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March 7, 2013
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Legal News in Brief

  Corporate Spotlight 
  • CFTC approves CME swaps-data routing despite opposition
    The Commodity Futures Trading Commission has voted 4-0 to allow CME Group to have swaps information routed to its own database. Many banks and Depository Trust & Clearing have protested the decision. DTCC, which says it might sue, says the outcome "is anti-competitive and compromises regulators and market participants' ability to understand, assess and manage systemic risk effectively." Republican CFTC Commissioner Scott O'Malia abstained from voting. Bloomberg (3/6), Reuters (3/6) LinkedInFacebookTwitterEmail this Story
  National News 
  • House passes interim measure to avert U.S. government shutdown
    The House of Representatives passed a bill in a 267-151 vote that would fund U.S. government programs through Sept. 30, to avoid a shutdown March 27. Some attendees of a dinner meeting between President Barack Obama and Senate Republican leaders are more optimistic that Democrats and Republicans can reach an agreement on the budget and debt. Reuters (3/7), USA Today (3/6), The Hill (3/6) LinkedInFacebookTwitterEmail this Story
  Legislative Dispatch 
  • Bills would let banks delve deeper into swaps transactions
    Lawmakers in the Senate and House have introduced legislation to repeal a section in the Dodd-Frank Act that limits banks' swaps-trading activity. The legislation seeks to open up opportunities for banks with federal insurance. The measures are "going to allow [banks] to maintain inventory of the swaps that their customers need to buy from them; just the same way when you go to buy a car from a car dealer," said Rep. Jim Himes, D-Conn. Bloomberg (3/6) LinkedInFacebookTwitterEmail this Story
  Employment Focus 
  • U.S. unemployment is expected to hold steady
    Economists say they expect the U.S. unemployment report for February will show only a slight increase in hiring from the previous month, leaving the jobless rate at 7.9%. Higher taxes that took effect at the start of the year and the budget sequester were cited as reasons behind the expectation for subdued hiring. Reuters (3/5) LinkedInFacebookTwitterEmail this Story
  • Some employees may forgo paying for health coverage
    The Affordable Care Act will require large employers to offer health insurance, but millions of lower-income workers may decide not to purchase that coverage, Sarah Kliff writes. Less than 40% of workers who make between $15,000 and $20,000 per year and who have access to employer-sponsored health coverage elect to purchase that coverage, according to a study by ADP Research Institute. The Washington Post/Wonkblog (3/4) LinkedInFacebookTwitterEmail this Story
  Supreme Court and Federal Court Watch 
  • Apple pushes for antitrust claims to be thrown out
    Apple is pushing for a federal judge to throw out claims that it has established a monopoly on iPhone applications. The lawyers who brought the suit argue that consumers can't buy apps from another source if they don't want to use Apple's App Store. Dan Wall, who represents Apple, said that "there's nothing illegal about creating a system that is closed in a sense." Bloomberg (3/6) LinkedInFacebookTwitterEmail this Story
  Professional and Business Development 
  • How to tell which job posts to skip over
    Don't waste time applying for jobs if you're very underqualified or you have to talk yourself into wanting the job, Katie Douthwaite writes. "[I]magine that the company offers you the job right now. Are you really willing to make that kind of sacrifice? If not, it's time to move on," she writes. (3/5) LinkedInFacebookTwitterEmail this Story
  PLI News 
  • Title VII's Comprehensive Regulatory Framework for Derivatives
    Now that the rule-making relating to Title VII of the Dodd-Frank Act has been nearly finalized, market participants are preparing themselves to function in a very different derivatives market. The March 12 audio briefing Navigating the Requirements for Derivatives Trading: Title VII of Dodd-Frank will discuss identifying swaps and security-based swaps, qualifying as an end-user, extraterritorial issues, and more. LinkedInFacebookTwitterEmail this Story
  • Get the Latest Investment Management News
    Each month on PLI's Securities Law Practice Center, we are pleased to share an Investment Management Update from Terry Nelson, Peter Fetzer and Michael Dana of Foley & Lardner. The update fills you in on the latest developments affecting investment advisers, hedge funds and mutual funds. Highlights this month include Financial Industry Regulatory Authority's priorities for 2013, the Securities and Exchange Commission's plans for hedge funds, and the latest enforcement actions. LinkedInFacebookTwitterEmail this Story
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Scientific progress makes moral progress a necessity; for if man's power is increased, the checks that restrain him from abusing it must be strengthened."
--Anne Louise Germaine de Staël,
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