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June 4, 2023

Volume XIII, Number 155

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  • ENEWSBULLETINS

15

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June 04, 2023

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  • 17 Actionable Ways to Build Your Brand and Business by: Stefanie M. Marrone
  • Going ‘green’—what Does that Mean? FTC Proposes Revisions to Green... by: Lesli C. Esposito and Marisa E. Poncia
  • Unanimous Supreme Court Endorses Subjective Belief Standard for False... by: Conor O. Duffy and Seth B. Orkand
  • Compliance Update — Insights and Highlights May 2023 by: Memrie M. Fortenberry
  • Trending in Telehealth: May 23 – 30, 2023 by: Amanda Enyeart and Taylor Edward Hood
  • Minnesota Legalizes Recreational Marijuana, Protects Off-Duty Use by: Catherine A. Cano and Elaine Luthens
  • Washington’s My Health, My Data Act: What Types Of Data Are Regulated... by: David A. Zetoony
  • FDA Cracking Down on Unapproved HCT/Ps with Fourth Untitled Letter of... by: Dominick DiSabatino and Cortney Inman
  • Supreme Court Requires Traceability for Securities Act Claims Arising... by: Jonathan E Richman
  • How Small Actions Can Yield Big Results in Your Marketing and... by: Stefanie M. Marrone
  • Employment Tip of the Month – June 2023 by: Employment & Labor at Wilson Elser

June 03, 2023

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  • The Fact That Plaintiff Does Not Exist Does Not Deprive Court Of... by: Keith Paul Bishop
  • EEOC Issues Guidance Following Expiration of COVID-19 Public Health... by: Susan F. Wiltsie and Reilly C. Moore
  • New Washington Class Action Raises Concerns for Employers Under State... by: Laurence A. Shapero and Adam T. Pankratz
  • Delta Hit With Greenwashing Lawsuit Over Carbon Neutral Claims by: Megan Baroni
  • Can UK Administrators Apply For Conditional Discharge of Liability? by: Restructuring & Insolvency Practice at Squire Patton Boggs
  • Texas Appellate Court Upholds Shock Verdict and Rejects “Admission... by: Brian Del Gatto and Taylor H. Allin
  • ANOTHER ONE: Wolf Takes Down Citrix in TCPA Class Settlement Worth $2... by: Eric J. Troutman
  • Georgia Introduces New Commercial Financing Disclosure Requirements by: Moorari Shah and A.J. S. Dhaliwal
  • Irish Supervisory Authority "Poking" at Meta's GDPR... by: Claude-Étienne Armingaud and Whitney E. McCollum
  • ODH Finalizes Revised Health Care Services Rules by: Allen R. Killworth
  • Wisconsin Supreme Court Affirms Court of Appeals Decision that Anti-... by: Janet Cain
  • Sixth Circuit Ruling Offers Clarity on Jurisdictional Border Between... by: Zachary T. Byers
  • Michigan Passes Amendment to Elliott-Larsen Civil Rights Act to... by: Adam S. Forman and Jennifer Barna
  • DOE Intends New Energy Earthshot to Decarbonize Transportation and... by: Lynn L. Bergeson and Carla N. Hutton
  • U.S. Supreme Court: Federal Labor Law Does Not Bar State Torts for... by: Jonathan J. Spitz and Richard F. Vitarelli
  • EPA Completes Verification Analysis of PFAS Scientific Testing of... by: Lynn L. Bergeson
  • Nevada State Court Rulings Highlight Importance of Strategic... by: Michael S. Levine and Cary D. Steklof
  • Minnesota’s New Paid Family and Medical Leave, Sick Leave, Amended... by: Katharine C. Weber and Daniel L. Blanchard
  • Eight Easy Ways to Enhance Your Social Media Presence by: Stefanie M. Marrone

