Corporate & Financial Weekly Digest

Latest from Corporate & Financial Weekly Digest

On July 29, the Attorneys General for the States of California, Illinois and New York (State AGs) filed suit seeking declaratory and injunctive relief in the US District Court for the Northern District of California (Complaint) against the Office of the Comptroller of the Currency (OCC), the primary federal regulator for national banks and federal savings banks (each, a Bank), in connection with the OCC’s issuance of its final “valid when made” rule that was…
On July 31, the European Securities and Markets Authority (ESMA) published data for the systematic internaliser (SI) quarterly calculations for equity, equity-like instruments, bonds and, for the first time, other non-equity instruments under the revised Markets in Financial Instruments Directive (MiFID II) and Markets in Financial Instruments Regulation.…
On July 24, the Securities and Exchange Commission announced that the SEC and the Federal Deposit Insurance Corporation (FDIC) have adopted a final rule clarifying and implementing provisions relating to the orderly liquidation of certain brokers or dealers (covered broker-dealers) in the event the FDIC is appointed receiver under Title II of the Dodd–Frank Wall Street Reform and Consumer Protection Act.…
On July 28, the Securities and Exchange Commission announced the creation of the Event and Emerging Risks Examination Team (EERT) in the Office of Compliance Inspections and Examinations (OCIE). The EERT will engage with financial firms about emerging threats and current market events so that it can provide expertise and resources to the SEC’s regional offices when critical matters, such as exchange outages, liquidity events, or cybersecurity or other operational resiliency concerns, arise. The EERT,…
On May 22, the Financial Industry Regulatory Authority (FINRA) issued a regulatory notice seeking comment on two proposed changes to the Trade Reporting and Compliance Engine (TRACE) reporting rules recommended by the Securities and Exchange Commission’s Fixed Income Market Structure Advisory Committee. The changes would require firms to identify (1) delayed treasury spot trades; and (2) corporate bond trades that are a part of a larger portfolio trade. Interested parties are encouraged to comment by…
On June 21, 2019, the Securities and Exchange Commission approved amendments to FINRA Rule 6730 (Transaction Reporting), which requires members to report transactions in US Treasury Securities executed to hedge a primary market transaction with an appropriate identifier. The amendments, further discussed in the June 8, 2018 edition of Corporate & Financial Weekly Digest, provide that members will have additional time to report such transactions — until the next business day during Trade Reporting…
On July 27, the Financial Industry Regulatory Authority (FINRA) filed with the Securities and Exchange Commission a proposed rule change to extend the expiration of the temporary amendments to some timing, method of service and other procedural requirements in SR-FINRA-2020-015, previously discussed in the May 15, 2020 edition of Corporate & Financial Weekly Digest. FINRA has proposed to extend the expiration date of such temporary amendments from July 31, 2020 to a date to…