Visa Claims Walmart Acting ‘In Bad Faith’

In the legal battle heating up over identification – and consumer choice – used to authorize EMV debit payments at Walmart stores, Visa said Wednesday (June 29) that the world’s largest retailer “secretly configured” payment terminals to accept only personal identification numbers (PINs) when chip cards were presented by consumers. Visa claims that such hotwiring betrays the […]

CFTC Releases Rule Enforcement Review Of The CBOE Futures Exchange,

The U.S. Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight (Division) announced today that it issued the results of a rule enforcement review of the CBOE Futures Exchange, LLC (CFE or Exchange) on June 24, 2016. The review covered a one-year target period. The Division evaluated CFE’s compliance with Designated Contract Market Core Principles […]

Financial Services Update, vol. 11, no. 24

Insights from Winston & Strawn With the second quarter of 2016 coming to a close, investment advisers should consider certain mid-year compliance items.  A brief summary of certain such compliance items is provided below. Quarterly transaction reports. Advisers should confirm that their Chief Compliance Officer or other compliance personnel will be receiving and reviewing the […]

NFA Imposes Late Fee for Form PQR and PR Filings

National Futures Association (NFA) has implemented a late fee on commodity pool operators (CPOs) and commodity trading advisors of $200 for each business day after the due date that a quarterly NFA Form PQR or PR is filed. The late fee will apply to all late-filed NFA Forms PQR and PR dated September 30, 2016 […]

How Investors Are Told to Pick an Advisor

Investors can be easily duped by unscrupulous FAs and aren’t asking the right questions when selecting one, according to an article in the New York Times which purports to give investors the low-down on how to hire a financial advisor. In a “makeover” experiment conducted by the Certified Financial Planner Board of Standards several years ago, […]

CFTC brings significant enforcement action against online Cryptocurrency Exchange

The action reflects the CFTC’s expanded jurisdiction and provides further clarity on what constitutes “actual delivery” in cryptocurrency trading. On June 2, 2016, the US Commodity Futures Trading Commission (CFTC) issued an order (the Bitfinex Order) filing, and simultaneously settling, charges against Hong Kong-based BFXNA, Inc., d/b/a Bitfinex (Bitfinex), in connection with Bitfinex’s operation of […]

Former Goldman banker Gensler is Clinton’s progressive beacon

Over tea at Hillary Clinton’s Washington home in late 2014, Elizabeth Warrenwarned her host that when it comes to Wall Street, what mattered most was the people Clinton surrounded herself with. Months later, as Clinton launched her presidential campaign, Gary Gensler, who had been a Goldman Sachs banker before he became a senior policy aide […]

Final cross-border margin rule issued

The Commodity Futures Trading Commission (CTFC) issued a rule implementing a cross-border approach to its margin requirements for uncleared swaps. The CFTC’s margin rule applies to CFTC-registered swap dealers and major swap participants for which there is no prudential regulator (collectively, covered swap entities), but these rules are closely aligned with the cross-border margin requirements […]