June 02, 2023

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  • China’s National Intellectual Property Administration to Cease... by: Aaron Wininger
  • Upcoming NYSE and NASDAQ Clawback Requirements by: Edward B. Crosland, Jr. and John J. Spidi
  • Beltway Buzz, June 2, 2023 by: James J. Plunkett
  • Latin America Energy Updates: January – April 2023 by: Erick Hernández Gallego and Luis Jorge Akle Arronte
  • U.S. Workforce Positive Post-Accident Marijuana Drug Test Rates Reach... by: Darling C. Gutierrez
  • IP Industry Comment Opportunity At USPTO: Strategies to Address... by: Pamela M. Deese and Emily B. Lewis
  • Court Declines to Halt Vineyard Wind Project by: Meghan E. Smith and Marisa Del Turco
  • NLRB Issues Memo on Non-competes Violating NLRA by: Sidney F. Lewis, V
  • Supreme Court Clarifies that Subjective (Not Objective) Knowledge of... by: Michael W. Paddock and David T. Fischer
  • Montana’s Comprehensive Privacy Law Signed by the Governor by: Julia B. Jacobson
  • U.S. Department of Education Delays Release of Title IX Final Rules... by: Federico G. Barrera and Lisa Karen Atkins
  • California’s Workplace Violence Bill Passes State Senate and Heads to... by: Karen Tynan and Robert C. Rodriguez
  • Leaves of Absence Four Key (and Surprising) Points for Navigating... by: Charles L. Thompson, IV and Stacy M. Bunck
  • Israel Approves the First Animal-Free Protein for Food Use by: David J. Ettinger and Jenny Xin Li
  • Pennsylvania AG Targets Rent-to-Own Company for Alleged Deceptive and... by: Moorari Shah and A.J. S. Dhaliwal
  • Heart-to-Heart on Reduction to Practice: When It Comes to Testing,... by: Thomas DaMario
  • Hairy Situation: Trademark Act Doesn’t Provide Consumer Standing by: Eleanor B. Atkins
  • Summer State/Local Law Round-Up, Part 2 of 2 (US) by: Shennan Harris and Scott G. Held
  • A Long Hot Summer: Effective Variable Rates Subject to Increase (... by: Les Jacobowitz and Nicholas A. Marten
  • U.S. Supreme Court Unanimously Finds Subjective Intent Controls in... by: John E. Kelly and Jacquelyn Papish
  • $1.185 Billion PFAS Settlement For Water Utilities by: John Gardella
  • Well Runs Dry: Summary Judgment Denial Supports Non-Exceptional Case... by: Amol Parikh
  • Reminder: The FTC “Safeguards Rule” Compliance Date is June 9 by: Dhara Shah and A.J. S. Dhaliwal
  • FTC to Scrutinize Commercial Use of Biometric Information Moving... by: Christopher S. Finnerty and Morgan T. Nickerson
  • (Australia) Debt Ceilings Apply Outside of the US by: Masi Zaki and Kate Spratt
  • MCDERMOTTPLUS CHECK-UP: JUNE 2, 2023 by: McDermott + Consulting
  • Amendment to Chicago Human Rights Ordinance Protects Bodily Autonomy... by: Ellen M. Hemminger
  • Workplace Strategies Watercooler 2023: Ogletree Deakins’ Annual... by: Jennifer Betts and Bernard J. Bobber
  • EPA PFAS Enforcement Tools Lining Up for Aggressive Future by: John Gardella
  • IRS Issues Reminder that Claims Under Health and Dependent Care FSAS... by: Jacob Mattinson and Sarah G. Raaii
  • U.S. Executive Branch Update – June 2, 2023 by: Stacy A. Swanson
  • Supreme Court Holds Warhol’s “Orange Prince” Not Transformative, Not... by: Joseph A. Meckes
  • MiCA and Crypto Transfer Rules Approved by the European Parliament by: Christopher Collins and Neil Robson
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June 01, 2023

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  • Energy & Sustainability Washington Update — June 2023 by: R. Neal Martin
  • Senators Release Report from Government Watchdog on the Prevalence... by: Mark L. Daniels
  • SCCS Updates Guidance for the Testing of Cosmetic Ingredients and... by: Lynn L. Bergeson and Carla N. Hutton
  • Neither Narrow Proposed Claim Construction nor Work Product Claim... by: Cecilia Choy, Ph.D.
  • Are Some Tokens Securities? Stock? And What Does It Mean for Taxes? by: Andie Kramer
  • How Does Climate Change Create Financial Risk? Ask Insurance... by: Jacob H. Hupart

Article By

John Ahern
Carolyn H. Jackson
Nathaniel W. Lalone
Neil Robson

Katten
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FMSB Releases Draft Standard for Compensating Trade Errors

Friday, March 23, 2018

On March 20, the Fixed Income, Commodities and Currency Markets Standards Board (FMSB) published a draft of its transparency standard on Secondary Market Trading Error Compensation, setting out expected behaviors for the payment of compensation for trading errors.

