Katten Muchin Rosenman LLP’s Foreign Listed Stock Index Futures and Options Approvals Chart(Approvals Chart), current as of November 8, 2013, is now available online. All prior versions are superseded and should be discarded.Please note the following developments since we distributed the last Approvals Chart:(1) The CFTC has approved the following contracts for trading by U.S. persons(i) Bombay Stock Exchange’s futures contract based on the S&P BSE 100 Index;(ii) Hong Kong Futures Exchange’s futures contract based on the CES China 120 Index;(iii) Hong Kong Futures Exchange’s futures contract based on the HSI Volatility Index;(iv) NYSE Euronext’s mini futures contract based on the CAC40 Index; and(v) NYSE Euronext’s mini futures contract based on the AEX Index.(2) The SEC has not approved any new foreign equity index options since we last … [Read more...] about Foreign Listed Stock Index – Futures and Options Approvals
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Bridging Weeks: AML; DLT; Attempted Manipulation; Manipulative Device; Registration; EFRPs; Block Trades; Hedge Exemptions
During the last two weeks, numerous important regulatory and litigation developments occurred worldwide that impacted financial services firms. In the United States, the Securities and Exchange Commission sanctioned a broker-dealer for anti-money laundering breakdowns, while the Commodity Futures Trading Commission proposed, going forward, to authorize exchanges to grant certain hedge exemptions to speculative position limits (much as they do currently) under its 2013 proposed position limits regulations, and will hold a public roundtable on proposed Regulation Automated Trading this week in Washington, DC. Meanwhile, the European Securities and Markets Authority issued an important think piece on distributed ledger technology; while the principal Hong Kong securities regulator fined a brokerage firm for not being able to ascertain the identities of certain ultimate retail clients of an intermediate broker that was its direct customer. As a result, the following matters are … [Read more...] about Bridging Weeks: AML; DLT; Attempted Manipulation; Manipulative Device; Registration; EFRPs; Block Trades; Hedge Exemptions
Stocks dip as investors fear a weakening global economy
NEW YORK — Stocks across the world slipped Tuesday morning as investors again grow concerned about signs the global economy is weakening. The International Monetary Fund trimmed its economic forecasts for 2019 and 2020 and pointed to risks including trade tensions and rising interest rates. China's government said its economy grew in 2018 at the slowest pace since 1990. Technology companies skidded, and so did industrial companies, which were hurt by the slower growth forecast as well as some weak fourth-quarter earnings. KEEPING SCORE: The S&P 500 index lost 27 points, or 1 percent, to 2,643 as of 10:10 a.m. Eastern time. The Dow Jones Industrial Average slid 207 points, or 0.8 percent, to 24,498. The Nasdaq composite fell 83 points, or 1.2 percent, to 7,074. The Russell 2000 index of smaller-company stocks dropped 18 points, or 1.3 percent, to 1,463. Stocks in Europe and Asia took similar losses. But even with the decline Tuesday, the S&P 500 has jumped more than 12 … [Read more...] about Stocks dip as investors fear a weakening global economy
SEC Concept Release Requests Industry Comments on Funds’ Use of Derivatives
At an open meeting on August 31, the Securities and Exchange Commission (SEC) unanimously voted (4-0) to approve the issuance of a Concept Release on the regulatory framework governing the use of derivatives by investment companies under the Investment Company Act of 1940 (1940 Act).[1] The Concept Release solicits comments from investors, industry participants, and industry professionals on a broad range of topics relating to use of derivatives by mutual funds, exchange-traded funds,[2] closed-end funds, and business development companies (funds) in connection with a comprehensive review being conducted by the SEC and its staff. The purpose of the review is to assist in determining whether regulatory guidance or changes are needed and, if so, what type of changes would be appropriate. Comments will be due during the first week of November and may be submitted online or via email. All comments received will be publicly available.At the open meeting, Chairman Mary Schapiro … [Read more...] about SEC Concept Release Requests Industry Comments on Funds’ Use of Derivatives
September 2015: Digital Single Market Policy, Energy and Climate Change, Internal Market, Financial Services – EU Policy Update
Digital Single Market PolicyIn August, the Commission announced a public consultation on the review of the EU satellite and cable Directive of 1993. The Directive regulates the clearing of copyrights and related rights for satellite broadcasting as well as cable retransmissions in the internal market. The review aims at adapting the Directive to take new content distribution models such as online broadcasting services into account and, more generally, to enhance “cross-border access to broadcasters’ services in Europe”. A key issue will be the territorial scope of digital transmission rights. The current practice of content providers is to sign licensing agreements with a national scope of application, which often segments the European market.The Commission has also published a roadmap for the modernisation of VAT rules for cross-border e-commerce. In its opinion, prevailing differences between the national systems of VAT registration and declaration represent a real … [Read more...] about September 2015: Digital Single Market Policy, Energy and Climate Change, Internal Market, Financial Services – EU Policy Update