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Self-Trading Rule, Bank Exits, Elliott Fined: Compliance

The Financial Industry Regulatory Authority said the U.S. Securities Exchange and Commission approved its rule change to limit self-trading.

The change to Rule 5210 requires companies to have policies and procedures “reasonably designed to review their trading activity for, and prevent, a pattern or practice of self-trades resulting from orders originating from a single algorithm or trading desk, or related algorithms or trading desks,” Finra said in a statement.

Finra said it will announce an effective date for the change in the “near future.”

Compliance Policy

Bank Creditor-Writedown Law Adopted by European Union Nations

The European Union’s 28 national governments approved a draft law on handling crisis-hit banks, the Council of the European Union said in an e-mail.

The adoption marks a final legal hurdle for the Bank Recovery and Resolution Directive.

A phase-in timetable for the law will start once it is published in the EU Official Journal.

The law sets out rules for creditor writedowns at failing banks.

India’s Sebi Plans Changes to Listing Pact Through Consultations

India’s Securities and Exchange Board plans to change the so-called listing pact, or obligations, of public companies.

The proposed regulation seeks to empower the capital market regulator to issue directions to any listed company, according to the draft paper on listing obligations posted on Sebi’s website.

A panel comprising members from stock exchanges and Sebi is expected to draft all the umbrella regulations providing the listing conditions and disclosure requirements for various categories of securities.

Public comments are sought by May 30.

Compliance Action

Elliott Fined for Insider Trading by French Market Regulator

France’s markets regulator said billionaire Paul Singer’s Elliott Management Corp. engaged in insider trading of a toll-road company and fined it 16 million euros ($22 million), according to a letter sent to clients.

The Autorite des Marches Financiers found that Elliott used material nonpublic information in the purchase of shares of Autoroutes Paris-Rhin-Rhone SA in 2010, the letter said. The AMF had said Elliott’s U.K. unit invested in the company while negotiating to sell its stake to a third party. The regulator told Elliott the hedge-fund firm didn’t commit market manipulation or artificially inflate the share price.

The purchases were made as part of a long-standing trading strategy dating to 2005, the New York-based firm said in the letter. Elliott said it disagreed with the findings and intends to appeal. It also said that none of the costs associated with the matter, including the penalties, will be borne by Elliott funds.


DLA Piper’s Chilton Urges Global Regulatory Coordination

Bart Chilton, former Commodity Futures Trading Commissioner and a policy adviser at DLA Piper LLP in Washington, said global regulation must be synchronized or “regulatory migration” will take place. Chilton talked with Tom Keene and Adam Johnson on Bloomberg Radio’s “Bloomberg Surveillance.”

To listen, click here.

Comings and Goings

Barclays to Credit Suisse Battling Banker Exits, U.S. Woes

Barclays Plc, Credit Suisse Group AG and UBS AG will face questions this week about key banker departures, legal challenges and their efforts to boost profitability.

Barclays last week lost three top bankers in the U.S. and Asia before a May 8 strategy announcement that will probably include shrinking the London-based firm’s investment bank.

Credit Suisse, which holds a shareholder meeting May 9, is facing potential U.S. charges over its role in helping Americans avoid paying taxes, people familiar with the matter said last week. UBS AG, meeting investors today is falling short of profit goals, according to analysts’ estimates.

Europe’s top banks are facing heightened scrutiny from shareholders, regulators and legal authorities after they lost market share in some investment banking businesses to U.S. competitors.

For more, click here.

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