Rights Offerings Increase in Popularity

The use of prospectus-exempt rights offerings has increased across Canada since the adoption of the new rights offering exemption in 2015, as reported in a Staff Notice published by the Canadian Securities Administrators (CSA) on April 20, 2017. The Staff Notice highlights a number of areas where compliance and disclosure related to rights offerings can be improved and provides guidance for reporting issuers relying on the exemption.  Areas for Improvement Since its adoption, the CSA has monitored the use of the rights offering exemption and has found three areas where compliance and disclosure could be improved: Stand-by Commitments. View Full Post
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CFTC Adopts Amendments to Whistleblower Rule, Asserts Anti-Retaliation Authority

On May 22, 2017, the Commodity Futures Trading Commission (“CFTC”) announced the finalization of amendments to its whistleblower rules.  The most important change is the CFTC’s assertion of the authority to enforce Section 23(h)(1) of the Commodity Exchange Act (“CEA”), which prohibits retaliation against whistleblowers.  View Full Post
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Regulatory Equivalence and the Global Banking System

The Basel Committee on Banking Supervision (Basel Committee) has published a speech given by its secretary general, William Coen. The speech is entitled Regulatory equivalence and the global regulatory system. At the beginning of his speech Mr Coen discusses global standards and supervisory cooperation. View Full Post
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Latest Presidency Compromise Proposal On Proposed Directive Amending the BRRD Relating to the Ranking of Unsecured Debt Instruments in Insolvency Hierarchy

The Council of the EU has published a Presidency compromise proposal for a Directive amending the Bank Recovery and Resolution Directive (BRRD) as regards the ranking of unsecured debt instruments in insolvency hierarchy. The proposal states that the additions to the last Presidency compromise are marked in underline bold text, additions to the European Commission’s legislative proposal from earlier compromises are in underlined font and deletions from the last Presidency compromise are indicated in strikethrough. View Full Post
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EBA to Launch 2017 Transparency Exercise in September 2017

The European Banking Authority (EBA) has announced that it will publish data for its fourth annual EU-wide transparency exercise in December 2017 together with the Risk Assessment Report (RAR). The sample of banks for the 2017 exercise will be aligned with the one used in the 2017 EBA RAR and the exercise will be based exclusively on supervisory reporting data. View Full Post
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EBA Consults On Scope of Its Draft Guidelines On Connected Clients

The European Banking Authority (EBA) has published a consultation paper on the scope of the draft guidelines on connected clients under Article 4(1)(39) of the Capital Requirements Regulation (CRR). The objective of the definition of ‘group of connected clients’ in Article 4(1)(39) of the CRR is to identify clients so closely linked by idiosyncratic risk factors that it is prudent to treat them as a single risk. View Full Post
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GFXC Launches Complete FX Global Code

The Global Foreign Exchange Committee (GFXC) has announced the launch of the Foreign Exchange (FX) Global Code (the Code). The Code was developed by a partnership between central banks and market participants from 16 jurisdictions around the globe. The Code is a set of global principles of good practice in the FX market, developed to provide a common set of guidelines to promote the integrity and effective functioning of the wholesale FX market.  View Full Post
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ESMA Updates Q&a On Application of AIFMD and UCITS Directive

The European Securities and Markets Authority (ESMA) has published updated Q&As on the application of the Alternative Investment Fund Managers Directive (AIFMD) and the Undertakings for Collective Investment in Transferable Securities Directive (UCITS Directive). The purpose of the Q&As are to promote common supervisory approaches and practices of both the AIFMD and the UCITS Directive and their respective implementing measures. View Full Post
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LBMA Launches New Global Previous Metals Code

The London Bullion Market Association (LBMA) has launched a new global precious metals code (the Metals Code). The Metals Code sets out a common set of principles to promote the integrity of the wholesale precious metals market. The Metals Code is organised around four leading principles: ethics; governance, compliance and risk management; information sharing; and business conduct. View Full Post
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Disclosure of Interests in Hong Kong: Be Ready to File with a Brand New System

Hong Kong’s Securities and Futures Commission (SFC) will introduce a new system for mandatory electronic filing of disclosure of interests notifications (DI notices), which will come into effect on 3 July 2017. From that day onwards, market participants are required to submit DI notices electronically through the new Disclosure of Interests Online System (DION System). View Full Post
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