SEC Chairman Clayton Makes First Public Speech Outlining His Vision for the Commission

On July 12, in his first major address since becoming Chairman of the Securities and Exchange Commission earlier this year, Jay Clayton outlined his vision for the SEC under his Chairmanship based upon eight guiding “principles” and his approach for implementing those principles into practice. View Full Post
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FINRA Releases Additional Guidance with Respect to Enhanced Disclosure Requirements for Corporate and Agency Debt Securities Transactions

The Financial Industry Regulatory Authority, Inc. has released frequently asked questions (FAQs) related to the enhanced confirmation disclosure requirements for certain corporate and agency debt securities transactions pursuant to recently approved amendments to FINRA Rule 2232. The new requirements obligate FINRA members to disclose additional transaction-related information to retail customers for trades in corporate or agency debt securities where the FINRA member executes on offsetting principal trade in the same security on the same day. View Full Post
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FCA Publishes Notification Guide for Firms Wanting to Rely On MiFID II Ancillary Activity Exemption

On July 19, the UK Financial Conduct Authority (FCA) updated its webpage on the introduction of the commodity derivatives position limits and reporting regime under the revised Markets in Financial Instruments Directive (MiFID II). The FCA explains that, under the MiFID II Directive, firms or individuals who trade in commodity derivatives on a professional basis may, under Article 2(1)(j) of MiFID II, be able to make use of an exemption from authorization (referred to as the “ancillary activity exemption”). View Full Post
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FCA Publishes MiFID II Passporting Forms

On July 17, the UK Financial Conduct Authority (FCA) published a new webpage on passporting under the revised Markets in Financial Instruments Directive (MiFID II). Firms are required to make a passporting application under MiFID II if they intend to be conducting European Economic Area (EEA) activities that have been implemented as new MiFID II activities (such as operating an organized trading facility (OTF)), or if they will become newly authorized under MiFID II and need to passport after January 3, 2018. View Full Post
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ESMA Consults On Evaluation of Short Selling Regulation

On July 7, the European Securities and Markets Authority (ESMA) published a consultation paper (CP) on the evaluation of certain elements of the Short Selling Regulation (Regulation 236/2012) (SSR). The consultation is intended to help ESMA provide technical advice to the European Commission (EC) in respect to three main SSR aspects: the scope and functioning of the exemption for market making activities; the procedure for imposing a short-term ban on short selling where there is a significant fall in price of a financial instrument; and the transparency of net short positions, and related reporting and disclosure requirements. View Full Post
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Proposed Draft Legislation Clamps Down On Soil Pollution in China

By | Latham.London | July 21, 2017
By Paul Davies and Andrew Westgate On 22 June 2017, Chinese legislators released draft proposals to combat soil pollution in China at a bimonthly session of the Standing Committee of the National People’s Congress. The legislation complements the State Council’s ambitious plan to address soil pollution – an area not specifically covered by Chinese environmental law at present.  View Full Post
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Non-competition Agreements: Ensuring Enforceability

By Mark Koogler A non-competition agreement raises state-law public policy concerns. As a result, states often restrict the scope of non-competition agreements before they will enforce them. The protectable interests that states will recognize, the rules of construction that states will apply and the required elements of a non-competition agreement will vary from state to state. View Full Post
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