The SEC charged Kings Canyon Joint Unified School District ("Kings Canyon") with misleading bond investors about its failure to provide contractually required financial information and notices. The case is the first to be resolved under a new SEC initiative to address materially inaccurate statements in municipal bond offering documents. The SEC found that in the course of a 2010 bond offering, Kings Canyon affirmed to investors that it had complied with its prior continuing disclosure obligations. According to the SEC, this statement was inaccurate because the school district had failed to

The Senate Banking Committee held a hearing titled "The Role of Regulation in Shaping Market Structure and Electronic Trading." Panelists discussed the regulation of high-frequency trading and offered proposals for technology improvements. Witnesses at the hearing included representatives from exchanges and other financial institutions, including Citadel LLC, Intercontinental Exchange Inc. and BATS Global Markets, Inc. In general, panelists agreed that high-frequency trading should not be banned, and that technology provides significant benefits to the equity markets. They advocated for

SIFMA, the American Bankers Association, and the Financial Services Roundtable (the "Associations") submitted a letter of support to Chairwoman Feinstein and Vice Chairman Chambliss of the Senate Intelligence Committee regarding the June 17, 2014 draft of the Cybersecurity Information Sharing Act of 2014 (the "Act"). In the letter, the Associations stated that the Act "strengthens the ability of the private sector and the Federal government to work together to develop a more effective information sharing framework to respond to cyber threats." The Associations asserted that the draft version

The MSRB announced that it will host an education and outreach seminar in Chicago on July 29, 2014. The seminar follows the July 1, 2014 implementation of the federal securities registration rule for municipal advisors. Topics to be discussed include municipal market structure issues and the development of new regulations for professionals that provide financial advice to state and local governments. The event will be held on Tuesday, July 29, 2014 from 2:00 p.m. - 5:00 p.m. CDT at the Conrad Hotel. S ee: Press Release; Seminar Agenda.Click here to register for the seminar.

The Futures Industry Association Europe ("FIA Europe") obtained two legal opinions under Capital Requirements Regulation Article 305(2)(c). The opinions enable clients of English clearing members of LCH.Clearnet Limited to "look through" their clearing member and apply a favorable two percent risk weight subject to certain conditions. The first opinion addresses the rules of LCH.Clearnet and the supporting law, while the second opinion addresses English insolvency law issues for English banks and investment firms, and certain other types of firms providing clearing member services in England