Corporate & Financial Weekly Digest

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On July 31, the UK’s Financial Conduct Authority (FCA) updated its statement on how firms should handle complaints during the COVID-19 pandemic — indicating to the market in the process that the time for regulatory forbearance as a result of the pandemic is effectively over. The FCA states: “We consider that firms have now had enough time to embed new ways of working, and, accordingly, a failure to comply with [FCA complaints rules], or other…
Katten hosts a weekly 15-minute fireside chat podcast series on notable UK and European developments from the prior week’s Corporate and Financial Weekly Digest. In this week’s edition, Nathaniel Lalone speaks on the most recent fiasco around revising the European Union’s (EU) Packaged Retail Investment and Insurance-based Products (PRIIPs) Regulation, Neil Robson provides an update on the Financial Conduct Authority’s (FCA) recent announcement about complaints-handling at FCA-regulated firms and the end of COVID-related regulatory forbearance,…
On August 4, the Commodity Futures Trading Commission’s Office of Customer Education and Outreach (the OCEO) issued a Customer Advisory regarding suspicious precious metal recommendations. Due to the relaxed rules under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), unregistered gold and silver dealers have increasingly been encouraging investors (1) to convert their retirement savings into investments of gold or silver coins or into self-directed gold individual retirement accounts, and (2) to make…
On July 24, the European Commission adopted a set of measures to help facilitate bank lending to households and businesses throughout the EU (the Measures). The Measures aim to make it easier for capital markets to support EU businesses in their recovery from the COVID-19 pandemic by encouraging greater investments in the economy, allowing for the rapid recapitalization of companies and increasing banks’ capacity to finance the recovery. The Measures propose changes to: the Capital…
On July 17, the Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight (DSIO) announced that it has extended the time period for the no-action relief provided in CFTC Staff Letter No. 20-16 to registrants listing new principals and to applicants for registration as associated persons (APs) from the requirement to submit a fingerprint card. The relief extends until September 30 or any earlier date on which the National Futures Association (NFA) resumes…
Recently, the Securities and Exchange Commission issued a release (the Release) approving, with immediate effectiveness, the New York Stock Exchange’s (NYSE) proposal to extend through September 30 the NYSE’s temporary and partial waivers from the requirement that NYSE-listed companies obtain stockholder approval in connection with certain related party and 20 percent equity issuances (the Waiver). As discussed in the April 17, 2020 edition of Corporate & Financial Weekly Digest, the SEC previously approved the…
On June 29, the Commodity Futures Trading Commission’s (CFTC) Technology Advisory Committee (TAC) announced that it will hold a public meeting on July 16. At this meeting, the TAC will hear presentations from the TAC subcommittees on Automated and Modern Trading Markets, Distributed Ledger Technology and Market Infrastructure, Virtual Currencies and Cybersecurity. The meeting will be held via conference call in accordance with CFTC’s implementation of social distancing due to COVID-19. More information is available…
On July 6, the Commodity Futures Trading Commission’s (CFTC) Market Risk Advisory Committee (MRAC) announced that it will hold a public meeting on July 21. At this meeting, the MRAC will (1) discuss market activity in the early part of 2020, immediately following the onset of the COVID-19 pandemic in the United States, and (2) receive status updates from the Climate-Related Market Risk, CCP Risk and Governance, Market Structure and Interest Rate Benchmark Reform subcommittees.…
On June 23, the Division of Corporation Finance (the Division) of the Securities and Exchange Commission issued CF Disclosure Guidance: Topic No. 9A (Topic 9A) providing additional disclosure considerations for public reporting companies regarding operations, liquidity and capital resources disclosures in light of business and market disruptions related to the COVID-19 pandemic. Topic 9A supplements CF Disclosure Guidance Topic No. 9 issued by the Division on March 25, 2020 and discussed in Katten’s advisory “…
On June 25, the Commodity Futures Trading Commission held an open meeting where it approved two final rules, advanced two proposed rules and withdrew a previously proposed rule and supplemental proposal. The two approved final rules include: Amendments to Part 37 of CFTC regulations that prohibit post-trade name give-up for swaps executed, pre-arranged, or pre-negotiated anonymously on or pursuant to the rules of a swap execution facility (SEF) and intended to be cleared. The final…