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Articles by Todd Fishman
Did you predict this? Why prediction markets may be your next compliance headache
Prediction markets and event contracts have gone mainstream. Prediction market platforms offer contracts on virtually any event you can imagine, and, increasingly, advisers and their personnel—including portfolio managers—are signing up. A wave of new developments, including the imminent launch of the first ETFs built around event contracts, means the pace of change is only accelerating. Most codes of ethics were written before event contracts existed.
Did you predict this? Why prediction markets may be your next compliance headache
22 June 2026 The Alternative Investment Management Association Washington, DC View New York View Boston View Chicago New York View Find more items tagged as: Asset Management and Investment Funds, Financial Services, Investment Funds, Investment Transactions, Policy and Regulatory
Rewriting the Rulebook: The CFTC's Public Interest Determination Proposal for Prediction Markets
On 10 June 2026, the Commodity Futures Trading Commission (CFTC or the Commission) published a Notice of Proposed Rulemaking (Proposal) seeking public comment on amendments to CFTC Regulation 40.11 and related provisions. As part of this long-anticipated release, the CFTC proposes a procedural framework for determining whether an event contract is contrary to the public interest. What follows below is a preliminary summary of the CFTC’s proposal and the accompanying review process.
Rewriting the Rulebook: The CFTC's Public Interest Determination Proposal for Prediction Markets
12 June 2026 US Asset Management and Investment Funds Alert On 10 June 2026, the Commodity Futures Trading Commission (CFTC or the Commission) published a Notice of Proposed Rulemaking (Proposal) seeking public comment on amendments to CFTC Regulation 40.11 and related provisions. As part of this long-anticipated release, the CFTC proposes a procedural framework for determining whether an event contract is contrary to the public interest.
Rewriting The Rulebook: The CFTC's Public Interest Determination Proposal For Prediction Markets
KG K&L Gates LLP More At K&L Gates, we foster an inclusive and collaborative environment across our fully integrated global platform that enables us to diligently combine the knowledge and expertise of our lawyers and policy professionals to create teams that provide exceptional client solutions. With offices worldwide, we represent leading global corporations in every major industry, capital markets participants, and ambitious middle-market and emerging growth companies.
Did You Predict This? Why Prediction Markets May Be Your Next Compliance Headache
Thoreau Bartmann’s articles from K&L Gates LLP are most popular: within Corporate/Commercial Law topic(s) K&L Gates LLP are most popular: within Immigration, Law Practice Management and Transport topic(s) Prediction markets and event contracts have gone mainstream. Prediction market platforms offer contracts on virtually any event you can imagine, and increasingly advisers and their personnel, including portfolio managers, are signing up.
Private Lending: Unfolding Litigation Developments And Managing Risks
Todd Fishman’s articles from K&L Gates LLP are most popular: in Asia in Asia K&L Gates LLP are most popular: within Immigration, Transport and Law Practice Management topic(s) With increased uncertainty in the US economy around tariffs and other federal policies, the historically high levels of commercial and government debt in the United States and other major economies, and continued volatility in the US and global stock markets, financial institutions, private capital providers and asset...
Private Lending: Unfolding Litigation Developments and Managing Risks
With increased uncertainty in the US economy around tariffs and other federal policies, the historically high levels of commercial and government debt in the United States and other major economies, and continued volatility in the US and global stock markets, financial institutions, private capital providers and asset management firms are currently facing a significant stress test.
Private Lending: Unfolding Litigation Developments and Managing Risks
With increased uncertainty in the US economy around tariffs and other federal policies, the historically high levels of commercial and government debt in the United States and other major economies, and continued volatility in the US and global stock markets, financial institutions, private capital providers and asset management firms are currently facing a significant stress test.
Private Lending: Unfolding Litigation Developments and Managing Risks
18 March 2026 US Litigation and Dispute Resolution Alert With increased uncertainty in the US economy around tariffs and other federal policies, the historically high levels of commercial and government debt in the United States and other major economies, and continued volatility in the US and global stock markets, financial institutions, private capital providers and asset management firms are currently facing a significant stress test.
Who Could Have Guessed? Multiple Sponsors File For Prediction Market Based ETFs
Thoreau Bartmann’s articles from K&L Gates LLP are most popular: in United States K&L Gates LLP are most popular: within Law Practice Management, Transport and Immigration topic(s) In the last week, multiple ETF sponsors filed for first-of-their-kind ETFs based on event contracts tied to political outcomes.
United States: Who Could Have Guessed? Multiple Sponsors File for Prediction Market Based ETFs | JD Supra
In the last week, multiple ETF sponsors filed for first-of-their-kind ETFs based on event contracts tied to political outcomes. These funds would invest in swaps referencing binary event contracts—or directly in the contracts themselves—tied to which party controls the House and Senate in 2026, and which party wins the 2028 Presidential Election.
