International Organization of Securities Commissions October 20, 2011 The Technical Committee of the International Organization of Securities Commissions (" IOSCO ") has published its Final Report on Regulatory Issues Raised by the Impact of Technological Changes on Market Integrity and Efficiency. The Report analyses the most significant technological developments that have arisen in financial markets in recent years and their impact on market integrity and efficiency. The Report contains Recommendations aimed at promoting market integrity and efficiency and to mitigate the risks posed to the
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The First Department of the New York Appellate Division found that the seller of protection under a credit default swap ("CDS") did not act in bad faith when it took certain actions affecting the price of a security that effectively reduced the settlement amount owed by the seller under the CDS.
ISDA launched a new protocol to help market participants comply with the EU Bank Recovery and Resolution Directive and to make certain acknowledgments of bail-in powers.
The SEC issued a notice soliciting comments about the extension of information collected from investment advisers under Advisers Act Rule 206(3)-2 ("Agency Cross Transactions for Advisory Clients"). Rule 206(3)-2 applies to all SEC-registered investment advisers, and permits them to comply with Section 206(3) of the Advisers Act by obtaining a client's blanket consent to enter into agency cross-transactions. In relying on the rule, investment advisers must provide certain disclosures to their clients. SEC-registered advisers must maintain and preserve certain information that is required under
The Managed Funds Association ("MFA") announced the development of a Hong Kong Client Electronic Trading Services Representation Template intended to assist members with streamlining representations to dealers with respect to electronic trading services. MFA developed the Client Electronic Trading Services Representation Template based on Code of Conduct, Schedule 7, Section 2.2 regarding minimum client requirements for DMA services. MFA stated that the Client Electronic Trading Services Representation Template may be helpful to members that are asked to make electronic trading services