http://www.mofo.com/ Capital Markets CSS en-us Wed, 22 May 2013 17:06:27 GMT Event The California Association of County Treasurers and Tax Collectors (the “CACTTC”) will be hosting its 2013 CACTTC Annual Conference at the Hyatt Regency Monterey Hotel and Spa in Monterey, CA on June 11-14, 2013. Anna Pinedo and Ben Colice (RBC Capital Markets) will speak on a panel entitled “Covered Bonds, Asset Backs and the State of the GSE’s/Regulations”. http://www.mofo.com/2013-CACTTC-Annual-Conference-06-12-2013/ http://www.mofo.com/2013-CACTTC-Annual-Conference-06-12-2013/ Mon, 29 Apr 2013 17:35:08 GMT Publication In September 2011, the European Commission initially proposed that a financial transaction tax (“FTT”) be implemented by all 27 EU Member States, although it soon became clear that a significant proportion of the Member States would not agree to implement a tax of the nature proposed. http://www.mofo.com/files/Uploads/Images/130315-A-European-Financial-Transaction-Tax.pdf http://www.mofo.com/files/Uploads/Images/130315-A-European-Financial-Transaction-Tax.pdf Fri, 15 Mar 2013 17:52:15 GMT Event Are you interested in learning how economists analyze structured products? In originating, testing, offering, and defending structured products, broker-dealers often need to be able to demonstrate the real-world characteristics of structured products. http://www.mofo.com/Analyzing-Structured-Products-03-28-2013/ http://www.mofo.com/Analyzing-Structured-Products-03-28-2013/ Thu, 07 Mar 2013 03:56:43 GMT Event The Dodd-Frank Act amended the definition of “commodity pool”, making it broader by including any enterprise operated for the purpose of trading in swaps. http://www.mofo.com/Are-You-a-Commodity-Pool-Operator-And-is-it-Curable-06-04-2013/ http://www.mofo.com/Are-You-a-Commodity-Pool-Operator-And-is-it-Curable-06-04-2013/ Thu, 25 Apr 2013 23:20:56 GMT Event Hong Kong Capital Markets Partner, John Moore, will open the second day of the Asia-Pacific In-House Counsel Summit in Hong Kong on May 15, 2013. The event will cover topical issues affecting the Asia-Pacific region including: management; corporate governance; expanding investments in emerging markets; the obstacles faced by Chinese companies as they increase their outbound investment; how to take advantage of the opportunities and how to get ahead of the competition. http://www.mofo.com/Asialaw-Asia-Pacific-In-House-Counsel-Summit-2013-05-15-2013/ http://www.mofo.com/Asialaw-Asia-Pacific-In-House-Counsel-Summit-2013-05-15-2013/ Tue, 07 May 2013 19:41:32 GMT Event http://www.mofo.com/Basel-III-and-Derivatives-Exposures-Understanding-the-Regulatory-Capital-Effects-05-30-2013/ http://www.mofo.com/Basel-III-and-Derivatives-Exposures-Understanding-the-Regulatory-Capital-Effects-05-30-2013/ Thu, 16 May 2013 02:01:27 GMT Publication Noting the increasingly global nature of financial markets, the U.S. Securities and Exchange Commission (“SEC”) adopted Rule 15a-6 nearly twenty four years ago to facilitate limited access by foreign broker-dealers to customers in the United States. http://www.mofo.com/files/Uploads/Images/130328-Foreign-Broker-Dealers-Rule-15a-6.pdf http://www.mofo.com/files/Uploads/Images/130328-Foreign-Broker-Dealers-Rule-15a-6.pdf Thu, 28 Mar 2013 16:51:45 GMT Event Derivatives market participants are becoming subject to a series of regulatory requirements related to clearing, trade reporting, and record-keeping. http://www.mofo.com/Considerations-for-End-Users-of-Derivatives-06-20-2013/ http://www.mofo.com/Considerations-for-End-Users-of-Derivatives-06-20-2013/ Fri, 26 Apr 2013 18:45:47 GMT Event Anna Pinedo will speak on a panel entitled "Derivatives, Structured Notes and Other Alternatives to Traditional Securities Offerings." http://www.mofo.com/PLIs-Understanding-the-Securities-Laws-2013-07-25-2013/ http://www.mofo.com/PLIs-Understanding-the-Securities-Laws-2013-07-25-2013/ Fri, 03 May 2013 18:33:01 GMT Event Peter Green will lead a session entitled “Regulatory Reporting Obligations.” He will also speak on panel entitled “Are Clearing Houses Too Big to Fail?” http://www.mofo.com/EMIR-Implementation-Theoretical-and-Practical-Guidance-06-13-2013/ http://www.mofo.com/EMIR-Implementation-Theoretical-and-Practical-Guidance-06-13-2013/ Mon, 29 Apr 2013 19:09:09 GMT Event This seminar is designed as a primer regarding exchange-traded funds. http://www.mofo.com/Exchange-Traded-Funds-Issues-for-2013-05-14-2013/ http://www.mofo.com/Exchange-Traded-Funds-Issues-for-2013-05-14-2013/ Tue, 16 Apr 2013 19:33:30 GMT Event This focused briefing will enable small banks to effectively address FATCA's most critical challenges before the rules take effect in 2014. It will provide you with an update on the regulation and clear guidance on what compliance involves. http://www.mofo.com/FATCA-for-Small-Banks-Breakfast-Briefing-04-15-2013/ http://www.mofo.com/FATCA-for-Small-Banks-Breakfast-Briefing-04-15-2013/ Wed, 10 Apr 2013 18:14:10 GMT Publication On February 12, the Federal Deposit Insurance Corporation (“FDIC”) proposed for public comment a rule that would exclude from federal deposit insurance coverage those deposits made at insured U.S. banks that are payable at a foreign branch of a U.S. bank, including those deposits that are payable both at domestic and overseas branches (“dually payable deposits”). http://www.mofo.com/files/Uploads/Images/130221-FDIC-Insurance-Deposits.pdf http://www.mofo.com/files/Uploads/Images/130221-FDIC-Insurance-Deposits.pdf Thu, 21 Feb 2013 19:30:33 GMT Publication On April 3, the Federal Reserve Board (“Board”) published a final rule (“Rule”) specifying when a financial company that may be made subject to systemic regulation under Title I of the Dodd-Frank Wall Street Accountability and Consumer Protection Act (“Dodd-Frank Act”) is “predominantly engaged in financial activities” for purposes of being designated for systemic regulation under the Dodd-Frank Act. The Rule is effective on May 6, 2013. http://www.mofo.com/files/Uploads/Images/130404-Federal-Reserve-Board.pdf http://www.mofo.com/files/Uploads/Images/130404-Federal-Reserve-Board.pdf Thu, 04 Apr 2013 21:48:37 GMT Publication Yesterday, March 4, 2013, the Federal Reserve Board (the “Board”) published a proposed rule on the standards governing the establishment of accounts by the Federal Reserve Banks (the “Reserve Banks”) for the provision of services to financial market utilities (FMUs) that have been designated as systemically important by the Financial Stability Oversight Council (the “Council”). http://www.mofo.com/files/Uploads/Images/130305-Federal-Reserve-Proposes-Rule.pdf http://www.mofo.com/files/Uploads/Images/130305-Federal-Reserve-Proposes-Rule.pdf Wed, 06 Mar 2013 18:37:51 GMT Event Please join the visiting MoFos for any (or all) of the following sessions where we'll share our views on the recent past and prognosticate on future developments. http://www.mofo.com/Financial-Services-A-glimpse-into-the-future-04-11-2013/ http://www.mofo.com/Financial-Services-A-glimpse-into-the-future-04-11-2013/ Fri, 22 Feb 2013 22:46:16 GMT Publication In 2011, FINRA attempted to break the broker-dealer industry’s habit of relying upon a 5% ceiling for equity markups by proposing a new FINRA Rule 2121 that would eliminate the so-called “5% policy” currently embodied in NASD IM-2440-1. Last week, at the two-year anniversary of that proposal, and following its processing of comments on the proposal, FINRA chose to maintain the 5% policy, probably as much for its usefulness to FINRA in regulating fair pricing as for the member firms’ reliance on a bright line standard to supervise their practices. http://www.mofo.com/files/Uploads/Images/130305-FINRA.pdf http://www.mofo.com/files/Uploads/Images/130305-FINRA.pdf Wed, 06 Mar 2013 22:33:24 GMT Event Foreign banks are increasingly seeking to diversify their financing opportunities. With careful planning, banks can access U.S. investors without subjecting themselves to the securities registration requirements applicable to public offerings and to ongoing disclosure and governance requirements applicable to U.S. reporting companies. http://www.mofo.com/Foreign-Banks-Accessing-the-US-Markets/ http://www.mofo.com/Foreign-Banks-Accessing-the-US-Markets/ Mon, 18 Mar 2013 21:30:33 GMT Event Despite the sovereign crisis and heightened volatility, the covered bond market remains very attractive. Foreign banks continue to access the U.S. markets