On February 15, the Securities and Exchange Commission (SEC) adopted rule changes to shorten the standard settlement cycle for most broker-dealer transactions from two business days after the trade date (T+2) to one business...more
The SEC Remains in Search of and Is Looking for Finders -
Much has been written on the topic of finders and arrangers of securities transactions, including when a person or entity acting as a finder (i.e., someone who...more
Almost all proprietary trading firms that are currently registered as broker-dealers with the Securities and Exchange Commission (SEC) would likely be required to join the Financial Industry Regulatory Authority (FINRA) under...more
Key Points -
- New proposed SEC rules would expand who may be considered a dealer or a government securities dealer under the Securities Exchange Act of 1934.
- If the proposed new rules are adopted, a large group of...more
Attached please find the updated Foreign Listed Stock Index Futures and Options Approvals Chart, current as of March 25, 2021. All prior versions are superseded and should be discarded. Please note the following developments...more
The Commodity Futures Trading Commission (CFTC) recently adopted final amendments to Part 190 of the CFTC's regulations (the "Final Rules"), governing bankruptcy proceedings with respect to commodity brokers.1 The Final Rules...more
SEC/CORPORATE -
SEC Proposes Rule 144 Tacking Amendments -
On December 22, 2020, the Securities and Exchange Commission voted to propose amendments to Rule 144 under the Securities Act of 1933 (the Securities Act)...more
The Commodity Futures Trading Commission (CFTC) voted to adopt new rules on position limits (Final Rules) in an open meeting on October 15. Once effective, the Final Rules will implement one of the remaining key provisions of...more
CFTC -
CFTC Adopts New Position Limits Requirements -
On October 15, the Commodity Futures Trading Commission adopted new rules on position limits. As described in greater detail in Katten’s advisory, CFTC Adopts New...more
10/19/2020
/ Banks ,
CFTC ,
Enforcement Actions ,
EU ,
European Parliament ,
Federal Reserve ,
Financial Conduct Authority (FCA) ,
Popular ,
Prudential Regulation Authority (PRA) ,
Securities and Exchange Commission (SEC) ,
UK
On October 15, the Commodity Futures Trading Commission adopted new rules on position limits. The new rules mark an important step forward in a decade-long journey to enact one of the remaining key provisions of Title VII of...more
Eight years after the Commodity Futures Trading Commission (CFTC or Commission) established a comprehensive swap data reporting and public dissemination regulatory regime, on September 17, the Commission adopted extensive...more
Amid the recent, almost daily news of raging wildfires in the western United States and elsewhere, increasingly destructive and deadly hurricanes in the southeast, and record high temperatures in many locations around the...more
SEC/CORPORATE -
SEC Division of Corporation Finance Issues Additional Guidance Related to Expiring Confidential Treatment Orders -
On September 9, the Division of Corporation Finance (the Division) of the Securities and...more
SEC/CORPORATE -
SEC Approves Extension of Temporary NYSE Waiver of Stockholder Approval Rules -
Recently, the Securities and Exchange Commission issued a release (the Release) approving, with immediate effectiveness,...more
Attached please find the updated Foreign Listed Stock Index Futures and Options Approvals Chart, current as of April 15, 2020. All prior versions are superseded and should be discarded. Please note the following developments...more
BROKER-DEALER -
FINRA Updates Guidance Regarding COVID-19 Developments -
In recent weeks, the Financial Industry Regulatory Authority (FINRA) has offered various forms of relief and published information in response to...more
Key Points -
- This Katten Advisory focuses on the impact of the COVID-19 outbreak on regulatory compliance obligations of financial firms operating in the United States, with a focus on securities and derivatives industry...more
3/21/2020
/ Business Continuity Plans ,
Centers for Disease Control and Prevention (CDC) ,
CFTC ,
Coronavirus/COVID-19 ,
Enforcement ,
Enforcement Actions ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
National Futures Association ,
Relief Measures ,
Securities and Exchange Commission (SEC) ,
World Health Organization
SEC/CORPORATE -
SEC Approves Amended Rule Change to FINRA Rule 5110 -
On December 23, 2019, the Securities and Exchange Commission approved the Financial Industry Regulatory Authority’s (FINRA) proposed amendments to...more
1/20/2020
/ Amended Rules ,
Auditor Independence ,
Broker-Dealer ,
CFTC ,
Disclosure Requirements ,
EU ,
FDIC ,
Filing Requirements ,
Financial Conduct Authority (FCA) ,
Financial Industry Regulatory Authority (FINRA) ,
OCC ,
Securities and Exchange Commission (SEC)
SEC/CORPORATE -
Glass Lewis Releases 2020 US Proxy Paper Guidelines -
On November 1, Glass Lewis released its 2020 US Proxy Paper Guidelines. The updates to the voting guidelines primarily add additional factors that...more
11/25/2019
/ Broker-Dealer ,
CFTC ,
Corporate Governance ,
Cryptoassets ,
Financial Industry Regulatory Authority (FINRA) ,
Glass Lewis ,
Institutional Shareholder Services (ISS) ,
Proxy Season ,
Proxy Voting Guidelines ,
Sale of Goods Act (SOGA) ,
Securities and Exchange Commission (SEC) ,
Smart Contracts ,
UK
SEC/CORPORATE -
SEC Proposes Modernization of Filing Fee Disclosure and Payment Methods -
On October 24, the Securities and Exchange Commission proposed amendments to update filing fee disclosure and payment methods....more
11/4/2019
/ AML/CFT ,
Broker-Dealer ,
CFTC ,
Derivatives ,
Disclosure Requirements ,
Financial Conduct Authority (FCA) ,
Financial Industry Regulatory Authority (FINRA) ,
Foreign Private Issuers ,
Proxy Voting Guidelines ,
Securities and Exchange Commission (SEC) ,
XBRL Filing Requirements
Attached please find the updated Foreign Listed Stock Index Futures and Options Approvals Chart, current as of October 29, 2019. All prior versions are superseded and should be discarded. Please note that since we last...more
FINANCIAL MARKETS -
FATF Updates List of AML/CFT Deficient Jurisdictions -
On October 18, the Financial Action Task Force (FATF) published its updated list of jurisdictions that have strategic anti-money laundering...more
10/28/2019
/ AML/CFT ,
Broker-Dealer ,
CFTC ,
Derivatives ,
EU ,
FATF ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
Global Market ,
Suspicious Activity Reports (SARs) ,
UK
BROKER-DEALER -
SEC Proposes to Amend Quotation Rule for OTC Securities -
The Securities and Exchange Commission (SEC) has proposed to amend Rule 15c2-11, which governs the publication and submission of quotations by...more
SEC/CORPORATE -
New SEC Rule Expands “Test-the-Waters” to All Issuers -
On September 26, the Securities and Exchange Commission adopted a new rule to allow all issuers, not just emerging growth companies, to utilize...more
9/30/2019
/ Accredited Investors ,
Emerging Growth Companies ,
Financial Conduct Authority (FCA) ,
Financial Industry Regulatory Authority (FINRA) ,
Institutional Investors ,
Proposed Rules ,
Qualified Institutional Buyers ,
Regulation FD ,
Securities and Exchange Commission (SEC) ,
Testing-the-Waters Communications ,
UK Brexit
Attached please find the updated Foreign Listed Stock Index Futures and Options Approvals Chart, current as of September 1, 2019. All prior versions are superseded and should be discarded. Please note the following...more