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Event

Enforcement Action Cases: Spoofing, Disruptive Trading Practices, CFTC’s Anti-Evasion Rule, and More

ACI’s National Advanced Summit on Swaps & Derivatives Global Markets Regulation

Location:

New York, N.Y.

Event

MiFID II: Impact on the U.S. Market

Trading Chicago

Location:
Chicago, Ill.
Event

New SEC Liquidity Rules and Report Modernization

U.S. Bancorp 2017 Client Conference

Location:
Lake Geneva, Wisc.
Event

Enforcement: CFTC, NFA, SRO Enforcement and Exams

FIA 40th Annual Law & Compliance Division Conference

Location:
Washington, D.C.
In The News
In The News
In The News
In The News
In The News
News Release

Partner Domenick Pugliese Shortlisted for Independent Counsel of the Year

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.

News Release

Schiff Hardin Adds Securities and Commercial Litigator Mauricio Beugelmans In San Francisco

New Partner Deepens Firm’s Securities Litigation and Compliance Practice

News Release

Schiff Hardin Earns 38 Top-Tier Rankings by U.S. News – Best Lawyers

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.”

News Release

Schiff Hardin Named “Innovation Builder” by BTI

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.

Trending Legal Issue
Trending Legal Issue
Trending Legal Issue
Blog Post

CFTC Examines EVO Impact

Schiff Hardin Energy & Environmental Law Adviser

Trending Legal Issue
Trending Legal Issue

The Treacherous Terrain of Penny Stocks

Thomson Reuters Wall Street Lawyer

Alert

Algorithmic Trading Regulation With An Enforcement Edge

Regulation AT has been proposed by the CFTC as an attempt to modernize the regulation of a rapidly evolving industry.

Alert

A New Hurdle for Defendants in Securities Fraud Class Actions

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.

Alert

CFTC Adopts Margin Rules for Uncleared Swaps

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).

Alert

CFTC and SEC Approve Proposed Guidance on Regulatory Treatment of Certain Electric Power and Natural Gas Contracts

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.”

Alert

CFTC Issues Record $10M Whistleblower Award

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.

Newsletter

Derivatives & Futures Update

CFTC Proposes Algorithmic Trading Regulations for Proprietary Traders, FCMs, and Exchanges

Alert

Electronic Filing of Broker-Dealer Annual Reports

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.

Alert

Eleventh Circuit Limits SEC Look-Back Period and Sets Up Circuit Split

Does the general federal statute of limitations apply to government enforcement actions seeking “disgorgement?” The SEC says no.

Alert

SEC Adopts Rules to Modernize the Reporting and Disclosure of Information by Registered Investment Companies

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.

Alert

SEC Approves FINRA Rule Requiring Registration of Algorithmic Trading Developers

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.

Alert

SEC Issues Business Continuity Guidance for Registered Investment Companies, Proposes Rule for Registered Investment Advisers

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.

Alert

SEC Issues Final Rule On Investment Company Liquidity Risk Management

In late October, the SEC issued its final rule with respect to investment company liquidity risk management programs.

Alert

SEC Issues Final Rule On Investment Company Swing Pricing

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.

Alert

SEC Issues Guidance Regarding Mutual Fund “Distribution-in-Guise” Payments

The Securities and Exchange Commission (SEC) has issued its long-awaited guidance following the recent and well-publicized “distribution-in-guise” sweep examination.

Alert

A Stacked Deck: Getting Justice for Grand Jury Leaks

Just like in Las Vegas, what happens in the grand jury room is supposed to stay in the grand jury room.

Alert

CFTC Enters its First Non-Prosecution Agreements

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.

Alert

DOL Proposes 60-Day Fiduciary Rule Delay

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.

Alert

Fiduciary Rule and Attendant New Exemptions Become Law on 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.

Trending Legal Issue

FinTech and the Consumer

Illinois Banker Magazine

Alert

SEC Enforcement Division Highlights Priorities for 2018

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.

Alert

SEC Issues Interpretive Letter Permitting "Externalization" of Mutual Fund Sales Charges

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.

Alert

Top Q&As on Attorney-Client Privilege

We answered top questions coming out of our recent webinar on trustee-counsel communications in the wake of Kenny v. PIMCO.

Alert

U.S. Supreme Court Rules That An SEC Enforcement Claim For Disgorgement Is Subject To A Five-Year Statute Of Limitations

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.

Alert

U.S. Supreme Court to Decide Whether Failure to Make Required MD&A Disclosure Can Provide Basis for Damages Under Rule 10b-5

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.

Alert

Decoding the SEC Rulemaking Package on Standards of Conduct for Investment Professionals

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”).

Article
Article

The Current Environment of U.S. Cryptocurrency Regulation

Westlaw Journal: Bank & Lender Liability