posted in EU Developments, Financial Markets
On October 1, The European Securities and Markets Authority (ESMA) issued a statement relative to its approach to the application of the Markets in Financial Instruments Directive (MiFID) and Markets in Financial Instruments Regulation (MiFIR) following the end of the Transition Period on December 31 provided for in the Agreement on the withdrawal of the United Kingdom of Great Britain and Northern Ireland from the European Union (EU) and the European Atomic Energy Community (Withdrawal Agreement).
Continue Reading MiFID II: FCA Publishes Regulatory Forbearance on the 10 Percent Depreciation Rule
SEC Amends Exchange Act Rule 15c2-11 to Enhance Retail Investor Protections and Modernize Governing Quotations for Over-the-Counter Securities
By Michael T. Foley, Susan Light & Jack A. West on
Posted in Broker-Dealer
On September 16, the Securities and Exchange Commission adopted amendments to the Securities Exchange Act of 1934 (Exchange Act) Rule 15c2-11 to modernize the rule, including by recognizing advances in communications technology. The rule requires broker-dealers to review key, basic issuer information before initiating or resuming quotations for the issuer’s security in the over-the-counter (OTC) market.
Continue Reading SEC Amends Exchange Act Rule 15c2-11 to Enhance Retail Investor Protections and Modernize Governing Quotations for Over-the-Counter Securities
ISDA and AFME Request for an Extension of Relief on Brexit-Related Novation
Posted in EU Developments, Financial Markets
On August 27, the International Swaps and Derivatives Association (ISDA) and the Association for Financial Markets in Europe (AFME) (together, the Joint Associations) wrote a letter (Letter) to the European Commission and the European Supervisory Authorities to express gratitude for the mitigation of the impact on both European Union (EU) and United Kingdom (UK) market participants, in anticipation of the UK’s departure from the EU.
Continue Reading ISDA and AFME Request for an Extension of Relief on Brexit-Related Novation