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European Union: Court Rejects Compensation of Commercial Banks over Greek Debt

(Feb. 8, 2017) In a decision issued on January 24, 2017, the General Court of the European Union determined that the European Central Bank (ECB) is not obligated to compensate commercial banks for losses they incurred in 2012 from the restructuring of Greek debt. The Court said that the ECB had not broken the law by […]

Italy: Law on Public Participation Companies

(Dec. 23, 2016) On September 23, 2016, new legislation establishing the consolidated text of the Public Participation Companies Law entered into effect in Italy. (Law No. 210 of August 19, 2016, Public Participation Companies Law (Law No. 210), GAZETTA UFFICIALE, No. 210 (Sept. 8, 2016), NORMATTIVA (in Italian).)  The purpose of the new legislation is to […]

Iceland: Supreme Court Convicts Bankers in Market Manipulation and Fraud Case

(Nov. 10, 2016) On October 6, 2016, the Icelandic Supreme Court handed down a judgment in the Kaupthing case, in which nine bank officials were convicted of fraud and market manipulation in connection with the Icelandic banking crisis of 2008 when the Kaupthing bank bought its own stock in order to keep its value artificially […]

United States: Appellate Court Reaffirms Decision that Conflict Minerals Rule Violates First Amendment

(Aug. 25, 2015) A panel of the U.S. Court of Appeals for the D.C. Circuit recently reaffirmed its 2014 judgment that a Securities and Exchange Commission (SEC) rule requiring companies to publicly disclose that their products are not “conflict free” violates the First Amendment. (Nat’l Ass’n of Manufacturers v. SEC, No. 13-5252 (D.C. Cir. 2015) […]

New Zealand: Implementation of Financial Markets Conduct Act 2013 Commences

(May 2, 2014) On April 1, 2014, the first implementation phase of the Financial Markets Conduct Act 2013 (FMC Act) commenced in New Zealand. (Financial Markets Conduct Act, Ministry of Business, Innovation and Employment website (last updated Apr. 2, 2014); Financial Markets Conduct (Phase 1) Order 2014, New Zealand Legislation website.) The legislation, which was […]

European Union: Stricter Penalties for Insider Trading Proposed by the Parliament

(Sept. 13, 2013) On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Markets Manipulation, EUROPEAN PARLIAMENT/NEWS (Sept. 9, 2013).) The initial proposal, which was drafted in 2011 by the European Commission, […]

Indonesia: House Approves Law on Futures Trading

(July 25, 2011) On July 19, 2011, Indonesia's House of Representatives, the country's legislative body, passed a new law on futures trading, revising the 1997 Law on Commodity Futures Trade (Act No. 32, 1997). According to Indonesian Trade Minister Mari Elka Pangestu, the revision will help the country comply with plans of the G-20 economic […]

Hong Kong: Draft Guidelines on Disclosure of Inside Information

(Mar. 30, 2011) On February 11, 2011, Hong Kong's Securities and Futures Commission (SFC) issued consultative conclusions on proposed amendments to its Draft Guidelines on the disclosure of price-sensitive information, i.e., insider trading. (Consultation Paper on the Draft Guidelines on Disclosure of Inside Information [with Guidelines on Disclosure of Inside Information Draft in appendix] (Mar. […]

India: New Derivatives Exchange Established

(Oct. 1, 2010) The United Stock Exchange of India, launched on September 21, 2010, is a new exchange for currency derivatives, or “contracts between sellers and buyers, whose values are derived from the underlying assets, the currency amounts.” Such contracts are “risk management tools in foreign exchange and money markets,” and the new exchange is […]

United Kingdom: Stock Broker Fined £2.8 Million for Market Abuse

(May 25, 2010) The Financial Services Authority (FSA), the independent body in charge of regulating financial services in the United Kingdom, has issued the largest fine to an individual in its history — £2.8 million (about US$4.4 million) to a stockbroker. The FSA found that the stockbroker was involved in a “share ramping scheme” in […]