The SEC and CFTC charged two investment advisers and their portfolio managers with making material misrepresentations to investors as to worst-case losses, risk management and the advisers' risk profile of the portfolios they managed.

FINRA proposed amendments to the Supplemental Inventory Schedule under FOCUS Report requirements. Under the proposal, members that file FOCUS Report Part II (containing annual audit reports) would not be required to file the supplementary schedule.

OFAC clarified that the prohibitions in an Executive Order addressing the threat from securities investments that finance Communist Chinese military companies do not apply to Xiaomi Corporation.

OFAC issued Burma Sanctions Regulations to implement an Executive Order which authorizes the Treasury Secretary, in consultation with the Secretary of State, to impose blocking sanctions on foreign persons operating in Burma's defense sector.

Happy Memorial Day from the Cabinet!