Mr. Sater is an associate in Davis Polk's Financial Institutions Group. [Full Bio]

Earlier this month, SEC Chairman Jay Clayton and Division of Trading and Markets Director Brett Redfearn engaged in a public dialogue on equity market structure issues.  In addition to reviewing three equity market structure initiatives adopted by the SEC in 2018 (the transaction fee pilot, enhanced order handling
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The SEC recently voted to adopt amendments to Rule 606 of Regulation NMS (the “Final Rule”) that expand broker-dealers’ disclosure obligations with regard to how they handle investors’ orders. Specifically, the Final Rule requires broker-dealers, beginning May 20, 2019, (i) to provide, upon request, individualized reports in a
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On October 11, 2018, the SEC reopened the comment period and requested additional comments for previously proposed rules relating to capital, margin, and segregation requirements for security-based swap dealers (“SBSDs”), major security-based swap participants (“MSBSPs,” and together with SBSDs, “SBS Entities”) and, in some
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A recent decision by the D.C. Circuit Court of Appeals effectively raises the standard for SEC review and approval of rule change filings submitted by national securities exchanges, FINRA, and registered clearing agencies.  This decision could materially slow down a process that is a critical path for most self-regulatory organization
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CFTC Chairman Timothy Massad announced this week that he will be stepping down on January 20. Commissioner J. Christopher Giancarlo, who is the sole Republican currently serving on the Commission, will take over on at least an interim basis.

During his term as a CFTC commissioner, Mr. Giancarlo has published
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On November 15, 2016, the SEC approved a plan to create a consolidated audit trail (the “CAT”) that will contain a record of order events for most equity and listed options transactions in the United States. When implemented, the CAT will dramatically enhance the ability of the SEC and the
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In September 2016, the New York State Department of Financial Services (the “NYDFS”) proposed new cybersecurity regulations (the “Proposed Rules”) for banks, insurance companies and other financial institutions regulated by the NYDFS (“Covered Entities”).[1]  The Proposed Rules reflect an ongoing interest in cybersecurity by


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