Join us for Norton Rose Fulbright’s Second Annual Private Client Symposium at our offices in New York City on October 7, 2015. This year we are focusing on securing your assets and your privacy. Topics for this one-hour panel discussion include:
Introduction
The European Securities and Markets Authority (ESMA) has published final draft technical standards on the Markets in Financial Instruments Directive II (MiFID II), the Markets in Financial Instruments Regulation (MiFIR), the Market Abuse Regulation (MAR) and the Central Securities Depositories Regulation (CSDR).
MiFID II
MiFID II and MiFIR require ESMA to develop a multitude
On September 24, 2015 the CFTC issued an Order settling an enforcement action against TeraExchange, a provisionally registered swap execution facility (SEF). According to the Order, TeraExchange failed to enforce its rules prohibiting wash trading and pre-arranged trading. In fact, the Order found, TeraExchange affirmatively arranged for two market participants to enter into the SEF’s
The FCA has published the Consumer Rights Act Instrument 2015, which was made by the FCA Board on 24 September 2015. The Instrument amends various parts of the FCA Handbook, and material outside the Handbook, to reflect the Consumer Rights Act 2015 (the Act).
The Act sets out a framework that consolidates in one place
The Bank of England’s Financial Policy Committee (FPC) assesses the outlook for UK financial stability by identifying the risks faced by the financial system and weighing these against the resilience of the system.
The FPC has now published a statement following its policy meeting on 23 September 2015. In particular the FPC notes that immediate
On 18 December 2013, the European Banking Authority (EBA) published and submitted to the European Commission (the Commission) the implementing technical standards (ITS) on additional liquidity monitoring metrics under article 415(3)(b) of the Capital Requirements Regulation (CRR). A slightly updated submission took place on 24 July 2014.
On 13 August 2015, the Commission informed the
As of September 1, 2015, in New York City, employers with four or more employees are prohibited from having credit checks run on most employees and applicants. [NYC Admin. Code Sections 8102(29), 8-107(9)(d), (24); Local Law No. 37 (2015).] On September 2, the New York City Commission on Human Rights released enforcement guidance on the
The Financial Industry Regulatory Authority (“FINRA”) has issued Regulatory Notice 15-33, which provides guidance on prudent practices that broker-dealers should consider and implement in order to effectively manage liquidity. In its notice, FINRA stressed that failure to manage liquidity has contributed to firm failures as well as wide spread systemic crises.
The notice described
The Bank of Italy (BoI) has published a set of guidelines in connection with the application of the new supervisory instructions for financial intermediaries. The supervisory instructions came into force in July with the aim of aligning the supervisory regime applicable to financial intermediaries to that applicable to banks under the CRD IV.
The guidelines
There has been published the minutes of a MiFID II implementation roundtable held at the FCA on 14 September 2015. Among the points raised in the minutes: