Many people associate the phrase “insider trading” with company executives buying or selling the company’s stock before news hits the market. The underlying problem government authorities point to in those cases is the use material nonpublic information about the company for personal benefit.[1] Although the phrase is commonly used in related to securities
Episode 4 of the Regulation Tomorrow Podcast – out now
The Regulation Tomorrow Podcast is back with Episode 4. Jonathan Herbst gives a quick update on Brexit before examining the short selling restrictions on GameStop in the US from a UK MAR perspective. We’re delighted to be joined by our first special guest, the Payment Systems Regulator’s General Counsel and Head of Enforcement and Competition,
Episode 4 of the Regulation Tomorrow Podcast – out on Thursday
After a Christmas hiatus, the Regulation Tomorrow Podcast is back with a bumper-sized episode to kick 2021 off with a bang.
In episode 4, Jonathan Herbst gives a quick update on Brexit before examining the short selling restrictions on GameStop in the US, from a UK market abuse perspective. We’re delighted to be joined by
CFTC Division of Enforcement Publishes Enforcement Manual
On May 8, 2019, the Division of Enforcement (“Division”) of the Commodity Futures Trading Commission (”CFTC”) announced that it had published its Enforcement Manual (“Manual”). This is the first issuance of a public Manual. Prior to this publication, the Manual was only available internally as a general reference to the Division’s Staff during their investigation
CFTC divisions issue their 2019 examination priorities
For the first time, the US Commodity Futures Trading Commission’s (“CFTC”) Division of Market Oversight (“DMO”), Division of Swap Dealer and Intermediary Oversight, and Division of Clearing and Risk published Examination Priorities for the year. While the CFTC has historically published its Rules Enforcement Review of specific commodity exchanges with notes as to areas for
CFTC announces proposed rule to streamline certain regulations for commodity pool operators and commodity trading advisors
On October 9, 2018, the Commodity Futures Trading Commission (“CFTC”) proposed changes to the registration and compliance obligations for commodity pool operators (“CPOs”) and commodity trading advisors (“CTAs”) consistent with relief currently provided by various staff letters and advisories. Comments are due sixty (60) days after the proposed rule is published in the Federal Register. Some key aspects of the proposal include an exemption for multi-jurisdictional CPOs and family offices as well as an exclusion for certain investment advisors. The proposal also addresses disqualification, solicitation and other relief:
CFTC Chair hails the accomplishments of the past year’s enforcement program
On October 2, 2018, Commodity Futures Trading Commission (“CFTC”) Chairman J. Christopher Giancarlo spoke before the Economic Club of Minnesota, giving a detailed overview of the CFTC’s enforcement program for fiscal year 2017 (Oct. 2017 – Sept. 2018), entitling his remarks “Regulatory Enforcement & Healthy Markets: Perfect Together!”
The CFTC’s enforcement program filed
CFTC’s Giancarlo’s Cross-Border White Paper 2.0 signals upcoming rule proposals to replace cross-border guidance
On October 1, 2018, the Commodity Futures Trading Commission’s (“CFTC”) Chairman, J. Christopher Giancarlo released a White Paper entitled, “Cross-Border Swaps Regulation Version 2.0: A Risk-Based Approach with Deference to Comparable Non-U.S. Regulation” (“Cross-Border White Paper 2.0”). Chairman Giancarlo intends to direct the CFTC staff to put forth new rule proposals, which if
D.C. Circuit Vacates Revisions to PJM Minimum Offer Price Rule: Finds FERC Exceeded Statutory Authority
In a decision issued on July 7, 2017, the U.S. Court of Appeals for the D.C. Circuit vacated revisions to the PJM Interconnection, L.L.C. (“PJM”) Minimum Offer Price Rule (“MOPR”) that had been proposed by the Federal Energy Regulatory Commission (“FERC”) in response to a filing submitted by PJM pursuant to section 205 of the
Incriminating IMs lead to Singapore precious metals trader settling, pleading guilty to charges of spoofing, manipulation and wire fraud
A former futures trader recently agreed to a settlement order from the U.S. Commodity Futures Trading Commission (“CFTC”) imposing a permanent trading ban for spoofing and manipulation, and pled guilty to criminal charges of manipulation and wire fraud, for trading done in the precious metals market.
David Liew was a trader on a major financial