The Director of the SEC’s Division of Trading and Markets, Brett Redfearn, recently provided an update on the status of the consolidated audit trail (the “CAT”), which is being developed by the SROs and Thesys Technologies, LLC, the CAT plan processor. The public statement noted that although the … Read More
Mr. Sater is an associate in Davis Polk's Financial Institutions Group. [Full Bio]
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 … Read More
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 … Read More
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 … Read More
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”). The Proposed Rules reflect an ongoing interest in cybersecurity by