From Gaming To Governance: An Early Primer On Rules And Risks For Prediction Platforms
Sarah V. Riddell’s articles from K&L Gates LLP are most popular: within Finance and Banking topic(s) in United States K&L Gates LLP are most popular: within Law Practice Management topic(s) Unlike traditional sportsbooks, regulated platforms operate under Commodity Exchange Act and US Commodity Futures Trade Commission (CFTC) rules for derivative products, appealing to institutional players and retail traders alike.
From Gaming to Governance: An Early Primer on Rules and Risks for Prediction Platforms | JD Supra
Unlike traditional sportsbooks, regulated platforms operate under Commodity Exchange Act and US Commodity Futures Trade Commission (CFTC) rules for derivative products, appealing to institutional players and retail traders alike. Despite the federal framework for binary options, even federally regulated platforms face legal challenges at the US state level.
Predicting The Future Of Prediction Markets
K&L Gates LLP are most popular: within Law Practice Management topic(s) Prediction markets—once a niche for political mavens and crypto enthusiasts—are gaining traction as platforms become regulated entities and gamified tools attract a broader audience. Unlike traditional sportsbooks, regulated platforms operate under Commodity Exchange Act and US Commodity Futures Trade Commission (CFTC) rules for derivative products, appealing to institutional players and retail traders alike.
From Gaming to Governance: An Early Primer on Rules and Risks for Prediction Platforms
Unlike traditional sportsbooks, regulated platforms operate under Commodity Exchange Act and US Commodity Futures Trade Commission (CFTC) rules for derivative products, appealing to institutional players and retail traders alike. Despite the federal framework for binary options, even federally regulated platforms face legal challenges at the US state level.
United States: Predicting the Future of Prediction Markets | JD Supra
Prediction markets—once a niche for political mavens and crypto enthusiasts—are gaining traction as platforms become regulated entities and gamified tools attract a broader audience. Unlike traditional sportsbooks, regulated platforms operate under Commodity Exchange Act and US Commodity Futures Trade Commission (CFTC) rules for derivative products, appealing to institutional players and retail traders alike.
Soome States Cease and Desist Letters to Registered Gambling Plat
Prediction markets—once a niche for political mavens and crypto enthusiasts—are gaining traction as platforms become regulated entities and gamified tools attract a broader audience. Unlike traditional sportsbooks, regulated platforms operate under Commodity Exchange Act and US Commodity Futures Trade Commission (CFTC) rules for derivative products, appealing to institutional players and retail traders alike.
Rewiring Trading Markets: Gamification, Social Media and Artificial Intelligence
Click to enter your existing username and password or create a new account. Click to purchase an individual user subscription with your credit card. Expert OpinionArtificial Intelligence This article discusses the transformation of financial markets driven by gamification, social media, and artificial intelligence (AI), highlighting the increased market volatility and risks associated with these developments.
DeFi protocol Uniswap and investors avoid suit for fraudulent activity on digital asset exchange | JD Supra
On August 30, 2023, in a case of first impression, the U.S. District Court for the Southern District of New York dismissed in full a putative securities class action against Uniswap Labs, a decentralized finance (“DeFi”) digital asset exchange (“DEX”), Uniswap Foundation (together with Uniswap Labs, “Uniswap”), and Uniswap’s CEO and founder, Hayden Adams, as well as three of the exchange’s venture capital investors, Andreessen Horowitz, Paradigm Operations, and Union Square Ventures.
Judge Should Toss Ex-Deutsche Bank Trader's Lawsuit, Bank Says
Deutsche Bank has filed a motion to dismiss a former trader’s $30 million wrongful prosecution lawsuit against them, claiming plaintiff Gavin Black has failed to provide evidence the German bank initiated his prosecution. Black, a former Deutsche Bank trader, sued the financial institution and others in June, alleging the bank scapegoated him and fellow former trader Matthew Connelly.
An Emerging Financial Crisis In 2023? A Primer on Old Metrics
With the failures of Silicon Valley Bank, Signature Bank and First Republic Bank, the wipe out of $17 billion in Credit Suisse additional tier 1 bonds, and the liability-driven investing crisis in the United Kingdom, all within the first half of 2023, U.S. Treasury officials and banking regulators have assured Americans that the financial system remains sound. But one seasoned investor who predicted the 2007-2008 credit and financial crisis believes that more instability is ahead.
An Emerging Financial Crisis In 2023? A Primer on Old Metrics
With the failures of Silicon Valley Bank, Signature Bank, and First Republic Bank; the wipeout of $17 billion in Credit Suisse additional tier 1 bonds; and the liability-driven investing crisis in the UK—all within the first half of 2023—U.S. Treasury officials and banking regulators have assured Americans that the financial system remains sound. But one seasoned investor who predicted the 2007-2008 credit and financial crisis believes that more instability is ahead.
Recent SEC enforcement relating to workplace misconduct | JD Supra
March 8, 2023 Todd Fishman, Julian Moore, Brigitte Sykes Allen & Overy LLP + Follow x Following x Following - Unfollow Contact To embed, copy and paste the code into your website or blog: Only a few months into the new year and the U.S. Securities and Exchange Commission (SEC) has begun to wade into new waters with enforcement efforts focused on disclosure issues without traditional links to securities violations.
