Legal Alerts

  1. Five Takeaways About Cybersecurity From the OCIE Cybersecurity Risk Alert

    April 21, 2014 On April 15, 2014, SEC’s Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert describing an initiative it is currently undertaking to assess cybersecurity preparedness in the securities industry.1 The Risk Alert includes a seven page appendix with 28 “samp... more >
  2. Regulators Unveil Shanghai-Hong Kong Cross-Border Stock Trading Plan

    April 14, 2014 监管当局推出沪港股票市场交易互联互通试点 In a joint announcement on April 10, 2014 (the “Joint Announcement”), the China Securities Regulatory Commission (the “CSRC”) and the Hong Kong Securities and Futures Commission (the “SFC”) unveiled “Shanghai-Hong Kong Stock Connect” (“Stock Connect”), a pil... more >
  3. CFTC Regulation 1.35 Recordkeeping Requirements Set to Become Effective on May 1, 2014

    April 11, 2014 On May 1, 2014, no-action relief from compliance with U.S. Commodity Futures Trading Commission (“CFTC”) Regulation 1.35 will come to an end. With the expiration of this no-action period, certain market participants will be subject to substantial recordkeeping requirements, inclu... more >
  4. Ninth Circuit Holds That a National Bank Is “Located” Only in the State of its Main Office for the Purposes of Diversity Jurisdiction

    April 9, 2014 A recent Ninth Circuit opinion makes it easier for national banks to have access to a federal forum under diversity jurisdiction. In Rouse v. Wachovia Mortgage, FSB, No. 12-55278, 2014 WL 1243869 (9th Cir. Mar. 27, 2014), the dispositive issue before the appellate court was wheth... more >
  5. FINRA Initiates Retrospective Rule Review Heavy on Process, Vague on End Game

    April 9, 2014 On April 8, 2014, FINRA published two regulatory notices (“Regulatory Notices”) kicking off its much discussed retrospective review of significant rulemaking. According to FINRA, the purpose of the retrospective review is to determine whether specific rules are meeting their “int... more >
  6. SEC Staff Issues Guidance on Investment Adviser Advertising and Social Media Commentary

    April 8, 2014 Many investment advisers have wanted to benefit from third-party comments about their firms in a social media site, but have been prevented by the so-called “testimonial” rule from using them. The Division of Investment Management (the “Division”) recently released guidance on ad... more >
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