Recent developments in ESG and pensions
The main provisions of the EU's Sustainable Finance Disclosure Regulation have been in force since 2021, but compliance remains a challenge for many market participants. Here is an update on the state...
View ArticleIOSCO Consults on Good Practices for Leveraged Loans and CLOs
The International Organisation of Securities Commissions, or IOSCO, has published a Consultation Report on good practices for consideration in relation to leveraged loans and CLOs....By: Cadwalader,...
View ArticleAfter Initiating Credit Risk Show Cause Proceedings in 2022, FERC Finds that...
On September 21, 2023, the Commission issued separate orders on show cause proceedings finding that the existing tariffs of the California Independent System Operator Corporation (“CAISO”), ISO New...
View ArticleOpening the Fund Finance Toolkit
Recent years have seen significant growth and innovation in the fund finance industry — and, with an increase in the number and complexity of products in the market, it has become commonplace for...
View ArticleSEC Announces 2024 Exam Priorities
On October 16, 2023, the Division of Examinations of the U.S. Securities and Exchange Commission (the “Division” and the “SEC,” respectively) announced its examination priorities for 2024. While the...
View ArticleTransition Plan Taskforce Publishes the Final Disclosure Framework
On October 9, 2023, the Transition Plan Taskforce (TPT) published the Disclosure Framework providing good practice recommendations for companies to enable them to make “high quality, consistent and...
View Article2024 SEC Division of Examinations Priorities Summary
The SEC’s Division of Examinations got a head start this fiscal year, announcing its 2024 Examination Priorities (2024 Priorities) at the beginning of the fiscal year for the first time. This novel...
View ArticleThorough Exam: SEC's Division of Examinations Announces Fiscal Year 2024...
Amid ongoing federal government shutdown risks and the close of its fiscal year, the U.S. Securities and Exchange Commission's (SEC) Division of Examinations (Exams) recently announced its fiscal year...
View ArticleCalifornia Adopts Digital Financial Assets Law
Licensees, exchanges, and other market participants should prepare to comply with the listing, disclosure, capital, and other requirements that the new law imposes. On October 13, 2023, California...
View ArticleFCA Issues Warning on Market Soundings
The FCA reminds market soundings recipients of their obligations under UK MAR best practices for trading during the market sounding period. On 31 October 2023, the FCA published Market Watch 75...
View ArticleSEC Outlines 2024 Examination Priorities
The priorities highlight emerging and core risk areas for investment advisers, broker-dealers, and other entities, including cybersecurity and crypto assets. On October 16, 2023, the Securities and...
View ArticleFinCEN Seeks Enhanced Oversight of Crypto Mixing
A proposed rule would increase Treasury’s insight into non-US crypto mixing transactions to combat illicit activities by malicious actors. On October 19, 2023, the US Department of the Treasury’s...
View ArticleFCA issues warning about Market Abuse and Market Soundings
On 31 October 2023, the FCA published its Market Watch newsletter no. 75 ("MW75"), expressing concern about instances of possible market abuse it has come across when routinely reviewing trading, and...
View ArticleSEC Division of Examinations Publishes 2024 Examination Priorities
On October 16, 2023, the Division of Examinations (the “Division”) of the U.S. Securities and Exchange Commission (the “SEC”) published its annual Examination Priorities for 2024 (the “Exam...
View ArticleLeash the Kraken: SEC Sues Kraken
On November 20, 2023, the SEC filed a complaint in the United States District Court for the Northern District of California against Payward, Inc. and Payward Ventures, Inc. which, together, do business...
View ArticleOverhaul of Québec Legislation Concerning Publicity Contests
Québec recently repealed the province’s strict regulations concerning contests open to Québec participants by amending the Act respecting lotteries, publicity contests, and amusement machines (Act) and...
View ArticleSEC to Consider Final SPAC Related Amendments
The Securities and Exchange Commission (the “SEC”) announced as part of its agenda for its January 24, 2024 open meeting that it will consider whether to adopt new rules and amendments to disclosures...
View ArticleSEC Expands Dealer Definition to Capture Large Traders Regularly Providing...
High-frequency traders, private funds, decentralized exchange automated market makers, and even state pension plans should consider whether the expanded dealer definition triggers the need to register...
View ArticleIn Practice: Preparing for a New UK Securitisation Framework
The start of 2024 heralds the rollout of a new suite of rules for securitisation in the UK, which once adopted, will replace the existing on-shored UK Securitisation Regulation (the “UKSR”). Originally...
View ArticleSEC Expands Statutory Definition of “Dealer” and “Government Securities Dealer”
SEC defines the phrase “as part of a regular business” to capture private funds and other market participants that take on liquidity-providing roles. The Securities and Exchange Commission (SEC)...
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