CFTC Chair J. Christopher Giancarlo reasserted the "obligation of futures exchanges to ensure that virtual currency futures are not susceptible to manipulation, and of futures clearinghouses to ensure that such products are adequately risk managed."
CME Group, CBOE Futures Exchange and the Cantor Exchange have "self-certified" new bitcoin products. The CFTC released a fact sheet on the process and promised cooperation with the NFA in monitoring bitcoin futures-related activity.
CFTC Commissioner Brian Quintenz discussed the implications of listing bitcoin futures products, keeping pace with technological developments and the importance of international regulatory cooperation.
The Cabinet Insider Trading Topic Page provides legal resources for understanding insider trading and developing best practices to reduce associated risks. Recently added material includes the Martoma case and its impact on "tipper-tippee" liability.
"Desk-specific" portals are highly curated pages devoted to specific regulatory topics. The first five portals to go live cover Broker-Dealers and Markets, Asset-Backed Securities, SEC and FINRA Enforcement, Securities Offerings, and Issuers.
The Board of the International Organization of Securities Commissions (IOSCO) issued a statement on research conducted by the IOSCO Task Force on OTC Derivatives Regulation concerning credit default swap auction processes and the functioning of the ISDA Credit Determinations Committees.
The Supreme Court found that "tippees" who trade on material non-public information may be found criminally liable even when there is no evidence of a pecuniary or tangible benefit to the insider who delivered the tip.
Cadwalader attorneys considered recent oral arguments in the Supreme Court case, Salman v. United States. The attorneys anticipate that the case will "clarify the government's burden in proving insider trading cases against tippers and tippees."
Today at 10:00 a.m. EDT, Cadwalader attorneys Tony Mansfield, Paul Pantano and Neal Kumar will discuss recent developments concerning insider trading regulation under the Commodity Exchange Act. The webinar will be hosted by the Law and Compliance Division of the FIA.
The CFTC settled charges against a hedge fund manager for supervisory failures. The hedge fund manager consented to restrictions on his registration as an "associated person" of the firm and a bar against him from future registration with the CFTC in any capacity for sixteen months.
Cadwalader attorneys examined the charges against a sports bettor et al. for allegedly trading on nonpublic company information. The government brought no charges against golfer Phil Mickelson who repaid close to $1 million in profits made as a result of the alleged trading scheme.
Energy Metro Desk editor-in-chief John Sodergreen and Cadwalader partner Gregory Mocek debate how extended CFTC enforcement authority over insider trading will affect communications between industry participants and their customers.
In a Securities Enforcement Advisor titled "Getting by with a Little Help from Friends: United States Supreme Court to Clarify Insider Trading Liability in Tipping Cases," Cadwalader attorneys discuss the U.S. Supreme Court's granting of certiorari in United States v. Salman.
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