Former state insurance commissioner to oversee non-bank SIFIs. According to Reuters, Thomas Sullivan, the former head of the Connecticut Insurance Department, will oversee non-bank systemically important financial institutions for the US Federal Reserve Board (6/3/2014). SIFIs
CSA proposes streamlined disclosure regime for venture issuers. The Canadian Securities Administrators published for comment proposed amendments that would streamline disclosure by venture issuers. The proposed amendments would allow the requirement for management’s discussion and analysis for interim financial periods to be satisfied by a streamlined and highly focused report on quarterly highlights, if the venture issuer does not have significant revenue; implement a new tailored form of executive compensation disclosure; reduce the instances in which a business acquisition report must be filed; create a new requirement for audit committees to have a majority of independent members; and amend the prospectus disclosure requirements to reduce the number of years of audited financial statements required for venture issuers becoming reporting issuers and to conform the prospectus disclosure requirements to the proposed amendments related to continuous disclosure. Comments should be submitted by August 20, 2014. (5/22/2014) CSA press release.
CSA proposes amendments to order protection rules. The Canadian Securities Administrators published for comment proposed amendments to National Instrument 23-101 Trading Rules (NI 23-101). Under the proposed amendments, orders would be protected where displayed on a marketplace that has met certain criteria and interim trading fee caps would be introduced. The CSA is also proposing changes to address concerns related to market data fees, and is planning to introduce a pilot study prohibiting the payment of rebates by marketplaces under the maker-taker fee model. Comments should be submitted by September 19, 2014. (5/15/2015) CSA press release.