Regulation Monthly archive

Aug 28, 2019
China to deepen capital market reforms
China is to roll out a number of measures to deepen and strengthen capital market reforms by following the best international practices, the China Securities Regulatory Commission (CSRC) said on Sunday. Under its plan, the authorities are to adopt the revised Securities Law by the end of this year and establish a system for security class action lawsuits with so-called Chinese characteristics – significantly raising the cost listed companies will face for engaging...
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Aug 27, 2019
SEC clarifies firmer regime for proxy advisory firms
In what has proven to be a divided decision, the SEC has clarified its approach to proxy advisory firms involving greater oversight of their approaches in recommending shareholder-voting advice.  A five-member commission voted 3-2 – with the Republican majority winning the day – to approve the rules, which clarify that proxy advisers are subject to anti-fraud rules on materially false or misleading statements. The commission issued an interpretation that...
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Aug 26, 2019
TherapeuticsMD settles Reg FD action
Boca Raton, Florida-based TherapeuticsMD has agreed to pay a $200,000 penalty to settle allegations it violated Regulation Fair Disclosure (Reg FD) by sharing material, non-public information with analysts without also publicly disclosing the same information. Specifically, the SEC alleges in its administrative proceeding that TherapeuticsMD made selective disclosures of material non-public infor...
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Aug 22, 2019
Chinese authorities boost Shenzhen as financial center
Investment opportunities in Shenzhen have the potential to rocket after Chinese authorities set out plans for Shenzhen to become a ‘model city’ meeting international standards as well as boost connectivity between Chinese and overseas financial markets. China’s State Council issued an official announcement that Shenzhen will form what it describes as a ‘pilot model area of socialism with Chinese characteristics’ aiming to make Shenzhen one of the world’s...
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Aug 16, 2019
Dark-pool trading grows to its highest level post-Mifid II
While equity trading in Europe fell in July, dark-pool trading volumes swelled to their highest level since Mifid II was introduced 19 months ago, according to analysis by research and consulting firm TABB Group. The research reveals that the total average daily trading volume for Europe’s equity markets during July declined 15 percent to €53 bn ($59 bn) while dark trading rose, accounting for 9.6 percent of all on-exchange activity. Such highs have not b...
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Aug 09, 2019
Coming to America: US instigates major study into Mifid II
In the latest impact of Mifid II coming to America, a major investigation concentrating on research for small issuers has been successfully instigated by US politicians, on the back of the US coming closer to the European regulation. The US lower House of Congress, the House of Representatives, has passed a bipartisan bill requiring the SEC to study the provision of investment research into small issuers. The bill has been sent to the upper House of Congress, the Se...
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Aug 08, 2019
CII backs long-term focus of new exchange’s rules
The Council of Institutional Investors (CII) has welcomed plans by a start-up exchange to require member companies to develop policies based around a set of principles based on focusing corporate governance beyond immediate concerns. The Long-Term Stock Exchange (LTSE) in June proposed a set of what it describes as ‘enhanced listing standards that are designed to allow a new generation of companies...
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Aug 07, 2019
US buy side sees impact of Mifid II, reveals study
Research unbundling under Mifid II has hit institutional equities in the US, with research showing that buy-side firms have significantly reduced their commission pool over the last few years. New York-based research and consulting firm TABB Group, which spoke with 100 asset-management trading heads, reveals that investment managers have reduced their US commission pool by 42 percent since peaks in 2015. The study reveals that the unbundling of research and c...
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