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  • Statement On In the Matter of Lloyd D. Reed, Commissioner Hester M. Peirce, April 5, 2022

    Date 05/04/2022

    The Commission’s Order finds that Lloyd D. Reed violated Exchange Act Section 10(b) and its accompanying Rule 10b-5 “by trading on material, non-public information [of Torotel, Inc.] in breach of his duty of trust and confidence owed to his business partner (“Business Partner”), who was also a Torotel director and family member.” In other words, the case is based on the misappropriation theory of insider trading: Reed’s Business Partner shared with him material, non-public information about Torotel with the expectation that Reed would keep that information confidential, and Reed misappropriated that information by trading on it in breach of his duty to his Business Partner to keep the information confidential. The Order’s next line, however, states: “Reed purchased Torotel stock in July and August 2019 based on information Business Partner gave him about Torotel’s plans to seek a business combination and after observing Business Partner’s increased activities with Torotel.” (emphasis added). Undoubtedly, that a company is considering a business combination generally would constitute material, non-public information about that company. But when and how one’s observations of what someone else is doing for a company constitute material, non-public information about the company is considerably less clear.

  • Miami International Holdings Reports March 2022 Trading Results - Year-To-Date Volume Records Across All Exchanges

    Date 05/04/2022

    Miami International Holdings, Inc. (MIH) today reported March 2022 trading results for its U.S. exchange subsidiaries – MIAX®, MIAX Pearl® and MIAX Emerald® (together, the MIAX Exchange Group™), and Minneapolis Grain Exchange (MGEX™). Total year-to-date volume for all MIH exchanges reached record levels in the first quarter of 2022.

  • EBA Publishes Final Report On The Amendment Of Its Technical Standards On The Exemption To Strong Customer Authentication For Account Access

    Date 05/04/2022

    The European Banking Authority (EBA) published today its final Report on the amendment of its Regulatory technical standards (RTS) on strong customer authentication and secure communication (SCA&CSC) under the Payment Services Directive (PSD2). The changes introduce a new mandatory exemption to SCA that will require account providers not to apply SCA when customers use an account information service provider (AISP) to access their payment account information, provided certain conditions are met. The amendment aims to reduce frictions for customers using such services and to mitigate the impact that the frequent application of SCA and the inconsistent application of the current exemption have on AISPs’ services.

  • ESMA Responds To European Commission Consultation On EMIR Review

    Date 05/04/2022

    The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has written to the European Commission (EC) providing its high-level response to the consultation on a targeted review of EMIR with respect to the European Union (EU) central clearing framework.

  • Europex Welcomes Commission Proposal To Continue Protecting Electricity, Gas, Emissions And GO Trading From Missing Trader Intra-Community Fraud

    Date 05/04/2022

    Europex explicitly welcomes and fully supports the Commission’s legislative proposal to extend the derogation in Article 199a of the VAT Directive allowing Member States to apply the domestic reverse charge mechanism (DRCM) to transactions in electricity, gas, emission allowances and Guarantees of Origin (GOs). We consider this extension to be essential for the integrity and safety of European energy, emissions and GO markets.

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