After approximately 16 years of publication, today is our final official edition of Corporate & Financial Weekly Digest. On behalf of our attorneys, editors and all of our authors, we are proud to have been a reliable source on trending legal issues. Please stay tuned, as Katten will continue to provide timely, educational updates to our clients and subscribers via advisories and other future publications.

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On May 25, the Financial Industry Regulatory Authority (FINRA) published the 2021 FINRA Industry Spotlight (Industry Spotlight), which is FINRA’s annual statistical report covering the brokerage firms, registered representatives and market activity that FINRA regulates. The 2021 edition includes new statistics on US Treasury volume and corporate financing filings. The Industry Spotlight also includes 2020 data on the size and geographic distribution of the firms FINRA regulates, the number of individuals in the industry, equity and fixed income trading activity, and how firms marketed their products and services during the last year. It also includes additional data sets, specifically data on Treasury market activity, focusing on volumes by both participant and product type.

2021 FINRA Industry Spotlight

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The Financial Industry Regulatory Authority (FINRA) has published its 2021 Annual Budget Summary (Budget Summary), which outlines how FINRA plans to deploy resources in 2021 to meet its various regulatory responsibilities. Continue Reading FINRA Publishes 2021 Budget

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On May 25, the Commodity Futures Trading Commission announced that on June 9, from 10:00 a.m. to 12:00 p.m., the Agricultural Advisory Committee (AAC) would hold a public meeting via teleconference. At this meeting, the AAC will receive a report from the subcommittee that has been evaluating CFTC policy with respect to the implementation of amendments to enumerated agricultural futures contracts with open interest. The meeting also will include a discussion on global agricultural commodity derivatives contracts and other agricultural risk management issues.

CFTC Announcement in the Federal Register

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On May 26, Commodity Futures Trading Commission’s Market Participants Division (MPD) published updated responses to frequently asked questions regarding CFTC Regulation 4.27 and Form CPO-PQR (FAQs). These FAQs update the 2015 FAQs that addressed issues on Form CPO-PQR from filing mechanics and deadlines to more technical questions. Continue Reading CFTC Staff Publishes Updated Responses to FAQs Regarding Commission Regulation 4.27 and Form CPO-PQR

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On May 24, the National Futures Association (NFA) issued Notice to Members 1-21-16, announcing the effective date for NFA Member swap dealer and major swap participant dues increases.

NFA Bylaw 1301 imposes annual dues on NFA Member swap dealers (SD) and major swap participants (MSP). The current annual dues amounts have remained unchanged, except for a reduction in MSP annual dues, since NFA established its swap regulatory program in 2013. Given the expansion of NFA’s swaps regulatory program over the past eight years and to fund its operations and maintain adequate reserves, NFA’s Board of Directors, on May 20, unanimously approved the following increases to these annual dues amounts: Continue Reading Effective Date for NFA Member Swap Dealer and Major Swap Participant Dues Increases

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The Securities and Exchange Commission is seeking comments on a Financial Industry Regulatory Authority (FINRA) proposal to adopt a Supplemental Liquidity Schedule (SLS), and instructions thereto, pursuant to FINRA Rule 4524. FINRA Rule 4524 provides in part that each member, as FINRA shall designate, shall file as a supplement to FOCUS Reports such additional financial or operational schedules or reports as FINRA may deem necessary. The proposed SLS, which would be filed as a supplement to the FOCUS Report, would be required to be filed by (1) each carrying member with at least $25 million in free credit balances, as outlined under Securities Exchange Act of 1934 (SEA) Rule 15c3-3(a)(8); and (2) any member with at least $1 billion in aggregate outstanding repurchase agreements, securities loan contracts and bank loans, as reported on their most recent FOCUS Report. Continue Reading Notice of Filing of a Proposed Rule Change to Adopt a Supplemental Liquidity Schedule

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On May 20, the European Securities and Markets Authority (ESMA) proposed to the European Commission (Commission) a permanent reduction to the threshold to notify net short positions on shares to EU national competent authorities (NCAs) from 0.2 percent to 0.1 percent. Continue Reading ESMA Recommends Permanently Lowering the Reporting Threshold for Net Short Positions to 0.1 Percent

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On May 18, a speech by the European Commissioner for Financial Services, Financial Stability and Capital Markets Union was published outlining elements of the anti-money laundering (AML) and counter-terrorist financing (CTF) action plan that the European Commission (Commission) intends to present further and reform. Continue Reading European Commissioner Speech on AML and CTF Action Plan Reforms

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On April 11, the Financial Industry Regulatory Authority (FINRA) issued Regulatory Notice 21-18 (Notice) in response to increasing reports from customers experiencing customer account takeover (ATO) incidents. Continue Reading FINRA Shares Practices Firms Use to Protect Customers from Online Account Takeover Attempts

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Sean M. AkchinJames M. BradyHenry BregsteinDavid A. BrennandMatthew S. BrownJames J. CalderClaudia CallawayBonnie Lynn ChmilMark T. CianiWendy E. CohenChristopher CollinsFarzad DamaniaJill E. DarrowCharles A. DeVoreGary DeWaalChris DiAngeloDavid Y. DicksteinMichael J. DiverKevin M. FoleyJeff J. FriedmanBrooks T. GilesDavid L. GoldbergMark D. GoldsteinJack P. GovernaleRussell E. GreenblattChristina GrigorianBrian HechtChristian B. HennionDaniel O. ImahiyeroboCarolyn H. JacksonChristian T. KemnitzCarl E. KennedyTimothy D. KertlandAlexander C. KimShelby KloseShelby KostDavid S. KravitzNathaniel LaloneThomas F. LamprechtLawrence LevinSusan LightMichael J. LohnesGabriel S. MarinaroRichard D. MarshallEdward MatznerPaul McCurdyMargaret J. McQuadeElise W. MichaelTenley MochizukiKatten Muchin Rosenman LLPIrina NicaElizabeth OrganStanley V. PolitDaniel H. RenderScott A. ResnikMark J. ReyesNeil RobsonAlexa RollinsMichael RosensaftJonathan RotenbergAlyse A. SagalchikNicole A. SaleemFred M. SantoChristopher T. ShannonMitch D. SprengelmeyerCarrie M. StickelJoseph TopolskiMarc M. TractGregory A. UffnerJonathan D. WeinerRobert WeissJack A. WestElizabeth P. WhiteLisa WiznitzerMark D. WoodAllison C. Yacker

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A Message From KattenFINRA Publishes 2021 Industry SpotlightFINRA Publishes 2021 BudgetCFTC Announces Agricultural Advisory Committee MeetingCFTC Staff Publishes Updated Responses to FAQs Regarding Commission Regulation 4.27 and Form CPO-PQR

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For additional coverage on financial and regulatory news, visit Bridging the Week, authored by Katten’s Gary DeWaal.