The SEC adopted new requirements for credit rating agencies to "enhance governance, protect against conflicts of interest, and increase transparency to improve the quality of credit ratings and increase credit rating agency accountability." The new rules and amendments, which implement 14 rulemaking requirements under Dodd-Frank, apply to credit rating agencies registered with the SEC as nationally recognized statistical rating organizations ("NRSROs"). The new requirements for NRSROs address: internal controls; conflicts of interest; the disclosure of credit rating performance statistics

The SEC granted an exemption from Rule 102(a) of Regulation M ("Activities by Issuers and Selling Security Holders during a Distribution") to Jones Lang LaSalle Income Property Trust in connection with conducting a tender offer for its Class M shares. See: SEC Order Granting Exemption.

The CFTC issued an order simultaneously filing and settling charges against financial services company FirstRand Bank, Ltd. ("FirstRand") for executing unlawful prearranged and noncompetitive trades on the Chicago Board of Trade ("CBOT"). The order states that, from June 2009 to August 2011, FirstRand and another non-U.S. firm colluded to engage in noncompetitive trades involving corn and soybean futures contracts. Before these trades were entered on CBOT, the two firms called one another to confer upon the contract, quantity, price, direction and timing of the trades. According to the CFTC

The SEC named James Schnurr as its chief accountant. Mr. Schnurr will begin his new post in October and will replace Paul A. Beswick, who has served as the SEC's Chief Accountant since 2012. See: SEC Press Release.

The SEC charged a director of market intelligence at an investor relations firm with insider trading. The allegations concern trading on information contained in unpublished news announcements of over a dozen of the firm's clients. According to the SEC complaint, forensic analysis of the director's work computers revealed that he had repeatedly accessed the clients' draft press releases prior to public announcements, routinely purchased stock or call options in advance of favorable news, and sold short or bought put options ahead of unfavorable news. See: SEC Complaint; SEC Press Release