Category: Regulations


The Future of Futures: High-Speed Trading and CFTC Regulation & Enforcement

Posted on June 30th, by and in CFTC, Enforcement, Futures, Non-prosecution Agreements, Reg AT, Regulations, Spoofing. Comments Off on The Future of Futures: High-Speed Trading and CFTC Regulation & Enforcement

The future is now.

On June 29, 2017, the U.S. Senate Committee on Agriculture, Nutrition, and Forestry voted overwhelmingly to confirm the nomination of J. Christopher Giancarlo as Chairman of the U.S. Commodity Futures Trading Commission (“CFTC”), paving the way for his nomination to move forward to consideration on the floor of the U.S. Senate. Within two hours of this announcement, the CFTC announced its first non-prosecution agreements. These agreements and the related “spoofing” cases are discussed in more detail below. These same-day announcements reflect the advancing ambitious agenda outlined by Acting Chairman Giancarlo in his speech entitled “CFTC: A New Direction Forward,” given on March 15, 2017. Acting Chairman Giancarlo has since taken every opportunity to advise the industry of his goals to reduce regulatory burdens, modernize the agency, and maintain the CFTC’s aggressive enforcement efforts. All the while, the … Read More »


Congresswoman Seeks to Add Accountability to SEC Regulations, Past and Future

Posted on January 17th, by and in Legislation, Regulations, Rule-Making. Comments Off on Congresswoman Seeks to Add Accountability to SEC Regulations, Past and Future

Republican Congresswoman Ann Wagner has sponsored the SEC Regulatory Accountability Act, H.R. 78, which requires the U.S. Securities and Exchange Commission to engage in more rigorous cost–benefit analysis before it can move forward with new regulations. Congresswoman Wagner called the bill “common-sense legislation” that regulators should already engage in.

Specifically, the Act requires the SEC to identify the nature, source, and significance of the problem each proposed regulation is intended to address; to adopt a regulation only after a reasoned determination that the regulation’s benefits justify its cost; to identify and assess available alternatives to additional regulation (including the alternative of not regulating); and to ensure that regulation is accessible and easy to understand. Under the Act, cost–benefit analysis requires the SEC to consider the impact of any regulation on investor choice, securities’ market liquidity, and small businesses. Costs and benefits … Read More »




From the Blog:

SEC Announces Enforcement Division Cyber Specialty Unit

On September 25, 2017, the Securities and Exchange Commission announced the creation of an Enforcement Division “Cyber Unit” that will focus on cyber-related violative...

Split Second Circuit Affirms Insider Trading Conviction While Rejecting Newman’s “Meaningfully Close Personal Relationship” Requirement

On August 23, 2017, the United States Court of Appeals for the Second Circuit affirmed an insider trading conviction against a portfolio manager, and...

7th Circuit Affirms 1st Conviction For Spoofing

Spoofing is not going away after all. Last week, the U.S. Court of Appeals for the Seventh Circuit unanimously upheld the first-ever criminal conviction...