FINRA filed proposed rule changes with the SEC. The proposal would amend FINRA rules that govern temporary and permanent cease-and-desist orders. Specifically, the proposal would amend FINRA Rule Series 9100, 9200, 9300, 9550 and 9800 to: modify the evidentiary standard that must be met to impose a temporary cease-and-desist order; adopt a new expedited proceeding for addressing repeated failures to comply with temporary or permanent cease-and-desist orders; ease administrative burdens in temporary cease-and-desist proceedings; harmonize the provisions governing how documents are served in

The FINRA proposal to amend Rule 7470 was published in the Federal Register. The proposal would provide a four-year extension of FINRA's ability to exempt certain members from the recording and reporting requirements of the Order Audit Trail System ("OATS") Rules for manual orders received by those members. Although the proposal is effective immediately, comments may be submitted until July 8, 2015. See: 80 FR 34727. Related news: FINRA Proposes Amendments Regarding Exemptions from OATS Recording and Reporting Requirements (June 11, 2015).

The SEC announced that a federal jury in Massachusetts convicted an individual of criminal charges of conspiracy and securities fraud. The charges stemmed from his role in an insider trading ring that traded on information about American Superconductor Corporation. The SEC had instituted a securities fraud action on the same matter in July 2014. According to the U.S. Attorney's Office for the District of Massachusetts, the individual learned of the information through a friend who provided him with material, non-public information concerning American Superconductor's quarterly earnings and

The Futures Industry Association announced that it will host a webinar titled "Cybersecurity Threats: Preparation and Response." The webinar will include discussions from leaders of the Financial Services Information Sharing and Analysis Center and the FBI about available resources to market participants, the benefits of joining industry groups, and working with law enforcement to prevent and respond to cyberattacks. The webinar will be held on Monday June 29, 2015, at 2:30 p.m. EDT. See: Webinar Registration.

The Office of the Comptroller of the Currency ("OCC") announced that it implemented improved access to information and public comments regarding business combination corporate applications submitted by national banks and federal savings associations. The OCC Web site now allows the public to submit and view comments on business combination corporate applications on a single page that is accessible from the agency's home page or licensing page. See: OCC Press Release.