Mr. Zweihorn is counsel in Davis Polk’s Financial Institutions Group and the trading and markets practice. [Full Bio]

Responding to a 2016 request by the SEC (in consultation with the Treasury Department), FINRA recently reviewed the extent to which various FINRA rules apply to U.S. Treasury securities.  Following up on that analysis, on February 6, 2018, FINRA issued Regulatory Notice 18-05, requesting comment on whether it should
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The Treasury Department’s recent report on capital markets regulation includes a robust discussion of equity market structure issues.  The report does not break new ground or raise issues that have not been debated previously at length, including by the SEC’s Equity Market Structure Advisory Committee (“EMSAC”).  That said, the report


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The U.S. Treasury’s new Capital Markets Report recommends additional administrative requirements for regulatory actions by the SEC and the CFTC (the “Agencies”).  If adopted, the process by which the Agencies issue new regulations and guidance may be more transparent and subjected to more rigorous cost-benefit analysis.  Rulemaking and issuing no-action
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In the wake of a highly-publicized cybersecurity breach involving the SEC’s EDGAR system, SEC Chairman Jay Clayton has been in the hot seat at recent congressional hearings, fielding pointed questions as to whether the SEC should delay implementation of the Consolidated Audit Trail (“CAT”).  The SEC has not announced a
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On September 27, 2017, Congress passed the Fair Access to Investment Research Act of 2017 (the “FAIR Act”), sending the bill to President Trump for his signature.  The FAIR Act instructs the SEC to amend its rules to ease various restrictions and burdens that broker-dealers face when issuing research reports
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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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In a much-anticipated action, on July 25 the SEC issued a Section 21(a) report of its investigation into an offering of digital tokens by “The DAO,” an unincorporated virtual organization. Though declining to take enforcement action against The DAO, the SEC used the opportunity to warn others engaged in similar
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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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