United States

SEC provides some relief in connection with MiFID II research payment requirements

Europe’s revised Markets in Financial Instruments Directive (MiFID II), effective  January 3, 2018, makes a number of important regulatory changes concerning the delivery of financial services and products. A number of these changes have an extraterritorial element that can have a significant impact on US firms. A particularly contentious area has been how European Union … Continue Reading

Celebrity Endorsements, Cryptocurrencies, and Initial Coin Offerings

On November 1, 2017, the U.S. Securities and Exchange Commission (SEC) joined the U.S. Federal Trade Commission (FTC) in warning celebrities about social media endorsements. SEC Warning The SEC issued both a public statement and an investor alert regarding celebrity endorsements of Initial Coin Offerings (ICOs). We published a blog post in August regarding the … Continue Reading

November 2 Norton Rose Fulbright New York briefing to focus on SEC/CFTC Enforcement Trends

Norton Rose Fulbright New York office’s next financial services briefing is a luncheon seminar set for Thursday, November 2, 2017, at 12:00-1:00 PM EDT. Each month, Norton Rose Fulbright’s senior practitioners will provide interested in-house counsel and professionals with an insightful discussion on current regulatory trends within the financial services sector. The November briefing will … Continue Reading

Legal update on proposed SEC Regulation S-K revisions now available

A recent Norton Rose Fulbright legal update on proposed regulations issued by the Securities and Exchange Commission (SEC) may be of interest to readers of the Financial services: Regulation Tomorrow blog. “SEC proposes Regulation S-K amendments to implement FAST Act mandate,” by Charles E. Hord III, discusses proposed amendments to Regulation S-K (“Standard Instructions For … Continue Reading

Latest issue of Global Asset Management Quarterly now available

The seventh issue of our Global Asset Management Quarterly is now available. You can also register to automatically receive each issue as it is released. This publication highlights key developments that will be of interest to, and affect, our asset management clients, including market trends and developments in tax and buy-side regulation globally. Articles in … Continue Reading

New York State proposes registration of consumer credit reporting agencies

In the wake of the recent cyberattack on Equifax resulting in the possible disclosure of the personal data of over 150 million consumers, on September 18, 2017, New York State announced the issuance of proposed New York State Department of Financial Services (DFS) regulations that would require consumer credit reporting agencies to register with the … Continue Reading

Another SIFI designation falls

On September 29, 2017, the Financial Stability Oversight Council (FSOC) formally lifted its designation of American International Group, Inc. (AIG) as a systemically important financial institution (SIFI). The FSOC was established pursuant to the 2010 Dodd-Frank financial reform legislation and is chaired by the Secretary of the Treasury with members composed of the federal financial … Continue Reading

Cryptocurrency disclosures in the face of recent attacks

“Bitcoin is evil.” “Bitcoin is a pyramid scheme.” “Bitcoin is worthless.” These are just some of the comments that have been levied against cryptocurrency generally and Bitcoin specifically. Whatever views one might hold about whether these criticisms of cryptocurrencies are well-taken or not, these harsh statements by prominent and respected members of the financial community … Continue Reading

EU Market Abuse Regulation: not just an EU compliance issue

The EU Market Abuse Regulation (MAR) came into effect on July 3, 2016. It replaced the EU Market Abuse Directive (MAD) and contains rules on insider dealing, unlawful disclosure of inside information and market manipulation that apply throughout the EU. In addition, the prohibitions and requirements set out in MAR apply to acts or omissions … Continue Reading

Initial coin offerings (ICOs) are focus of next Norton Rose Fulbright New York briefing

Norton Rose Fulbright New York office’s next financial services briefing is a luncheon seminar set for Thursday, October 5, 2017, at 12:00-1:00 PM EDT. Each month, Norton Rose Fulbright’s senior practitioners will provide interested in-house counsel and professionals with an insightful discussion on current regulatory trends within the financial services sector. The October briefing will … Continue Reading

Two recent legal updates discuss insider trading and new economic sanctions on Venezuela

Two recent Norton Rose Fulbright legal updates may be of interest to readers of the Financial services: Regulation Tomorrow blog: The first, “Second Circuit overturns precedent regarding scope of tipper/tippee insider trading liability,”  by Kevin Harnisch and Ilana Sinkin, discusses a recent U.S. Court of Appeals opinion overturning its own 2014 test for tipper and … Continue Reading

