On March 24, the Financial Conduct Authority (FCA) published a statement announcing that it has not observed market or regulatory developments that warrant a change in its use of the Temporary Transitional Power (TTP) applying to the United Kingdom’s derivatives
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ESMA Publishes Statement Announcing Supervisory Approach to MiFID II Position Limits for Commodity Derivatives
On March 19, the European Securities and Markets Authority (ESMA) published a statement announcing a new Directive relating to its supervisory approach to position limits for commodity derivatives under the Markets in Financial Instruments Directive (MiFID II) (the Statement).…
Acting SEC Chair Lee Provides Public Statement Welcoming Public Comment on Climate Change Disclosures
On March 15, Acting Securities and Exchange Commission Chair Allison Herren Lee made a public statement (Statement) requesting public input from investors, registrants and other market participants regarding climate change disclosures. In light of increased demand for company disclosure regarding…
FINRA Publishes Updates to Private Placement Filer Form Pursuant to FINRA Rules 5122 and 5123
On March 11, the Financial Industry Regulatory Authority (FINRA) published Regulatory Notice 21-10 (Notice), which notifies members that FINRA has updated the form (Filer Form) that must be used to file offering documents and information pursuant to FINRA Rules 5122…
CFTC Acting Chairman Announces New Climate Risk Unit
On March 17, Acting Chairman Rostin Benham of the Commodity Futures Trading Commission announced that he has created a new Climate Risk Unit (CRU) to focus on the role of derivatives in mitigating climate-related risks and helping the economy transition…
NFA Publishes Series of Member Notices Related to Common Deficiencies and Other Regulatory Matters
On March 11, the Financial Crimes Enforcement Network (FinCEN) issued an advisory to announce that the Financial Action Task Force (FATF) has updated its list of jurisdictions with strategic anti-money laundering and combatting the financing of terrorism (AML/CFT) deficiencies.…
European Parliament Adopts Report Recommending Directive on ESG Due Diligence Obligations
On March 10, the European Parliament adopted a legislative initiative report detailing recommendations for a new directive on corporate due diligence and corporate accountability for holding companies accountable for harm caused to human rights, the environment and good governance (the…
ESMA Allows Decision on Reporting Net Short Positions to Expire
On March 15, the European Securities and Markets Authority (ESMA) announced its decision not to renew the requirement for holders of net short positions in shares traded on an EU regulated market to inform the relevant national competent authority (NCA)…
ESG: ESAs Consult on Draft RTS on Content and Presentation of Taxonomy-Related Sustainability Disclosures Under SFDR
On March 17, the European Supervisory Authorities (ESAs) published a joint consultation paper on draft regulatory technical standards (RTS) regarding the content and presentation of sustainability disclosures under Articles 8(4), 9(6) and 11(5) of the Sustainable Finance Disclosure Regulation ((EU)…
SEC Issues No Action Letter on Treatment of Reserved Powers Trust as Non-US Person by Non-US Investment Adviser for Registration Exemption
By Susan Light
On March 5, the Securities Exchange Commission’s Division of Investment Management issued a no-action letter (the No-Action Letter) relating to the treatment of a Reserved Powers Trust as a non-US person by a non-US investment adviser in relying on the…