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Monthly Futures Exchange Issuance Report: July 2015
July's Highlight Exchange for related positions ("EFRPs") involve an off-Exchange execution of an Exchange contract and, on the opposite side of the market, the simultaneous execution of an equivalent quantity of the corresponding cash or physical position (Exchange for Physical-...
Monthly Futures Exchange Issuance Report: June 2015
This report summarizes material notices from CME Group and ICE Futures, with a particular focus on energy. It is not intended to be a comprehensive review of each and every notice issued by these Exchanges. June Highlight CME Group has...
FERC Issues Two Oil Pipeline Audits
On June 17, 2015, the Federal Energy Regulatory Commission's (FERC) Division of Audits and Accounting, Office of Enforcement (DAA), issued two audit reports involving oil pipelines, the Colonial Pipeline Company Docket No. FA14-4 and Enterprise Products Partners, L.P., Docket No...
Monthly Futures Exchange Issuance Report: May 2015
This report summarizes material notices from CME Group and ICE Futures, with a particular focus on energy. It is not intended to be a comprehensive review of each and every notice issued by these Exchanges. May's Highlight This past month...
SEC Issues New Guidance on Cybersecurity for Investment Companies and Investment Advisors
On April 28, 2015, the SEC's Division of Investment Management released a Guidance Update providing cybersecurity guidance for investment companies and investment advisors (firms). 1 The SEC has prioritized cybersecurity as a critical issue for such firms, especially for those...
Major Air Enforcement Action Against New Plant Owner Suggests the Value of EPA's "New Owner Audit Policy"
A new $1.3 million Clean Air Act penalty action by U.S. EPA and the Michigan Department of Environmental Quality against AK Steel Corporation has received significant public and media attention this week. The proposed consent decree, filed with the court...
Regional Enforcement Snapshot: North Africa
Attorneys from our white collar, internal investigations and regulatory enforcement team profile recent enforcement actions in the North African states of Morocco, Algeria, Tunisia, Libya, Sudan and Egypt. The report illustrates the need for ongoing caution from investors in the...
DOJ Sets its Sights on Antitrust Violations in the E-Commerce Marketplace
The Antitrust Division of the U.S. Department of Justice (Antitrust Division) continues to intensify and expand criminal enforcement of the antitrust laws. The results speak for themselves. In fiscal year 2014, the Antitrust Division collected $1.86 billion in fines and...
Justice Department Provides Cybersecurity Guidance
To listen to the podcast, please click here . In late April, the Department of Justice’s Cybersecurity Unit provided a set of voluntary best practices for companies faced with the prospect of data breaches. The DOJ’s best practices were expressly...
Monthly Futures Exchange Issuance Report: February 2015
February's Highlight This month, CME Group announced fines totaling $1.75 million against derivatives broker Newedge USA for violations of exchange rules in certain metal markets over the course of two years. Newedge agreed to the fine pursuant to an offer...
SEC Secures Federal Judge Order Against Mayor Based on Control Person Liability
On January 28, 2015, the United States District Court for the Eastern District of Michigan entered a final judgment against Gary Burtka, the former mayor of Allen Park, Michigan, upholding the Security and Exchange Commission (SEC)’s first effort to charge...
Monthly Futures Exchange Issuance Report - January 2015
January's Highlight The exchanges are starting off 2015 with a continued focus on investigating and penalizing violations of disruptive trading practices, as well as pre-arranged trading and block trading. These three categories represented a large majority of the exchanges' enforcement...
Recent Developments in Regulation of Oil and Gas NORM
Federal and state regulators are considering new rules applicable to naturally occurring radioactive material (NORM) and technologically-enhanced NORM (TENORM) in oil and gas waste. We discuss some of the most recent and expected developments below. Pennsylvania PADEP TENORM Study On...
FERC Enforcement - What to Expect in 2015
The Federal Energy Regulatory Commission's (FERC's) Office of Enforcement (Enforcement) recently released its annual report on enforcement activities for 2014. As is typical, Enforcement identified its primary concerns as detecting and deterring fraud and manipulation in its markets and ensuring...
Second Circuit Overturns Insider Trading Convictions of Two Portfolio Managers
To listen to the podcast, please click here . In a blow to the Southern District of New York’s impressive run of insider trading convictions, the United States Court of Appeals for the Second Circuit held yesterday that insider trading...