Read our client alert here.
Read our client alert here.
The onset of fall signals a sad realization that summer has ended, but also the joy that “market structure” season has arrived for securities industry participants and policy wonks. Right on cue, in early October, SEC staff issued a report on equity and option market structure conditions related to the…
The SEC recently solicited public comment on digital engagement practices (DEPs) used by some broker-dealers and investment advisers, including predictive data analytics, differential marketing, and behavioral prompts (such as gamification). The public comment window closes October 1, 2021. Comments letters submitted already are available here—viewpoints run the gamut and are…
Word to the wise: when a regulator kindly reminds you on multiple occasions that you need to comply with its rules, you should probably heed those warnings. On July 26, 2021, the SEC announced settlements with 21 investment advisers and 6 broker-dealers that apparently did just the opposite. In particular,…
On April 16, 2021, the staff of the SEC Division of Trading and Markets reminded broker-dealers borrowing fully paid and excess margin securities from their customers (FPL programs) that they are obligated to comply with Exchange Act Rule 15c3-3 (Customer Protection Rule), and in particular, paragraph (b)(3). This reminder was…
On March 15, 2021, ISDA published the ISDA 2021 Security-Based Swaps (SBS) Top-Up Protocol (the SBS Top-Up Protocol). The SBS Top-Up Protocol enables SBS dealers (SBSDs) and other market participants to comply with certain SBS rules implemented by the SEC under Title VII of the Dodd–Frank Wall Street Reform and…
The UK Information Commissioner’s Office (“ICO”) has published a letter sent to the U.S. Securities and Exchange Commission. The ICO confirms that it is possible for SEC regulated UK firms to transfer personal data to the U.S. where the transfer is necessary for important reasons of public interest (the derogation in Article…
On March 17, 2021, Acting CFTC Chairman Rostin Behnam announced that the derivatives regulator had established a new interdivisional group called the Climate Risk Unit or the “CRU” to focus on the derivatives markets’ role in addressing climate-related risk and transitioning to a low-carbon/net-zero economy. The CRU (sounds like an…
On March 11, 2021, the staff of the SEC’s Division of Investment Management issued a statement addressing cross trading among affiliated registered funds and soliciting feedback in this area. The staff issued the statement in response to public feedback on the SEC’s recent adoption of the “Valuation Rule,” which will…
The Department of Labor (DOL) recently announced that it will not enforce its own rule on investment duties under ERISA. The rule makes it more difficult for investment fiduciaries to consider environmental, social, governance and similar (“ESG”) issues in their decision-making. The ESG rule was finalized under the Trump administration…