In this issue:
- ISS Announces Launch of QuickScore 3.0
- SEC Provides Relief to GSEC From Rule 204 Close-Out Requirements
- CFTC Extends Relief to FCMs from Certain Commingling Requirements
- District Court Holds Video Game Company’s Optimistic Statements Are Not Actionable
- Securities Class Action Dismissed Where Information Was Publicly Available
- OCC Revises Process for Managing Matters Requiring Attention
- Agencies Request Comment on Proposed Flood Insurance Rule
- Six Federal Agencies Jointly Approve Final Risk Retention Rule
- UK Regulators Launch Review of Fixed Income, Foreign Exchange and Commodities Markets
- Updated EMIR Q&A Published by ESMA
- European Commission Adopts First Equivalence Decisions for Non-EU CCPs
- Italian Short-Term Ban on Shorting Banca Monte dei Paschi di Siena spa and Banca Carige spa
- Excerpt from SEC Provides Relief to GSEC From Rule 204 Close-Out Requirements:
On October 27, the Securities and Exchange Commission’s Division of Trading and Markets (Division) issued no- action relief to Goldman Sachs Execution & Clearing (GSEC) relating to the close-out requirements of Rule 204. In general, in order for a broker-dealer to satisfy its close-out requirements under Rule 204, it must purchase or borrow sufficient shares to satisfy its fails to deliver in full and must have a net flat or net long position on its books and records as of the end of the applicable close-out date. This latter requirement was problematic for GSEC because some of its clearing clients typically engaged in so-called “subsequent activity” (e.g., effected transactions away from GSEC at or near the end of the trading day).
Please see full publication below for more information.