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Category Archives: Regulation

Regulation news updates from John Lothian News.

Born Tech’s Haworth on MiFID II’s Real-Time Problems Standard

MiFID II may have been implemented in January, but that does not mean that everyone in markets was adequately prepared. Certain aspects of the regulation, such as unbundling, were widely understood, but MiFID’s RTS 6 obligation might have some participants still adjusting. RTS 6 requires that firms engaging in direct electronic access (DEA) or algorithmic trading monitor their activities and markets in real-time for “disorderly trading.” In this video, Born Technology’s CEO Derek Haworth talks about some of these challenges stemming from MiFID II.   Produced by Mike Forrester

CFTC Division of Enforcement Trends Standard

This piece was co-authored by Elizabeth Lan Davis, a former chief trial attorney at the Commodity Futures Trading Commission (CFTC), who joined Murphy & McGonigle a few weeks ago, and another lawyer at the Firm, Brian Walsh. On November 22, 2017, the Division of Enforcement (“Division”) of the Commodity Futures Trading Commission (“CFTC”) released its annual enforcement results, announcing that it had filed 49 enforcement actions for Fiscal Year 2017.  Despite the unexpected decrease to the CFTC’s budget, the agency’s enforcement program is on pace to markedly improve upon the number of filings made during Fiscal Year 2017. Since announcing…

The Dawn of Crypto Regulation Standard

cryptocurrency dollar

On April 11, 2018, regulators, academics and market users gathered in Washington DC to discuss the issues, challenges and future of regulation for the digital asset space. Titled “Smart Financial Regulation Roundtable: Implications of Cryptocurrencies,” the program featured three separate sessions: The first session: The State of Play in Cryptocurrencies – What are cryptocurrencies and how are they being used and regulated? The second session: The Regulatory Response to Cryptocurrencies – What should regulators and policymakers do to help cryptocurrencies achieve their potential while minimizing risk? The final session: A Fireside Chat with CFTC Commissioner Rostin Behnam and Brian Knight,…

As SEC Subpoenas to Tech Companies in Digital Tokens Market Increase, What Issuers Need to Know Standard

  The Securities and Exchange Commission (“SEC”) reportedly has revved up its focus and issued a significant number of subpoenas targeting technology companies in the digital token space, following on earlier pronouncements from the agency that it would expand its focus on ICOs and cryptocurrencies. The subpoena process is one of the primary weapons in the SEC’s enforcement arsenal, and ICO issuers will need to understand what they can expect over the next few weeks.  What is a subpoena? A subpoena is a formal request from the SEC staff for documents or testimony, which can be enforced with a court…

Don’t Get the Munchees! A Lesson from the SEC Standard

The Securities & Exchange Commission (“SEC” or the “Commission”) has made good on its promise to pursue companies that engage in what it views as unregulated offerings of securities by way of initial coin offerings or “ICOs.” Specifically, the Commission recently pursued a company called “Munchee” that created an iPhone application for people to review restaurant meals. To fund the creation of its app, Munchee began an ICO seeking to raise $15 million and, in return, issue its token known as a “MUN.”  The company issued a white paper in connection with its ICO. In that document, Munchee indicated that…

Putting on My Broker Hat About Bitcoin Standard

Everyone is asking about bitcoin. A journalist called and asked to interview me. A magazine called and asked me to write something. A brokerage firm chief risk manager called to ask me my opinion about bitcoin and bitcoin futures. Two weeks ago, a former employer I have not seen in 10 years called me out in for my bitcoin qualms. At the dinner table my son Robby opened up about owning not just bitcoin, but bitcoin cash, ether and monero. This is a full-fledged mania. As I was driving home last night and thinking about bitcoin (as opposed to…

Asia Pacific Financial News from John Lothian News – November 30, 2017 Standard

Lead Stories Australian Banks’ U-Turn on Misconduct Probe Is Bid to Cut Risk By Emily Cadman – Bloomberg Government sets up Royal Commission into alleged failings; Tight deadlines, strict terms may limit potential damage If you can’t beat ’em, join ’em. That’s the calculation Australia’s biggest banks and the government have made in deciding to cave in to pressure for a public inquiry into alleged misconduct in the financial industry. Is China’s Central Bank Losing Its Monetary-Policy Mojo?; The gap between policy and market interest rates is widening, throwing up challenges for the PBOC By Shen Hong – WSJ…

The Industry Discusses Potential Changes to Dodd-Frank Standard

At the 33rd Annual FIA Futures and Options Expo in mid-October, John Lothian News spoke with a variety of industry participants about upcoming milestones and trends in financial markets. This seventh and final video in the series addresses the recent efforts by the CFTC to take commentary from the industry regarding potential changes to Dodd-Frank. In this video, Julie Winkler, chief commercial officer with CME Group, Gary DeWaal, special counsel with Katten Muchin Rosenman, Ben Morof, chief compliance officer for Teza Capital Management and Carl Gilmore, president of Integritas Financial Consulting talk about some potential improvements.