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ACI’s National Advanced Summit on Swaps & Derivatives Global Markets Regulation
New York, N.Y.
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Schiff Hardin is pleased to announce that Partner Domenick Pugliese has been shortlisted for the 2018 Mutual Fund Industry Awards Independent Counsel of the Year.
New Partner Deepens Firm’s Securities Litigation and Compliance Practice
Schiff Hardin announced today that the firm earned top recognition for its marquee practices nationally and in key markets in the 2018 edition of U.S. News – Best Lawyers® “Best Law Firms.”
Schiff Hardin LLP has been singled out by corporate counsel as one of only 28 percent of law firms clients view as a BTI “Innovation Builder,” which recognizes firms that bring change to the legal market through new technology, services, strategies, or structures.
Schiff Hardin Energy & Environmental Law Adviser
Thomson Reuters Wall Street Lawyer
Regulation AT has been proposed by the CFTC as an attempt to modernize the regulation of a rapidly evolving industry.
The Ninth Circuit recently became the first federal circuit court to expressly hold that the public disclosure of an SEC investigation can form the basis of a viable loss causation theory, if the defendant also made a subsequent corrective disclosure.
On December 16, 2015, the CFTC voted to adopt final rules that will establish minimum initial margin and variation margin requirements for uncleared swaps entered into by swap dealers and major swap participants that are not overseen by federal banking regulators (collectively, Swap Entities).
On April 4, 2016, the U.S. Commodity Futures Trading Commission (CFTC) announced that it had unanimously approved proposed guidance regarding the appropriate treatment of certain electric power and natural gas contracts under the definition of the term “swap.”
The U.S. Commodity Futures Trading Commission recently issued its largest ever whistleblower award—over $10 million—for information that led to a major CFTC enforcement action.
CFTC Proposes Algorithmic Trading Regulations for Proprietary
Traders, FCMs, and Exchanges
As a result of recent actions by the Securities and Exchange Commission (“SEC”) and its staff, registered broker-dealers, including over-the-counter (“OTC”) derivatives dealers, are now permitted to electronically file their annual and supplemental reports with the SEC through its Electronic Data Gathering, Analysis and Retrieval (“EDGAR”) system in lieu of filing the reports with the SEC in paper form.
Does the general federal statute of limitations apply to government enforcement actions seeking “disgorgement?” The SEC says no.
On October 13, 2016, the Securities and Exchange Commission (SEC) adopted rules, forms, and amendments to certain existing rules and forms to modernize and enhance the reporting and disclosure obligations of registered investment companies.
In a move designed to reduce market manipulation, the SEC approved a proposed FINRA rule on April 7, 2016, that would require algorithmic trading developers to register as securities traders.
On June 28, 2016, the Securities and Exchange Commission proposed a new rule under the Investment Advisers Act of 1940 which would require SEC-registered investment advisers to adopt and implement written business continuity and transition plans that are reasonably designed to address operational and other risks related to a significant disruption in the investment adviser’s operations.
In late October, the SEC issued its final rule with respect to investment company liquidity risk management programs.
In October, the SEC issued its final rule with respect to investment company swing pricing. The final rule includes amendments to Rule 22c-1 under the Investment Company Act of 1940 and other amendments.
The Securities and Exchange Commission (SEC) has issued its long-awaited guidance following the recent and well-publicized “distribution-in-guise” sweep examination.
The Business Lawyer
Just like in Las Vegas, what happens in the grand jury room is supposed to stay in the grand jury room.
Futures & Derivatives Law Report
The U.S. Commodity Futures Trading Commission (CFTC) recently announced its first use of non-prosecution agreements – in connection with three Citigroup employees accused of utilizing spoofing strategies.
Today, the U.S. Department of Labor (DOL) released a proposed rule delaying the applicability date of the fiduciary rule by 60 days, until June 9, 2017.
On April 4, 2017, the U.S. Department of Labor (DOL) officially extended the applicability date of the Fiduciary Conflict of Interest Rule for Retirement Investment Advice (Fiduciary Rule) and the Best Interest Contract (BIC) and the Principal Transaction class exemptions from April 10, 2017, to June 9, 2017.
Illinois Banker Magazine
The co-directors of the U.S. Securities and Exchange Commission’s Enforcement Division, Stephanie Avakian and Steven Peikin, recently released the SEC division’s 2017 annual report and took the opportunity to highlight their enforcement priorities.
On January 11, 2017, the Securities and Exchange Commission’s Office of Chief Counsel, Division of Investment Management, issued an interpretive letter pursuant to Capital Group’s request under section 22(d) (Section 22(d)) of the Investment Company Act of 1940, as amended (1940 Act), concurring that the American Funds would be able to offer Clean Shares (as defined below) for which a broker could charge customers commissions to effect transactions if such broker is acting solely as an agent on behalf of its customers.
We answered top questions coming out of our recent webinar on trustee-counsel communications in the wake of Kenny v. PIMCO.
Today, the U.S. Supreme Court unanimously held that any claim for disgorgement in an SEC enforcement action must be commenced within five years of the date the claim accrued.
On March 27, the U.S. Supreme Court granted a petition for certiorari to decide whether a public reporting company can be held liable for damages under Rule 10b-5 of the Securities Exchange Act of 1934 for failure to include a disclosure mandated by an SEC rule.
On April 18, 2018, the Securities and Exchange Commission (SEC) concurrently issued three releases, all related to standards of conducts for investment professionals (“Rulemaking Package”).
Westlaw Journal: Bank & Lender Liability