Competitive review process for merging US banks. The US Federal Reserve Board published guidance on the competitive review process it employs when reviewing bank acquisitions, mergers and other transactions. The guidance also addresses the factors considered by the Board and the US Justice Department in conducting competitive analysis for bank applications. (10/9/2014) Federal Reserve Board press release.
First criminal commodities spoofing case filed. The US FBI announced the first federal prosecution of a high-frequency trader for allegedly manipulating commodities futures prices. The indictment charges Michael Coscia, the former manager and sole owner of Panther Energy Trading LLC, with illegally earning nearly US$1.6 million as a result of trading orders he placed through CME Group and European futures markets in 2011. (10/2/2014) FBI press release.
US Federal Reserve Board studies insurance holding companies. A quantitative impact study will be conducted by the US Federal Reserve System in an effort to evaluate the potential effects of its revised regulatory capital framework on firms supervised by the Federal Reserve Board that are substantially engaged in insurance underwriting activity. (9/30/2014) Federal Reserve Board press release.
CSA update on the early warning reporting regime. The Canadian Securities Administrators published CSA Notice 62-307, which provides an update to market participants on the status of proposed amendments to the early warning reporting regime. The CSA has decided not to proceed with certain of the draft recommendations, including the lower early warning reporting threshold of five per cent. The CSA intends to publish the final amendments in the second quarter of 2015. (10/10/2014) CSA press release.
OSC SME Institute. The Ontario Securities Commission announced the availability of seminars offered by the OSC SME Institute. The free educational seminars are available to small and medium enterprises to help them understand the securities regulatory requirements for being or becoming a public company in Ontario. OSC announcement.