Corporate & Financial Weekly Digest

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On December 4, the European Securities and Markets Authority (ESMA) updated its Questions and Answers (Q&A) on the application of the Alternative Investment Fund Managers Directive (AIFMD). The new question concerns the apparent conflict between Article 24(2) AIFMD, which requires managers of alternative investment funds (AIFMs) to report results of liquidity stress tests for all of the alternative investment funds (AIFs) that they manage, and Article 16(1) AIFMD, which exempts managers of closed-ended unleveraged AIFs…
On November 12, the Institutional Shareholder Services (ISS) published its U.S. 2020 Proxy Voting Guideline Updates, which will be effective for shareholder meetings held on or after February 1, 2020. In general, the updates involve clarification of guidelines and formalization of factors to codify ISS’s existing approach on recommendations relating to specific issuers.…
The Financial Industry Regulatory Authority (FINRA) is requesting public comment on a proposed rule that generally would prohibit registered persons from serving as a customer’s beneficiary, executor or trustee, or holding a power of attorney or similar position for or on behalf of a customer. The proposed rule also would provide two exceptions from this general prohibition, including (1) instances in which the customer is a member of the registered person’s immediate family and (2)…
The Commodity Futures Trading Commission (CFTC) will hold an open meeting on Monday, November 25 at 10:00 a.m. EST to discuss (1) Final Rules amending CFTC Rules 4.5, 4.7, 4.13, 4.14 and 4.27; and (2) a Proposed Rule amending swap clearing requirement exemptions under Part 50 of the Commodity Exchange Act. The meeting is open to the public on a first-come, first-served basis, as well as via live webcast and via conference call. More information,…
On November 11, the UK Jurisdiction Taskforce (UKJT) published a statement with two key findings on the legal status of cryptoassets and smart contracts under English law (the Statement). The UKJT is a taskforce of the LawTech Delivery Panel of the Law Society, which is the representative body for solicitors in England and Wales. The Statement was made following a public consultation, which closed in June 2019.…
On November 13, the National Futures Association (NFA) issued Notice to Members 1-19-25, announcing that amendments to NFA Compliance Rule 2-29 and NFA Compliance 2-36 will become effective on January 1, 2020.  Compliance Rules 2-29 and 2-36 and related Interpretive Notices establish requirements for an NFA Member’s communications with the public and use of promotional material.…