with covered bond offerings. http://www.mofo.com/Foreign-Banks-Issuing-Covered-Bonds-into-the-US-04-10-2013/ http://www.mofo.com/Foreign-Banks-Issuing-Covered-Bonds-into-the-US-04-10-2013/ Mon, 18 Mar 2013 21:25:11 GMT Event The ICMA Covered Bond Investor Council (CBIC) and The Covered Bond Report's 2013 Covered Bond Investor Conference will focus on topical investors' issues and will once again provide an ideal opportunity for those wishing to engage in a constructive dialogue with the buy-side. http://www.mofo.com/ICMA-Covered-Bond-Investor-Conference-05-16-2013/ http://www.mofo.com/ICMA-Covered-Bond-Investor-Conference-05-16-2013/ Mon, 15 Apr 2013 20:02:11 GMT Event The International Capital Market Association's Annual General Meeting and Conference is a long–established and unique event in the financial market calendar. The conference consistently draws a large audience of high level participants from ICMA’s international membership and the wider financial community. http://www.mofo.com/ICMAs-Annual-General-Meeting-and-Conference-2013-05-22-2013/ http://www.mofo.com/ICMAs-Annual-General-Meeting-and-Conference-2013-05-22-2013/ Mon, 25 Mar 2013 18:19:45 GMT Event Jerry Marlatt will chair a panel entitled “Securitisation: Winning back confidence" and Jeremy Jennings-Mares will chair a panel entitled “Roundtable: Regulation in 2013/2014" at the IFLR European Capital Markets Forum on April 9, 2013 in London. http://www.mofo.com/IFLR-European-Capital-Markets-Forum-2013-04-09-2013/ http://www.mofo.com/IFLR-European-Capital-Markets-Forum-2013-04-09-2013/ Wed, 20 Mar 2013 17:49:38 GMT Event MoFo Partners Anna Pinedo and David Kaufman will give a Dodd-Frank Act Title VII update during a webinar on May 21, 2013. http://www.mofo.com/IFLR-Webcast-Dodd-Frank-Act-Title-VII-Update-05-21-2013/ http://www.mofo.com/IFLR-Webcast-Dodd-Frank-Act-Title-VII-Update-05-21-2013/ Thu, 25 Apr 2013 23:53:20 GMT Publication As we have previously reported, a Task Force of the International Organization of Securities Commissions ("IOSCO") published a consultation on financial benchmarks on 11 January 2013 in response, in part, to recent controversies in relation to the setting of financial benchmarks, including LIBOR. http://www.mofo.com/files/Uploads/Images/130506-IOSCO-Consultation-Report-on-Financial-Benchmarks.pdf http://www.mofo.com/files/Uploads/Images/130506-IOSCO-Consultation-Report-on-Financial-Benchmarks.pdf Mon, 06 May 2013 16:43:11 GMT Event Morrison & Foerster will be hosting a seminar reviewing FINRA rules applicable to offerings, including new Rule 5123. http://www.mofo.com/MoFo-Classics-FINRA-Offerings-and-Research-03-19-2013/ http://www.mofo.com/MoFo-Classics-FINRA-Offerings-and-Research-03-19-2013/ Wed, 13 Mar 2013 18:46:20 GMT Event Anna Pinedo will participate in the Structured Note Leadership Forum and host “Regulation Round-Up,” a presentation focusing on the latest developments in regulation of structured products. http://www.mofo.com/Americas-Structured-Note-Showcase-Awards-05-23-2013/ http://www.mofo.com/Americas-Structured-Note-Showcase-Awards-05-23-2013/ Wed, 08 May 2013 18:37:06 GMT Event Financial institutions in Europe and the US are considering a range of products to address their funding needs. It’s a difficult task, as it’s still not known which products will receive beneficial regulatory capital treatment. http://www.mofo.com/New-Bank-Capital-Rules-Are-CoCos-the-Answer-04-17-2013/ http://www.mofo.com/New-Bank-Capital-Rules-Are-CoCos-the-Answer-04-17-2013/ Mon, 25 Mar 2013 18:38:45 GMT Event Partner Anna Pinedo will speak on a panel entitled "Introdution to Private Placements & Hybrid Financing" and Parter David Lynn will speak on a panel called "Staying Private, Private Scodnary Markets, & Using the Internet" at the Private Placements & Other Financing Alternatives Seminar, hosted by PLI on April 15th, 2013 in New York, NY. http://www.mofo.com/PLIs-Private-Placements-and-Other-Financing-Alternatives-04-15-2013/ http://www.mofo.com/PLIs-Private-Placements-and-Other-Financing-Alternatives-04-15-2013/ Mon, 18 Mar 2013 19:20:58 GMT Publication Today, April 19, 2013, the Securities and Exchange Commission ("SEC") and the Commodity Futures Trading