On June 3, 2021, President Biden issued Executive Order 14032 (E.O. 14032) "Addressing the Threat from Securities Investments that Finance Certain Companies of the People’s Republic of China" termed "Non-SDN Chinese Military-Industrial Complex Companies" (CMICs).   E.O. 14032 applies to trading by United States persons in the publicly traded securities of 59 Chinese companies.

Financial services law firm Murphy & McGonigle continues the momentum of its Banking & Financial Services Practice with the addition of Lisa Weingarten Richards, an 11-year veteran of the Office of the Comptroller of the Currency (OCC). Ms. Richards, who joins as a partner in Washington, DC, previously served as a Senior Attorney in the Chief Counsel’s Office of the OCC.

Joseph Facciponti of the Firm’s Cybersecurity, Cybercrime, & Incident Response Practice will serve as Moderator on a highly topical June 10 Webinar hosted by SIFMA, "Privacy & Data Security in Return to Office and Remote Work" (12 – 1 pm EDT).

Financial Services law firm Murphy & McGonigle has once again been recognized for excellence in the 2021 Chambers USA Guide to America’s Leading Lawyers. Chambers USA ranks the firm in Band 3, one of the top 6 firms practicing in this area, in Financial Services Regulation: Broker-Dealer (Compliance & Enforcement). Murphy & McGonigle is the only boutique law firm of the six recognized in bands 1-3.

This Update reports on a recent development concerning Executive Order 13959 addressing transactions in the securities of companies designated as Communist Chinese military companies ("CCMC"). 

In early May 2021, the World Federation of Exchanges ("WFE"), along with the United Nations Sustainable Stock Exchanges Initiative ("SSE"), and the International Swap Dealers Association ("ISDA") took significant steps towards incorporating sustainability in derivatives. 

Press reports show that the Biden Administration is considering changes to the implementation of Executive Order 13959 in light of court challenges by two companies that were designated as "Communist Chinese military companies" ("CCMC"s) under the authority of that Executive Order.