MiFID II impact on US is focus of the next Norton Rose Fulbright New York briefing

Norton Rose Fulbright New York office’s next financial services briefing is a webinar only seminar set for Thursday, September 7, 2017, from 12:00 to 1:00 PM EDT. Each month, Norton Rose Fulbright’s senior practitioners will provide interested in-house counsel and professionals with an insightful discussion on current regulatory trends within the financial services sector. In … Continue Reading

US federal banking regulators issue risk-based capital guidance for certain derivatives

On August 14, 2017, the US federal banking agencies (Federal Reserve Board (FRB), Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC)) issued interagency guidance on the risk-based capital treatment of certain centrally cleared derivative contracts. The guidance was issued because some central counterparties recently modified margin requirements for certain centrally … Continue Reading

OCC seeks comments on changes to Volcker Rule

On August 2, 2017, the Office of the Comptroller of the Currency (“OCC”), which charters national banks, issued a press release and notice seeking comments proposing revisions to the  regulations that implement the so-called “Volcker Rule” in order to “better accomplish the purposes” of the Rule. The Volcker Rule, enacted as part of the Dodd-Frank … Continue Reading

Metlife SIFI appeal in abeyance; documents under seal to be reviewed for release

On August 2, 2017, the U.S. Court of Appeals for the D.C. Circuit ordered another stay in the ongoing case between the Financial Stability Oversight Council (FSOC) and MetLife over whether MetLife should be designated as systemically important and subject to additional regulation by the Federal Reserve Board. As noted in previous blog posts, on … Continue Reading

CFTC registers LedgerX to trade, clear Bitcoin derivatives

The Commodity Futures Trading Commission (CFTC) recently approved two applications from LedgerX – a platform for trading and clearing Bitcoin options – to become registered as a swap execution facility (SEF) and derivatives clearing organization (DCO). These approvals make LedgerX the first DCO and the second SEF approved to facilitate digital currency-related derivatives activity (another … Continue Reading

SEC determines US securities laws apply to capital-raising via blockchain

On July 25, 2017, the US Securities and Exchange Commission (“SEC”) issued an investigative report stating that US securities laws apply to sales of securities in the United States purchased with virtual currencies or distributed with blockchain technology. At the same time, it issued an Investor Bulletin on so-called “Initial Coin Offerings” (ICOs) to caution … Continue Reading

US regulators reviewing Volcker Rule applicability to certain non-US funds

On July 21, 2017, the Federal Reserve Board, Office of the Comptroller of the Currency, and Federal Deposit Insurance Corporation (the “US Banking Agencies”), along with the Securities and Exchange Commission and the Commodity Futures Trading Commission, issued a joint press release indicating that they were coordinating their review of the applicability of the Volcker … Continue Reading

Latest issue of Global Asset Management Quarterly now available

The sixth issue of our Global Asset Management Quarterly is now available. You can also register to automatically receive each issue as it is released. This publication highlights key developments that will be of interest to, and affect, our asset management clients, including market trends and developments in tax and buy-side regulation globally. Articles in … Continue Reading

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 … Continue Reading

OCC sued over plan to issue fintech bank charters

Not content to continue merely voicing strong opposition to the proposal of the U.S. Treasury Department’s Office of the Comptroller of the Currency’s (“OCC”) proposal to issue a special purpose national bank charter to financial technology (“fintech”) companies, the Conference of State Bank Supervisors (“CSBS”), the trade association for state bank regulators, and the Superintendent … Continue Reading

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 … Continue Reading

Kokesh v. SEC: Supreme Court Limits Reach of Disgorgement Remedy

In a unanimous decision, the United States Supreme Court has reined in the authority of the Securities and Exchange Commission (“SEC”) to recover ill-gotten gains, holding that the five-year statute of limitations period applicable to SEC enforcement actions extends to disgorgement. In Kokesh v. SEC, No. 16-529 (June 5, 2017), the Court found that any … Continue Reading

Court stays FSOC’s Metlife SIFI appeal

As noted in previous blog posts, on March 30, 2016, MetLife prevailed against the Financial Stability Oversight Council (FSOC) when a US District Court Judge for the District of Columbia issued an order overturning the FSOC’s designation of MetLife as a Systemically Important Financial Institution (SIFI). The designation of  SIFIs is one of the many … Continue Reading
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