April 17, 2014
SEC Office of Compliance Inspections and Examinations Issues Cybersecurity Preparedness Risk Alert
On April 15, 2014 the U.S. Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert providing additional information concerning its initiative to assess cybersecurity preparedness in the securities industry.
November 21, 2013
SEC FINES KNIGHT CAPITAL $12 MILLION IN FIRST EVER MARKET ACCESS RULE ENFORCEMENT ACTION
On October 16, 2013, the SEC agreed to a settlement with Knight Capital Americas LLC (“Knight”) after charging Knight with violating Exchange Act Rule 15c3-5 (the “Rule”) for failing to adequately manage the risks connected with market access. As part of the settlement, Knight was censured and agreed to pay…
October 25, 2013
SEC and FINRA Issue Proposed Rules on Crowdfunding
On October 23, 2013, the SEC in an Open Meeting issued proposed regulations enabling crowdfunding under Title III of the JOBS Act. The new regulation is called Regulation Crowdfunding and if finalized will create rules under the 33 Act and the 34 Act that we enable small businesses to raise capital with an exemption from registration of their securities.
August 23, 2013
NASDAQ TRADING HALT
At about 12:15 p.m. on August 22, 2013, the NASDAQ announced a trading halt on all shares listed on the NASDAQ. Follow this link to read the statement issued by the SEC Chair. We are sure that there will be more information coming out in the days…
July 10, 2013
FINRA July Rulemaking Meeting
On July 10, 2013, FINRA Board of Governors will meet to consider the following items: ATS Reporting and Transparency—a proposal to require alternative trading systems to report aggregate transaction volume to FINRA and to use unique market participant identifiers; Broker-Check— a proposal to have non-FINRA member firms and their registered…
June 3, 2013
Robert E. Rice New Chief Counsel to SEC Chair
SEC Chair Mary Jo White announced on June 3, 2013, that she has appointed Robert E. Rice as her Chief Counsel.
May 29, 2013
FINRA Will Have Surveillance Oversight of More than 90% of U.S. Equities Trading
Direct Edge announced that it has agreed to have FINRA provide market surveillance services to Direct Edge’s two licensed stock exchanges. It is believed the arrangement should go into operation in the fourth quarter of 2013.
May 29, 2013
New SEC Commissioners Nominated
On May 21, 2013 President Obama nominated two senior senate aides to the SEC. If approved, Kara M. Stein, an aide to Jack Reed (D-RI) will replace Elisse B. Walter and Troy A. Piwowar, chief Republican economist on the Senate Banking Committee will replace Troy A. Paredes.
May 3, 2013
Changes at the SEC
On May 1, the SEC announced that Carlo V. Di Florio, Director of the National Exam Program was stepping down and that Andrew Bowden was named as his successor. http://www.sec.gov/news/press/2013/2013-80.htm…
February 27, 2013
FINRA 2013 Examination Priorities
On January 11, 2013, FINRA released its 2013 examination priorities letter. The letter identifies four primary categories as the focus of FINRA’s upcoming examinations and enforcement efforts – Business Conduct and Sales Practice Priorities, Insider Trading, Financial and Operational Priorities, and Market Regulation Priorities. Within…