Podcast — UK FinReg Focus Areas in 2025: Wholesale Markets
Brexit & Financial Services: Preparing for the End of the Transition Period
Major Crypto Exchanges Launch New Products, Obtain Foreign Licenses - According to a recent company blog post, a major U.S. cryptocurrency exchange has launched a new staking product that will allow clients residing in...more
From 1 August 2024, the UK changed its rules on how payments are made for investment research. UK firms may now use bundled payments for third-party research and trading commissions, subject to certain requirements being...more
In our previous alert, Paying for Buy-Side Investment Research: Will the FCA’s Third Way Ease the US-UK Divide?, we discussed the consultation issued by the Financial Conduct Authority (FCA) on proposed rules on payment...more
During his remarks at a meeting of the International Bar Association’s Asset Management Industry Conference on Global Challenges and Opportunities in Boston, Commissioner Uyeda commented on investment research and the...more
The issue of how firms should pay for investment research continues to be a controversial topic in the financial markets. The U.S. has maintained the approach it adopted before the mid-2000s, which is to permit investment...more
The U.K. Investment Research Review call for evidence was published on April 3, 2023. Relevant background to these issues is set out in our recent client note, “MiFID II: An Update on the Rules for Unbundling of Research,” in...more
BROKER-DEALER - SEC Chairman Clayton Provides Public Statement Regulation Best Interest and Form CRS - On June 15, Securities and Exchange Commission Chairman Jay Clayton made a public statement (Statement) covering...more
Cboe Withdraws and Then Submits a Proposed Rulemaking for a Bitcoin ETF - On January 22, 2019, Cboe BZX Exchange (Cboe) withdrew its proposed rulemaking with the U.S. Securities and Exchange Commission (SEC). Had the...more
We recently shared the opinions of 11 GRC experts on what developments to track in 2019. One of them, Fergus Allan of TORI Global, now provides more dimension and detail to his interesting outlook on what lies ahead....more
BROKER-DEALER - FINRA Seeks Comment on Rule Proposal Regarding High-Risk Brokers - On May 30, the Financial Industry Regulatory Authority published Regulatory Notice 18-16, which seeks comment on proposed rule...more
Best execution is currently a hot topic for global regulators and the past year has seen notable regulatory focus in this area. Amid this development, firms are recommended to review their global best execution compliance...more
On April 18, 2018, the U.S. Securities and Exchange Commission (“SEC”) took the long-awaited step of proposing rules, interpretations and guidance (the “Proposed Rules”) that would seek to enhance and clarify the standards of...more
BROKER-DEALER - Nasdaq Has Proposed a New Rule Change To Modify Its System of Volume-Based Credits - The Nasdaq Stock Market LLC (Nasdaq) has filed with the Securities and Exchange Commission a proposed rule change to...more
This alert contains a summary of the primary annual and periodic compliance-related obligations that may apply to investment advisers registered with the Securities and Exchange Commission (the “SEC”) or with a particular...more
SEC OCIE Examinations Announces 2018 Examination Priorities - On February 7, the Securities and Exchange Commission's ("SEC") Office of Compliance Inspections and Examinations ("OCIE") announced its 2018 examination...more
SEC/CORPORATE - SEC Approves NYSE Rule to Facilitate Listing Without an IPO - On February 2, the Securities and Exchange Commissions approved a New York Stock Exchange (NYSE) rule change that facilitates the listing...more
There is much for authorised firms to consider in the year ahead. Firms have been through the intensive period of the enactment of the second Markets in Financial Instruments Directive (MiFID II), but must now step up their...more
Wells Fargo is again in federal regulators’ crosshairs. The OCC has dubbed the bank a repeat offender and is weighing a “formal enforcement action” over “improprieties in its auto-insurance and mortgage operations”....more
BROKER-DEALER - FINRA Releases New Targeted Exam Letter Regarding Order Routing Conflicts - On November 10, the Financial Industry Regulatory Authority released the contents of a new Order Routing Conflicts targeted...more
Agencies Propose Simplifying Regulatory Capital Rules - On September 27, 2017, the Federal Deposit Insurance Corporation, the Federal Reserve Board and the Office of the Comptroller of the Currency announced a proposed...more
SEC/CORPORATE - SEC Commissioners Announce Search for First-Ever Advocate for Small Business Capital Formation - On September 13, the Commissioners of the Securities and Exchange Commission (SEC) announced the launch of...more
SEC/CORPORATE - SEC Expands Nonpublic Review of Draft Registration Statements - On June 29, the Division of Corporation Finance (Division) of the Securities and Exchange Commission announced that, beginning on July 10,...more
In this newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset managers and...more
SEC/CORPORATE - SEC Releases Target Dates for Proposed and Final Rulemaking - The Securities and Exchange Commission recently published its agenda with respect to upcoming rulemaking, including rulemaking...more
CME Group Reminds Members of Regulatory Requirements for EFRPs and Block Trades Through Disciplinary Actions: The CME Group brought and resolved multiple disciplinary actions against various members and non-members related to...more