The CFTC issued an order simultaneously filing and settling charges against IBFX, Inc., also known as Tradestation Forex, Inc. ("IBFX"), a Retail Foreign Exchange Dealer, for failing to meet the minimum net capital requirements on three separate occasions, failing to timely report one of the minimum net capital deficits, and failing to supervise its employees and agents diligently by establishing, implementing and executing an adequate supervisory structure and compliance programs. In the third instance of IBFX's failing to meet capital requirements, the CFTC found that the software installed

SIFMA submitted a comment letter to the MSRB regarding proposed amendments to MSRB Rule G-20, relating to gifts, gratuities and non-cash compensation given or permitted to be given by brokers-dealers and municipal securities dealers. The draft amendments are intended to apply Rule G-20 and the related recordkeeping requirements of MSRB Rules G-8 and G-9 to municipal advisors. According to SIFMA, the current standards set forth in MSRB Rule G-20 as they relate to dealers are strict enough to cover an entity with a fiduciary duty. SIFMA expressed concern, however, about the prohibition of

SIFMA Managing Director and Associate General Counsel, David Cohen, published an opinion piece on SIFMA's Pennsylvania + Wall blog titled, "Muni Markets: Let the Sun Shine In," where he discussed how to improve the municipal markets. According to Mr. Cohen, for investors who primarily deal in equity markets, the municipal bond market seems "opaque." He explained that regulation may be able to enhance the way municipal market functions, although there would remain material differences between the municipal securities market and the listed equities market. As to the municipal market, Mr. Cohen

The Second Circuit upheld a decision by Judge Rakoff of the Southern District of New York in the Madoff case limiting the trustee’s ability to avoid (or "claw back") transfers of assets to Madoff's customers. Applying the avoidance safe harbor contained in Section 546(e) of the Bankruptcy Code (which is incorporated into the Securities Investor Protection Act), the Second Circuit construed the term "securities contract" broadly to include the brokerage agreements entered into between Bernard L. Madoff Investment Securities LLC ("BLMIS") and its customers. The court found that the brokerage

The U.S. Senate Committee on Agriculture, Nutrition, and Forestry will hold a hearing on December 10, 2014, titled, "The Commodity Futures Trading Commission: Effective Enforcement and the Future of Derivatives Regulation." The hearing will examine the CFTC's recent activities, what resources the CFTC will need in order to continue to effectively regulate derivatives, and how the CFTC plans to complete its Dodd-Frank responsibilities. CFTC Chair Timothy Massad is scheduled to testify. See: Senate Ag Committee Press Release; CFTC Press Release.