Commission ("CFTC") published in the Federal Register rules and guidelines requiring their respective regulated financial institutions to establish programs to address the risks of identity theft, i.e., "fraud committed or attempted using the identifying information of another person without authority." http://www.mofo.com/files/Uploads/Images/130419-SEC-CFTC-Identity-Theft.pdf http://www.mofo.com/files/Uploads/Images/130419-SEC-CFTC-Identity-Theft.pdf Fri, 19 Apr 2013 22:35:09 GMT Event Foreign banks seeking to diversify their financing opportunities may consider SEC registration. This briefing will focus on the registration process; disclosure considerations for financial institutions; and compliance, governance and ongoing reporting. http://www.mofo.com/SEC-Registration-for-Foreign-Banks-04-18-2013/ http://www.mofo.com/SEC-Registration-for-Foreign-Banks-04-18-2013/ Mon, 18 Mar 2013 20:53:07 GMT Event Partner Anna Pinedo will speak on a panel entitled “Legal Regulatory Compliance Update" at the 2013 SPA Structured Products Distribution Conference on March 6, 2013 in New York, NY. http://www.mofo.com/SPA-2013-Structured-Products-Distribution-Conference-03-06-2013/ http://www.mofo.com/SPA-2013-Structured-Products-Distribution-Conference-03-06-2013/ Wed, 27 Feb 2013 18:30:40 GMT Event Brad Berman will speak on ETNS. This class will focus on setting up an ETN platform. http://www.mofo.com/Structured-Thoughts-Master-Class-ETNs-05-21-2013/ http://www.mofo.com/Structured-Thoughts-Master-Class-ETNs-05-21-2013/ Wed, 20 Mar 2013 21:36:47 GMT Event Brad Berman will speak on MSDAs. This class will focus on discussing the principal negotiating points for MSDAs. http://www.mofo.com/Structured-Thoughts-Master-Class-MSDAs-04-09-2013/ http://www.mofo.com/Structured-Thoughts-Master-Class-MSDAs-04-09-2013/ Wed, 20 Mar 2013 21:03:44 GMT Event Jay Baris and Brad Berman will speak on Proprietary or research-based indices. This class will focus on disclosure, 40 Act, Advisers Act, and compliance issues related to index creation and linking to prop indices. http://www.mofo.com/Structured-Thoughts-Master-Class-Proprietary-or-Research-Based-Indices-04-02-2013/ http://www.mofo.com/Structured-Thoughts-Master-Class-Proprietary-or-Research-Based-Indices-04-02-2013/ Wed, 20 Mar 2013 21:46:43 GMT Event Remmelt Reigersman will speak on Taxation. This class will focus on the taxation of structured products and emerging tax developments. http://www.mofo.com/Structured-Thoughts-Master-Class-Taxation-05-07-2013/ http://www.mofo.com/Structured-Thoughts-Master-Class-Taxation-05-07-2013/ Wed, 20 Mar 2013 21:15:05 GMT Publication In this issue of Structured Thoughts we discuss the additional SEC guidance on estimated value disclosures, 2013 OCIE examination priorities and their implications for structured products issuers and dealers, the EITF and the Federal Funds rate, and the FDIC’s proposal to nix insurance for dually payable deposits. http://www.mofo.com/files/Uploads/Images/130228-Structured-Thoughts.pdf http://www.mofo.com/files/Uploads/Images/130228-Structured-Thoughts.pdf Thu, 28 Feb 2013 21:23:31 GMT Event Euromoney Seminars and Structured Retail Products bring together their expertise to produce a high quality conference to explore the key market trends and opportunities in 2013. http://www.mofo.com/The-2nd-Annual-North-American-Structured-Products-Conference-06-12-2013/ http://www.mofo.com/The-2nd-Annual-North-American-Structured-Products-Conference-06-12-2013/ Mon, 08 Apr 2013 17:46:14 GMT Publication On March 26, the Basel Committee on Banking Supervision ("Basel Committee") published a Consultative Document in which it proposes a revised supervisory framework for measuring and controlling large counterparty exposures ("Proposal," or "Exposure Framework") of systemically important financial institutions ("SIFIs"). Comments on the Proposal are due by June 28, 2013. http://www.mofo.com/files/Uploads/Images/130403-Counterparty-Exposure.pdf http://www.mofo.com/files/Uploads/Images/130403-Counterparty-Exposure.pdf Wed, 03 Apr 2013 16:37:53 GMT Publication In a letter dated March 29, 2013 (the “March 29 Letter”), the Division of Swap Dealer and Intermediary Oversight (the “Division”) of