SEC Commissioner Kara M. Stein delivered remarks at the "Live from the SEC" Conference, discussing the global perspective of capital formation, crowdfunding, and the Global Legal Entity Identifier ("LEI") initiative. Commissioner Stein explained that capital formation opportunities come in all "shapes and sizes" and encouraged the SEC to "construct a sensible and well-integrated path in which each step provides strong footing for the next." She stated her concern that the "patchwork quilt" of rules and exemptions has become overly complex and exposes investors to a range of risks. Commissioner

The SEC approved FINRA-proposed amendments to its manual under "The Code of Arbitration Procedure for Customer Disputes" and "The Code of Arbitration Procedure for Industry Disputes," which jointly govern the payments that FINRA makes to its arbitrators for the services they provide to FINRA's dispute resolution forum, and the fees assessed to the parties for arbitration proceedings. The new amendments increase the honoraria arbitrators receive for participating in hearing sessions, serving as a chairperson, deciding contested subpoena motions, and deciding simplified arbitration cases. To

The SEC, in partnership with the U.S. Small Business Administration ("SBA"), announced the agencies will jointly host an event on November 19, 2014, to highlight additional ways that small businesses may seek to raise funds under current and proposed SEC rules. Representatives from the SEC's Office of Small Business Policy in the Division of Corporation Finance, the Office of Investor Education and Advocacy, and the Office of Minority and Women Inclusion will co-host the event with the SBA's Office of Investment and Innovation and the SBA's Office of Entrepreneurial Development. The event will

In the latest installment of the Energy Metro Desk series "Drums along the Potomac," editor-in-chief John Sodergreen reported on the recent CFTC open meeting which resulted in "modest" proposals to CFTC rules. During the open meeting, the CFTC proposed "policy tweaks" to various Dodd-Frank rules that Mr. Sodergreen called "burdensome." The rule proposals involved the residual interest deadline and recordkeeping relating to commodity interest and related cash or forward transactions. An additional item was the treatment of forward contracts with volumetric optionality, which the CFTC proposed

FINRA issued a Regulatory Notice requesting comment on a proposal to establish three "pay-to-play" rules. The proposed rules, which "respond" to Advisers Act Rule 206(4)-5 ("Political Contributions by Certain Investment Advisers"), would regulate the activities of member firms that engage in distribution or solicitation activities for compensation with government entities. Specifically the proposed rule affects investment advisers that "provide or are seeking to provide investment advisory services to such government entities within two years after a contribution to an official of the