Corporate & Commercial

In what has been described as a “watershed” cyber incident, hackers recently used sophisticated malware—dubbed Triton—to take control of a key safety device installed at a power plant in Saudi Arabia. One of the few confirmed hacking tools designed to manipulate industrial control systems, this new breach is part of a growing trend in hacking attempts on utilities, production facilities, and other critical infrastructure in the oil and gas industry. View Full Post
Many companies supply goods and services through third party distributors.  When well-structured, the use of distributors can shift some of the cost and compliance risk of selling products outside of your home territory.  But distributors can also create sanctions liability for companies, especially when foreign subsidiaries or others within the company are in on the bad acts. View Full Post
On December 8, in response to a request by the European Commission (EC), the Commodity Futures Trading Commission issued an order exempting certain multilateral trading facilities (MTFs) and organized trading facilities (OTFs) authorized within the European Union (EU) from the requirement to register with the CFTC as swap execution facilities (SEFs). View Full Post
On December 11, at the request of the Futures Industry Association (FIA), the Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight (Division) issued an interpretive letter regarding the “solely incidental” exclusion from registration as a commodity trading advisor (CTA). View Full Post
On December 12, the Commodity Futures Trading Commission requested comment on a proposed exemptive order, pursuant to Section 4(c) of the Commodity Exchange Act (CEA), which would grant ICE Clear Credit, ICE Clear US and ICE Clear Europe (ICE DCOs) limited exemptions from Section 4d of the CEA and CFTC Rule 1.25. View Full Post
On December 14, the Commodity Futures Trading Commission requested comment on proposed amendments submitted by the Chicago Mercantile Exchange Inc. (CME) under CFTC Regulation 40.10. The proposed amendments would create a new type of clearing membership, the “direct funding participant” (DFP). View Full Post
On December 12, the UK Financial Conduct Authority (FCA) published issue 55 of Market Watch, its newsletter on market conduct and transaction reporting issues. Similar to Issue 54 of Market Watch (reported in the Corporate & Financial Weekly Digest edition of November 10, 2017), Issue 55 contains articles of relevance to the implementation of the revised Markets in Financial Instruments Directive (MiFID II) and Markets in Financial Instruments Regulation (MiFIR). View Full Post
Browning-Ferris Joint Employer Standard Reversed by NLRB Yesterday afternoon, the NLRB issued a decision in Hy-Brand Industrial Contractors that caused a collective sigh among employers.  The decision rolls back the joint employer standard to what it was before Browning-Ferris Industries, 362 NLRB No 186. The Browning-Ferris decision was greeted with alarm by most employers, especially franchisers and franchisees, as it made it easier for employees to claim that two entities were joint employers. View Full Post
On December 13, the UK Financial Conduct Authority (FCA) published three consultation papers (CPs) on the transition from its existing Approved Persons Regime (APR) to the new Senior Managers and Certification Regime (SM&CR). The CPs follow the FCA’s July 2017 consultation papers, which consulted on extending the SM&CR regime to all regulated firms (including both FCA solo-regulated firms and insurers) (for further information, please see the Corporate & Financial Weekly Digest of July 28, 2017). View Full Post