Corporate & Commercial

On March 14, the Securities and Exchange Commission proposed new Rule 610T of Regulation National Market System (Reg NMS), which would create a Transaction Fee Pilot program for all NMS stocks. The pilot program is designed to produce data on the effect of transaction fees and rebates on order routing behavior, execution quality, and market quality of the equities exchanges, including maker-taker exchanges. View Full Post
On March 14, the Financial Industry Regulatory Authority (FINRA) published a report from the Board of Governors meeting held on March 7–8. The Board approved FINRA’s corporate goals for 2018, which included the following categories: Enhancing Investor Protection Through Coordinated, Risk-Based Oversight of Member Firms and Registered Representatives Enhancing Market Integrity Through Effective Surveillance Programs Remediating and Preventing Misconduct Through Timely, Predictable Enforcement Enhancing Transparency for Investors and Other Market Participants Providing Fair and Efficient Dispute Resolution Forums Promoting Operational Excellence and Effective Relationships With FINRA Stakeholders Fostering an Attractive, Diverse and Inclusive Workplace In addition, FINRA approved two rule proposals for publication and comment. View Full Post
On March 15, the Commodity Futures Trading Commission published in the Federal Register a request for nominees for the membership positions on the Market Risk Advisory Committee (MRAC). MRAC is a discretionary advisory committee that conducts public meetings and submits reports and recommendations to the CFTC on matters including systemic risk and changes in the market structure of the derivatives markets and other financial markets. View Full Post
Yesterday, the U.S. Office of Foreign Assets Control (OFAC) blacklisted 14 new Russian individuals and the Internet Research Agency as Specially Designated Nationals (SDNs) for their role interfering with the 2016 U.S. presidential election.  While limited in scope, the new designations are the first use of authority under the Countering America’s Adversaries Through Sanctions Act (CAATSA) to sanction Russian parties. View Full Post
Can U.S. Allies Sidestep New Steel and Aluminum Tariffs? The recent announcement by the White House that it intends to unilaterally impose 25 percent tariffs on steel imports and 10 percent tariffs on aluminum imports from all countries except Canada and Mexico has created significant uncertainty among foreign exporters. It is of great import that Canada and Mexico are excluded from the imposition of section 232 duties for the time being. View Full Post
On March 6, 2018, representatives from the United States, Canada, and Mexico wrapped up the seventh round of the ongoing renegotiations of the North American Free Trade Agreement (NAFTA) in Mexico City.  As discussed in our prior GT Alert, the negotiations have been ongoing since August 2017, but many important proposals remain largely unaddressed.  View Full Post
On Tuesday, April 24 2018, 1:00 – 2:30 PM ET, Bryan Haynes and Neelam Gill will be participating in the American Bar Association webinar, “State and Local Regulations of E-Cigarettes and Other Electronic Nicotine Delivery Systems.” Join our esteemed panel as they: Discuss the current landscape of federal, state, and local regulation of the sale and marketing of e-cigarettes Consider the regulatory environment for new laws and regulations To learn more about and register for the program, copy the link to visit . View Full Post
Mexico’s Anticorruption Legislation and its Impact Beginning in 2015, Mexico has been promulgating sweeping anticorruption legislation. Mexico first laid the groundwork with amendments to the Federal Constitution that created the National Anticorruption System. Then in 2016, Congress passed the National Anticorruption System’s implementing legislation through a series of new laws and important amendments to existing ones. View Full Post
The SEC cybersecurity guidance, which we discuss in this client memo, reminds companies that their directors, officers and “other corporate insiders” should be aware that they may violate securities laws if they trade company securities while possessing knowledge of a company’s cybersecurity risks and incidents before that becomes public information. View Full Post
If you’ve been following the news lately you’ve probably noticed that that the Trump administration, along with the U.S. Department of Justice (DOJ), have not exactly been getting along with the state of California. Just last week the Department of Justice filed a lawsuit against the Golden State, claiming that three of its laws interfere with the federal government’s authority to regulate the country’s immigration system. View Full Post