Supreme Court denies certiorari in US v. Newman. The US Supreme Court has declined to review the US Court of Appeals for the Second Circuit’s decision overturning insider trading convictions against two hedge fund managers in US v. Newman, according to a report in Bloomberg. The Second Circuit’s ruling held that an insider who tips information must receive a clear benefit beyond friendship that is known to the person trading on the information, a standard that prosecutors say will shield many who engage in illegal tipping of information from prosecution. (10/5/2015) Insider trading.
CSA publishes results of compliance with new disclosure requirements regarding women on boards. The Canadian Securities Administrators (CSA) released a staff notice that summarizes the results of its review of compliance with new disclosure requirements for Toronto Stock Exchange (TSX) listed issuers regarding the number of women serving on boards and in executive officer positions. (9/28/2015) CSA press release.
OSC publishes report summarizing compliance and registration initiatives for dealers, advisers and investment fund managers. The OSC issued a staff notice containing its annual summary report for dealers, advisers and investment fund managers. The notice summarizes the new initiatives of the OSC’s Compliance and Registrant Regulation Branch regarding registration and compliance activities, policy initiatives, and new programs. (9/21/2015) OSC press release.
CSA publishes plan to improve fixed income regulation. The CSA requested comment on CSA Staff Notice 21-315 Next Steps in Regulation and Transparency of the Fixed Income Market, which outlines the CSA’s approach to boost fixed income regulation, including improving market integrity, evaluating access to the fixed income market, and facilitating informed decision making by market participants. Comments are due on or before November 1, 2015. (9/17/2015) CSA press release.