SEC builds on crypto influencer enforcement with USD1.26 million settlement with Kim Kardashian | JD Supra
SEC Settlement In June 2021, Ms. Kardashian posted an ad in an Instagram story for a crypto token known as EthereumMax or EMAX. Kardashian stated that the post was not financial advice and included the disclaimer “#AD” in the post, but did not disclose any further details about her remuneration for the promotion. The SEC settlement states that Kardashian was paid USD250,000 for the post.
SEC Continues Crypto Enforcement Efforts Pursuing Influencers in USD300 Million Ponzi Scheme | JD Supra
August 24, 2022 Alexander Bussey, Todd Fishman, Eugene Ingoglia Allen & Overy LLP + Follow x Following x Following - Unfollow Contact To embed, copy and paste the code into your website or blog: The U.S. Securities Exchange Commission (SEC) has filed a lawsuit in federal court against 11 individuals, alleging securities violations related to a USD300 million crypto Ponzi scheme known as Forsage.
SEC proposes enhanced ESG disclosures with significant repercussions for private funds, private wealth advisers, and broker-dealers | JD Supra
June 15, 2022 C.
Behind the DOJ’s recent antitrust trial losses: an evolving concept of intent | JD Supra
The aggressive campaign by the U.S. Department of Justice (DOJ) Antitrust Division to reinvigorate criminal enforcement of the antitrust laws has been framed in part by whether it can achieve a measure of success in a series of indictments charging wage suppression in domestic labor markets. In April 2022, that campaign was marred by serious setbacks. In United States v.
U.S. Department of Justice Antitrust Division updates its Leniency Program | JD Supra
The U.S. Department of Justice (DOJ) recently revised its Antitrust Division Leniency Policy and Procedures and has published updated guidance in the form of FAQs. Since its formalization in 1993, the Antitrust Division’s corporate leniency policy has been a mainstay of its criminal enforcement program.
Department of Justice Antitrust Division updates its Leniency Program | JD Supra
The U.S. Department of Justice (DOJ) released revisions to its Antitrust Division Leniency Policy and Procedures as well as updated guidance in the form of Frequently Asked Questions (FAQs) on April 4, 2022. Since its formalization in 1993, the Antitrust Division’s corporate leniency policy has been a mainstay of its criminal enforcement program.
Those monitoring criminal antitrust activity now have more clarity on the Biden Administration’s approach to enforcement. But that’s no excuse to rest easy. The DOJ Antitrust Division has amplified its ‘whole-of-government’ approach by seeking cooperation from other agencies and enforcers overseas. Recent initiatives target the Covid-era collusion schemes creating supply chain disruptions.
U.S. criminal antitrust enforcement priorities take shape through inter-agency and global coordination | JD Supra
The DOJ Antitrust Division is amplifying the Biden Administration’s whole-of-government approach to antitrust enforcement by seeking cooperation from enforcers outside the U.S. On February 17, 2022, the Antitrust Division of the U.S. Department of Justice (DOJ) and Federal Bureau of Investigation (FBI) announced an initiative to combat collusive schemes designed to exploit supply chain disruptions caused by Covid-19.
Active U.S. Enforcement of Anti-Money Laundering Rules Continues Unabated
Analysis In 2019 global enforcers imposed more than $8 billion in anti-money laundering fines. Of the world’s top 50 banks, 12 were hit with fines in 2019. Four months into 2020, this trend has continued. Money Laundering/ US dollars hung out to dry In January 2020, the U.S. Department of the Treasury issued its National Strategy for Combatting Terrorist and Other Illicit Financing (2020 Strategy).
Covid-19 coronavirus: U.S. regulatory enforcement and civil litigation over ESG disclosures update | JD Supra
Updated: May 25, 2018: JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.
U.S. DOJ Antitrust Division launches Procurement Collusion Strike Force | Lexology
The U.S. Department of Justice’s Antitrust Division announced on 5 November 2019 that it has established the Procurement Collusion Strike Force (PCFS), a new task force designed to detect criminal anticompetitive behavior in government procurements.
Beyond Leniency: DOJ Antitrust Announces New Approach For Crediting Corporate Compliance Programs | JD Supra
Updated: May 25, 2018: JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.
The Rule of Reason as a Bar to Criminal Antitrust Enforcement | JD Supra
The U.S. Department of Justice Antitrust Division’s case against Kemp Associates, an heir location service firm, has focused attention on the growing role of the rule of reason in the defense of criminal antitrust prosecutions. United States v. Kemp & Assocs., No. 17-1418 (10th Cir. Oct. 31, 2018) (Kemp II).
Risk of investor claims for non-disclosure | JD Supra
?Failure to make certain disclosures required under US securities laws can result in SEC enforcement proceedings. Until recently, however, there was no appellate authority suggesting that one particular provision, Item 303 of SEC Regulation S-K, could give rise to a private right of action by investors for Item 303 violations. This article examines recent rulings, and discusses the potential areas of non-disclosure which could lead to investor action.
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