The SEC announced that the former chief operating officer at Harbinger Capital Partners LLC ("Harbinger") agreed to settle charges that he assisted Harbinger and its owner in a scheme to misappropriate money from a hedge fund they managed in order to pay Harbinger's owner's personal taxes. See: SEC Press Release.

Subject to certain conditions, the SEC granted exemptions from Exchange Act Rule 10b-17 ("Untimely Announcements of Record Dates") and Rules 101 and 102 of Regulation M to First Trust Dorsey Wright International Focus 5 ETF (the "Fund"), which is an "ETF of ETFs." The SEC stated that the Fund is a registered open-end management company that will redeem "Creation Units" of the Fund continuously at net asset value ("NAV"), that there will be a close alignment between the market price of shares issued by the Fund and the Fund's NAV, and that information regarding pending distributions will be

On its Web site, the MSRB announced the creation of an online education center that consolidates videos, fact sheets and a library of educational resources previously available elsewhere on the MSRB Web site and the Electronic Municipal Market Access Web site. The new online education center covers the following topics: the features and risks of municipal securities; the life cycle of a municipal bond; 529 college savings plans; preparing to invest in bonds; buying and selling municipal bonds; monitoring municipal securities; the process of issuing municipal securities; and issuer disclosure

The Federal Deposit Insurance Corporation ("FDIC") issued a financial institution letter ( FIL 41-2014) clarifying its supervisory approach to institutions establishing account relationships with third-party payment processors ("TPPPs"). See: Financial Institution Letter: FIL 41-2014.

The CFTC issued no-action relief to an entity and its affiliates for their roles as CPOs and/or CTAs of "volumetric product payment vehicles." According to the letter, these "vehicles" issued debt or debt-like instruments and used swaps to hedge commodity market risk and interest rate exposure. According to the CFTC, because of the inclusion of swaps as a commodity interest within the definition of a commodity pool under CEA Section 1a(10), such vehicles may be classified as commodity pools; however, their operators and advisors are not required to register given the limited purpose for which