News & Analysis as of

Enforcement Actions Market Participants

BCLP

The Football Governance Act - What You Need to Know

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The Football Governance Act was passed into law on 21 July 2025. This follows a long period of debate amongst legislators, regulators, clubs, fans and other market stakeholders about the future of English football, in...more

Jones Day

CFTC Divisions Interpret "U.S. Person" Definition and U.S. Location Versus Foreign Location

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A 2024 CFTC enforcement action settlement that may have introduced a new test for when the Commodity Exchange Act and the agency's regulations apply on a cross-border basis concerned then-CFTC Commissioner and now Acting CFTC...more

Holland & Knight LLP

New Jersey Federal Court Sides with Kalshi Over Prediction Market Contracts

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Prediction market platform Kalshi has secured a preliminary injunction against the New Jersey Division of Gaming Enforcement (the Division), preventing the state from enforcing a cease-and-desist order that aimed to halt...more

Davis Wright Tremaine LLP

CFTC Eliminates PTMMM Disclosure Requirements for Swap Entities

On April 4, 2025, the CFTC's Division of Market Participants issued No-Action Letter 25-09 regarding the controversial Pre-Trade Mid-Market Mark ("PTMMM") requirements in CFTC Regulation 23.431, effectively eliminating the...more

Latham & Watkins LLP

SEC Brings Charges for Failure to File Forms 13F (Investment Manager Share Positions) and 13H (Large Trader Registration)

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The SEC’s September 17, 2024, actions signal its commitment to penalize non-compliance, while encouraging market participants to self-report violations. On September 17, 2024, the US Securities and Exchange Commission...more

Latham & Watkins LLP

Ruling for SEC Clears Path for Continued Litigation in SEC v. Coinbase

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The decision, which addresses a broad range of market activity by Coinbase relating to 13 third-party tokens, could have significant implications for market participants. On March 27, 2024, Judge Katherine Failla of the US...more

BCLP

A Time of Transition for the CFTC

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Over the past year, the Commodity Futures Trading Commission continued moving its focus away from practices like spoofing, instead bringing high-profile actions in the crypto space and reaching significant settlements with...more

Cadwalader, Wickersham & Taft LLP

CFTC Sanctions Registered CTA for Operating Unregistered SEF

On September 26, the Commodity Futures Trading Commission (“CFTC”) published an order settling charges against Asset Risk Management, LLC (“ARM”), a registered commodity trading advisor (“CTA”) headquartered in Houston,...more

Goodwin

CFTC Attempts to Extend Liability to DAO Participants

Goodwin on

In a first of its kind enforcement action, the Commodity Futures Trading Commission (“CFTC”) is attempting to hold participating members of a decentralized autonomous organization (“DAO”) liable for alleged violations of the...more

Latham & Watkins LLP

National Security & Investment Act: Cold Comfort for Officeholders

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Insolvency officeholders may need clearance upon appointment to entity in an affected sector. The National Security & Investment Act (NSI Act) came into force in early January, and market participants might reasonably...more

WilmerHale

SEC Insider Trading Enforcement Highlights from 2021

WilmerHale on

The Securities and Exchange Commission’s (SEC or Commission) actions in 2021 demonstrate that insider trading remains a key enforcement priority. While the absolute number of insider trading enforcement actions brought by the...more

Morgan Lewis

Will Hedge Funds Now Be Subject to SEC and FINRA Dealer Regulation?

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A recent US Securities and Exchange Commission (SEC) settled enforcement action that found that a hedge fund acted as an unregistered “dealer” has blurred the traditional line between dealers and traders. On August 17, 2021,...more

Jones Day

SEC's Division of Examinations Reiterates Focus on Digital Asset Securities

Jones Day on

On February 26, 2021, the SEC's Division of Examinations released a Risk Alert to make digital asset market participants aware of recurring issues that have arisen in the course of recent examinations, and provide notice of...more

McDermott Will & Schulte

Capital Markets & Public Companies Quarterly: Changes to SEC Review of Shareholder Proposals, Expansion of Testing-the-Waters,...

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In the third quarter of 2019, the SEC Staff announced major changes to the standard no-action request review and response process relating to shareholder proposals. In addition, the SEC expanded the availability of...more

Katten Muchin Rosenman LLP

Bridging The Week - September 2019 #4

Both the Commodity Futures Trading Commission and the Chicago Board of Trade settled related disciplinary actions for speculative position limits violations. The CFTC sanctioned the trading firm while the CBOT sanctioned the...more

Dorsey & Whitney LLP

SEC Charges TherapeuticsMD with Regulation FD Violations

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Last week, the SEC issued a reminder that Regulation FD remains a vital element of the federal securities regulations. In the first enforcement action regarding Regulation FD since 2013, the SEC charged TherapeuticsMD Inc., a...more

Jones Day

CFTC Scrutiny of Opportunistic CDS Strategies Extends Beyond Manufactured Credit Events

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The Situation: Following its recent joint statement on opportunistic strategies in the credit derivatives market with the U.S Securities and Exchange Commission ("SEC"), the United Kingdom's Financial Conduct Authority...more

Latham & Watkins LLP

Key Industry Lessons From the FCA’s First Competition Law Case

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The FCA found that three asset managers breached competition law by sharing information in relation to securities offerings. Key Points: ..The decision gives market participants some helpful indications as to what kinds...more

Latham & Watkins LLP

SEC: Certain Initial Coin Offerings Are Securities Offerings

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SEC’s investigative report sends clear message that virtual transactions using innovative technologies are subject to the application of securities laws. Introduction - On July 25, 2017, the US Securities and Exchange...more

Proskauer Rose LLP

CFTC Brings Enforcement Action for Swap Reporting Violations

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The Commodity Futures Trading Commission (CFTC) recently brought its first enforcement action arising from the Dodd-Frank requirement that swap transactions be reported to a registered swap data repository (SDR). The CFTC has...more

McGuireWoods LLP

CFTC Zeros in on Large Trader Reporting

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On September 17, 2015, the Commodity Futures Trading Commission (CFTC) issued an order filing and simultaneously settling charges against Australia and New Zealand Banking Group Ltd. (ANZ), an Australia-based firm that’s...more

Cadwalader, Wickersham & Taft LLP

Truthful . . . but Not Forthcoming? FERC Staff Takes Aggressive View of Material Omissions as Basis for Intent in Maxim Power

Recent positions taken by FERC’s Enforcement Staff in the Maxim Power show cause proceeding add to the uncertainty regarding what information market participants must volunteer when communicating with the Commission,...more

Burr & Forman

Commissioner Piwowar on SEC & Fairness: Physician Heal Thyself?

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In an address Friday at the 44th annual “SEC Speaks” conference, SEC Commissioner Michael Piwowar suggested that the Securities Exchange Commission might do well to apply its own rules to itself. He suggested the Commission...more

Bennett Jones LLP

OSC Credit for Cooperation - Continued Uncertainty for Market Participants with Respect to Privilege

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On March 13, 2014, the Ontario Securities Commission (OSC) released its revised Credit for Cooperation Program via OSC Staff Notice 15–702. As pointed out in our recent client update (OSC Adopts New Initiatives to Strengthen...more

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