On April 19, the Bank of England (BoE) and HM Treasury announced the joint creation of a Central Bank Digital Currency (CBDC) Taskforce to explore a potential UK CBDC. A CBDC would be a new form of digital money issued
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Latest from Katten Muchin Rosenman - Page 6
SEC Statements Regarding SPACs Address Warrants and Projections
Following the increase in the number of special purpose acquisition companies (SPACs) and the related business combinations between SPACs and private target businesses (commonly referred to as “de-SPAC” transactions), an increase in regulatory scrutiny, particularly from the Securities and Exchange…
SEC Approves Amendments to NYSE Shareholder Approval Rules for Certain Equity Issuances and Requirements for Related Party Transactions
Earlier this month, the Securities and Exchange Commission approved amendments (the Amendments) to New York Stock Exchange (NYSE) rules that require listed companies to obtain shareholder approval of certain private placements and equity issuances to “related parties,” as well as…
FINRA Reminds Members About Options Account Approval, Supervision and Margin Requirements
By Susan Light & Shelby Kost
On April 9, the Financial Industry Regulatory Authority (FINRA) issued Regulatory Notice 21-15 (Notice) in response to the recent increase in the number of customers seeking to open brokerage accounts and trade options.…
FINRA Files With the SEC to Extend Time to Announce the Implementation Schedule for FINRA’s Corporate Bond New Issue Reference Data Service
By Susan Light & Shelby Kost
On April 12, the Financial Industry Regulatory Authority (FINRA) filed a proposed rule change with the Securities and Exchange Commission pursuant to Section 19(b)(3) of the Securities Exchange Act of 1934 to extend its time to announce the implementation schedule…
FINRA Publishes Answer to Frequently Asked Questions Under Rule 4521(d) on Margin Balance Reporting
By Susan Light & Shelby Kost
On April 13, the Financial Industry Regulatory Authority (FINRA) issued answers to several Frequently Asked Questions to aid members with their reporting obligations under FINRA Rule 4521(d) (the Rule).
The Rule provides that each member carrying margin accounts for customers…
CFTC Staff Provides Further Brexit-Related Relief
On April 8, the Market Participants Division (MPD), Division of Clearing and Risk (DCR), Division of Data (DOD) and Division of Market Oversight (DMO) of the Commodity Futures Trading Commission jointly issued no-action relief, effective immediately, to maintain the regulatory…
CFTC Staff Issues Continuation of Certain No-Action Relief to Market Participants in Response to COVID-19
On April 14, the Commodity Futures Trading Commission’s Market Participants Division (MPD) and Division of Market Oversight (DMO) jointly issued CFTC Staff Letter 21-10 to extend, for a limited time, parts of the temporary no-action relief granted in response to…
NFA Issues Notice Regarding Effective Date of NFA’s Rules Regarding CPO Notice Filing Requirements
On April 13, the National Futures Association (NFA) issued Notice I-21-15 advising members firms that new NFA Compliance Rule 2-50 and its related Interpretive Notice become effective June 30. (The proposal of the new rule and Interpretive Notice was discussed…
SEC Corp Fin Staff Issues Statement on SPAC Transactions
On March 31, the staff of the Division of Corporation Finance (the Staff) of the Securities and Exchange Commission issued a staff statement (the Staff Statement) relating to accounting, financial reporting and governance issues for private companies to consider before…