the Commodity Futures Trading Commission (the “CFTC”), extended by three months, but subject to new and stringent conditions, no-action relief that the Division had previously given for operators of securitization vehicles (each, an “SV”) possibly falling within the definition of “commodity pool” by reason of the SV’s trading in swaps. http://www.mofo.com/files/Uploads/Images/130410-CFTCs-Further-No-Action-Relief.pdf http://www.mofo.com/files/Uploads/Images/130410-CFTCs-Further-No-Action-Relief.pdf Wed, 10 Apr 2013 21:05:54 GMT Publication The European Member States must implement the Directive on Alternative Investment Fund Managers (the “AIFMD”), which came into force on July 21, 2011, into their national laws by July 22, 2013. Once the Directive is fully implemented, non-EU AIFMDs that wish to offer interests in private placements will have new compliance and reporting responsibilities. http://www.mofo.com/files/Uploads/Images/130517-European-Alternative-Investment-Fund-Managers-Directive.pdf http://www.mofo.com/files/Uploads/Images/130517-European-Alternative-Investment-Fund-Managers-Directive.pdf Fri, 17 May 2013 21:00:54 GMT Event The Federal Reserve’s proposed enhanced prudential standards will into effect on July 1, 2015, and are expected to bring unprecedented and significant changes to the regulation of foreign banking organizations (FBOs) with new requirements to address risk management, stress testing, early remediation, liquidity and debt-to-equity limits. http://www.mofo.com/The-Federal-Reserves-Proposed-Enhanced-Prudential-Standards-for-Foreign-Banks-06-20-2013/ http://www.mofo.com/The-Federal-Reserves-Proposed-Enhanced-Prudential-Standards-for-Foreign-Banks-06-20-2013/ Tue, 07 May 2013 20:02:48 GMT Publication The Prospectus Directive (the “PD”) and the Prospectus Directive Regulation (the “PD Regulation”) were recently amended, in each case with effect from 1 July 2012. http://www.mofo.com/files/Uploads/Images/130320-FSA-ESMA-Prospectuses.pdf http://www.mofo.com/files/Uploads/Images/130320-FSA-ESMA-Prospectuses.pdf Wed, 20 Mar 2013 15:52:10 GMT Event Among its many important changes to the legal landscape, The Dodd-Frank Act defined the term “security” to include security-based swaps. The SEC has taken a deliberative approach in relation to the effects of this change, and recently extended until February, 2014 the expiration date of certain temporary exemptions and interim final rules that the SEC previously promulgated in relation to the regulation of security-based swaps as securities. http://www.mofo.com/The-SECs-Extension-of-Exemptions-for-Security-Based-Swaps-05-01-2013/ http://www.mofo.com/The-SECs-Extension-of-Exemptions-for-Security-Based-Swaps-05-01-2013/ Mon, 15 Apr 2013 18:41:32 GMT Publication In the late 1990s, the UK Financial Services Authority (the “FSA”) was created by Gordon Brown, the incumbent-Chancellor of the Exchequer, combining a number of regulatory authorities into a single body to oversee the UK’s financial services industry. http://www.mofo.com/files/Uploads/Images/130415-The-UKs-Financial-Services-Act-2012.pdf http://www.mofo.com/files/Uploads/Images/130415-The-UKs-Financial-Services-Act-2012.pdf Mon, 15 Apr 2013 17:59:56 GMT Event As the US capital markets continue to gain relative strength and longstanding regulatory uncertainties are resolved, non-US ABS and covered bond issuers are increasingly inquiring about the prospects for selling their securities into the US. http://www.mofo.com/US-Issuances-of-Asset-Backed-Securities-by-Non-US-Issuers-04-24-2013/ http://www.mofo.com/US-Issuances-of-Asset-Backed-Securities-by-Non-US-Issuers-04-24-2013/ Tue, 09 Apr 2013 21:57:32 GMT Event Recently, regulators provided some additional guidance regarding the use of social media channels to disseminate issuer information. FINRA and the Commission also have been focused on the use of social media by registered broker-dealers, and by investment advisers. http://www.mofo.com/Use-of-Social-Media-for-Issuers-Broker-Dealers-and-Advisers-and-Investment-Companies-05-28-2013/ http://www.mofo.com/Use-of-Social-Media-for-Issuers-Broker-Dealers-and-Advisers-and-Investment-Companies-05-28-2013/ Mon, 06 May 2013 19:17:26 GMT