United States

SEC approves NYSE’s request for new market volatility rules. The Securities and Exchange Commission determined that the NYSE can allow stocks to open for trading on particularly volatile days, even without the clear price disclosure that is usually required before trading opens. Reuters reported that the newly approved procedures would remove NYSE Rule 48, which occasionally slowed the ability of shares to start or resume trading. In an effort to allow trading to start more quickly, the new procedures would instead set up specific guidelines for when shares could open or be reopened after a trading halt. (7/6/2016)

SEC victories delay recent challenges to administrative proceedings. DealBook reported that SEC victories in federal appeals courts have delayed recent challenges to its use of administrative proceedings to hear cases about possible violations. Representative Jeb Hensarling, the Texas Republican and chairman of the House Financial Services Committee, presented a broad financial overhaul proposal in June that includes provisions to basically eliminate the use of in-house courts for cases. The proposal would put up roadblocks to pursuing a case before an in-house judge that could well result in most SEC enforcement actions going to the federal district courts. (7/5/2016)


Canadian securities regulators publish consultation paper on margin and collateral requirements for non-centrally cleared derivatives. The CSA announced that it has published for comment CSA Consultation Paper 95-401Margin and Collateral Requirements for Non-Centrally Cleared Derivatives. The Consultation Paper proposes a framework for the calculation and exchange of margin and collateral relating to non-centrally cleared derivatives. (7/7/2016)

Canadian securities regulators release report on 2013-2016 achievements.The CSA released a report on the work achieved under its three-year Business Plan for the period of April 1, 2013, through June 30, 2016. (7/6/2016)

OSC seeks comment on proposed rule for distributions outside Canada. The OSC announced publication, for a 90-day comment period, proposed OSC Rule 72-503 - Distributions Outside of Canada and proposed Companion Policy 72-503CP to OSC Rule 72-503 Distributions Outside of Canada. The comment period closes on September 28, 2016. (7/4/2016)

Canadian securities regulators outline next steps in examination of mutual fund fees. The CSA published CSA Staff Notice 81-327 Next Steps in the CSA’s Examination of Mutual Fund Fees. (6/29/2016)