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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 […]

Australia: Securities Regulator to Have Greater Powers, Tougher Penalties

(Feb. 3, 2010) On January 28, 2010, the Australian federal government announced plans to increase the maximum penalties that can be imposed for market misconduct. The Australian Securities and Investment Commission (ASIC) will also have greater powers to investigate and prosecute market offenses. (Press Release, Hon. Chris Bowen, Greater Powers to the Corporate Regulator to […]

China: Shenzhen Stock Exchange Rules

(Oct. 1, 2009) On September 15, 2009, the Shenzhen Stock Exchange issued the “Implementing Rules on Listing and Trading of Shares with Sale Restrictions of Listed Companies on the Small and Medium-Sized Enterprise Board (Amended in 2009)” (ISINOLAW Reference ID 10063503 [in Chinese], (online subscription database, last visited Sept. 25, 2009).) The purpose of […]

United States: Computer Hacker Can Be Prosecuted for Securities Fraud

(Aug. 19, 2009) The United States Court of Appeals for the Second Circuit has ruled that a computer hacker who uses deceptive means to obtain advance information about a company's financial reports can be sued for fraud under the Securities Exchange Act of 1934. Section 10(b) of the 1934 Act prohibits the use of “any […]