MetLife Ruling the Latest Win for a Son of Justice Scalia

A federal judge’s decision to revoke MetLife Inc.’s “too big to fail” designation is the latest in a string of wins for the insurer’s lawyer, Eugene Scalia, who has emerged as a go-to advocate in recent years for companies looking to challenge government regulation. Mr. Scalia, the 52-year-old son of late U.S. Supreme Court Justice […]

Former SFX executive found guilty in SEC complaint

Brian J. Ourand, a former SFX Financial Advisory Management Enterprises Inc. executive, was found guilty Tuesday by a Securities and Exchange Commission administrative judge of misappropriating client funds.   Mr. Ourand was ordered to disgorge $671,367 plus prejudgment interest and pay a $300,000 civil penalty. He also is barred from the securities industry. According to […]

“CFTC Eliminates End-User Trade Option Reporting Requirements and Addresses Applicability of Position Limits”

The Commodity Futures Trading Commission (CFTC or Commission) adopted a final rule effective March 21, 2016,1 that eliminates the reporting and recordkeeping requirements under the CFTC’s existing trade option exemption for counterparties that are neither swap dealers (SDs) nor major swap participants (MSPs) (these non-SD/MSP counterparties are referred to herein as “commercial end-users”).2 In 2012, […]

Announcing @delaPlexSoftwar to Exhibit at @ThingsExpo New York

YS-CON Events announced today that delaPlex will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. delaPlex pioneered Software Development as a Service (SDaaS), which provides scalable resources to build, test, and deploy software. It’s a fast and more reliable way to develop […]

Derivatives Regulators Reach Agreement on Cross-Border Harmonization for Central Clearing Counterparties

Recent regulatory actions by the U.S. Commodity Futures Trading Commission (CFTC) and the European Commission (EC) are bringing an end to years of negotiation on how to regulate central clearing counterparties (CCPs) operating in both the U.S. and the European Union. These actions implement a much-anticipated cross-border harmonization agreement for CCPs announced last month by […]

Armory Capital Group, LLC Delivers Notice of Default to Trustee of Sidewinder Drilling, Inc.’s Senior Unsecured Notes

LOS ANGELES, March 22, 2016 /PRNewswire/ — Armory Capital Group, LLC (“Armory Capital Group”), representing a group of five holders of certain Senior Unsecured Notes (the “Notes”) issued by Sidewinder Drilling, Inc. (“Sidewinder”), today announced that it had notified the trustee and Sidewinder through its counsel on March 9, 2016 that Sidewinder was in violation […]

Bridging the Week: March 14 – 18, and 21, 2016 (Regulation AT; Equivalence Recognition; Fund Manager Misstatements; Conflicts of Interest; Trade Options)

In response to its proposed Regulation Automated Trading, the Commodity Futures Trading Commission received approximately 50 written views by the termination of the proposal’s comment period last week. Submitted comments often criticized both the too broad reach and the exclusion of certain algorithmic traders from the scope of Regulation AT, as well as the highly prescriptive nature of […]

Investment Adviser Agrees to Pay More Than US $9.5 Million to SEC for Steering Clients to Funds’ Share Classes With Higher Fees When Share Classes With Cheaper Charges Available

Three dually registered broker-dealers and investment advisers – FSC Securities Corporation, Royal Alliance Associates, Inc., and SagePoint Financial, Inc. – settled charges brought by the Securities and Exchange Commission that, from October 2012 to 2014, they invested client funds in mutual fund share classes with higher expenses, when they could have invested the client funds […]

Leap Year Means Earlier Due Date for Form ADV

As a reminder, Form ADV for registered advisers (Parts 1 and 2A) and Exempt Reporting Advisers (relevant portions of Part 1) must be updated within 90 days after the end of their fiscal year. For advisers with a fiscal year ending December 31 the due date this year will be March 30, 2016 (rather than the typical […]

Industry criticises CFTC’s plans for new automated trading rules

A US regulator is facing pushback against plans to impose new controls on the automated traders that dominate futures markets, including giving the government access to firms’ secret computer code. Criticism poured into the Commodity Futures Trading Commission before a Wednesday deadline for public comment on so-called “Reg AT”, which is meant to reduce the […]

Europe grants equivalence to US derivatives rules

The EC and the Commodity Futures Trading Commission in the US had reached an agreement on clearing in principle in February 2016, but this is the first concrete move to enable US clearing houses to be used by EU trading firms. Clearing houses, also known as central counterparties or CCPs, act as the middlemen in derivatives […]

No-Action Relief from CFTC Rule 3.10(c)(3) Clearing Requirement

CFTC grants no-action relief regarding the application of the exemption in CFTC Rule 3.10(c)(3) to swaps that are not subject to a clearing requirement. On February 12, 2016 the Commodity Futures Trading Commission (“CFTC”) issued CFTC No-Action Letter 16-08 which granted no-action relief to introducing brokers (“IB”), commodity trading advisors (“CTA”) and commodity pool operators (“CPO”) seeking […]