The transparency standard proposes three methods, subject to these complying with applicable local law, for paying compensation in the event of a trading error (e.g., following a miscommunication between investor and a firm or as a result of timing issues):

  1. by direct payment to the compensated party’s account;

  2. by reducing/increasing net brokerage; or

  3. by another means which does not create a false market or a misleading impression of value or liquidity of a financial instrument.

The transparency standard also includes steps to follow where a material compensation payment is required, identified in accordance with policies and procedures that firms should put in place.

The transparency standard’s proposals expressly direct firms away from paying compensation using wash trades (a trade where “a purchase and sale of the same financial instrument occurs with different financial terms”), on the basis that such trades can create an artificial impression of market volume or price.

The transparency standard is open to consultation until June 20, with the final version of the transparency standard likely published shortly thereafter.

The transparency standard is available to read here.

©2023 Katten Muchin Rosenman LLPNational Law Review, Volume VIII, Number 82
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Latest Legal News & Analysis

17 Actionable Ways to Build Your Brand and Business
Stefanie Marrone Consulting
Going ‘green’—what Does that Mean? FTC Proposes Revisions to Green Guides
McDermott Will & Emery
Unanimous Supreme Court Endorses Subjective Belief Standard for False Claims...
Robinson & Cole LLP
Compliance Update — Insights and Highlights May 2023
Jones Walker LLP
Trending in Telehealth: May 23 – 30, 2023
McDermott Will & Emery
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About this Author

John Ahern, Financial Attorney, London, Katten Law Firm
John Ahern
Partner

John Ahern, partner at Katten Muchin Rosenman UK LLP and head of the London Financial Services group, focuses his practice on banking, financial services, UK and European financial markets, and related regulations. His background in private practice and as in-house counsel at a global investment bank provides him with perspective on the unique regulatory issues facing the wholesale and private banking sectors. John advises multilateral trading facilities, broker-dealers and banks on trading, clearing and settlement as well as custody of securities—both physical and...

[email protected]
+44 (0) 20 7770 5253
katten.com
Carolyn H. Jackson
Carolyn H. Jackson, International Attorney, Katten Muchin law firm
Partner

Carolyn Jackson is a partner in Katten Muchin Rosenman UK LLP and is a Registered Foreign Lawyer. She provides US financial regulatory legal advice to a broad range of market participants, including commercial banks, investment banks, investment managers, broker-dealers, electronic trading platforms, clearinghouses, trade associations and over-the-counter derivatives service providers.

...

[email protected]
+44 0 20 7776 7625
katten.com
Nathaniel W. Lalone
Nathaniel Lalone, Katten Muchin Law Firm, Financial Institutions Attorney
Senior Associate

Nathaniel Lalone, a partner at Katten Muchin Rosenman UK LLP, has a broad range of experience in the regulation of financial products and financial markets, and frequently provides regulatory and compliance...

[email protected]
+44 0 20 7776 7629
katten.com
Neil Robson
Neil Robson, private equity fund managers counselor, Katten Law Firm, London
Partner

Neil Robson, a regulatory and compliance partner with Katten Muchin Rosenman LLP, focuses his practice on counseling hedge and private equity fund managers and other investment advisers on operational, regulatory and compliance issues. He regularly addresses Financial Conduct Authority (FCA) and EU authorization and compliance under both the EU Alternative Investment Fund Managers Directive (AIFM Directive) and MiFID, cross-border issues in the financial services sector, market abuse, anti-money laundering and regulatory capital requirements, formations and buyouts of...

[email protected]
44-0-20-7776-7666
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