The SEC announced charges against market access provider Wedbush Securities Inc. and two officials for violating the SEC's market access rule that requires firms to have adequate risk controls in place before providing customers with access to the market. The SEC's order alleges that Wedbush, which has consistently ranked as one of the five largest firms by trading volume on NASDAQ, failed to maintain direct and exclusive control over settings in trading platforms used by its customers to send orders to the markets, as required bySEC Rule 15c3-5("Risk Management Controls for Brokers or Dealers

The SEC Office of Investor Education and Advocacy issued an Investor Bulletin to help educate investors about bank sweep programs, which some broker-dealers offer to their customers as a way to manage cash in their brokerage accounts. The Investor Bulletin explains what bank sweep programs are, describes some potential associated risks, and suggests questions to ask broker-dealers in order to determine the best ways to manage cash in a brokerage account. See: SEC Investor Bulletin: Bank Sweep Programs.

The National Futures Association ("NFA") announced changes to CPO Form PQR and CTA Form PR based on feedback received from CPO/CTA Members. The changes, according to the NFA, are intended to simplify and make less burdensome the Forms' questions relating to the NFA's request for information relating to any funds under management allocated to futures and swaps. A few questions have been deleted and more help with certain questions has been provided. The changes will become effective on June 30, 2014, with updated Forms available on the Easy File System on the first week of July 2014. See: NFA

The Municipal Securities Rulemaking Board ("MSRB") requested approval from the SEC of a proposal to amend MSRB Rule G-3(a) ("Classification of Principals and Representatives; Numerical Requirements; Testing; Continuing Education Requirements"), Rule G-7 ("Information Concerning Associated Persons"), and Rule G-27 ("Supervision"). The amendments to Rule G-3(a), which will also affect Rules G-7 and G-27, include: limiting the scope of permitted activities for a limited representative – investment company and variable contracts products to sales to, and purchases from, customers of municipal fund

The Board of Governors of the Federal Reserve System ("FRB") announced the appointment of Eric S. Belsky as Director of the Division of Consumer and Community Affairs. Dr. Belsky, who currently serves as Managing Director of the Joint Center for Housing Studies of Harvard University, will succeed Sandra F. Braunstein. He is expected to start at the FRB in August. See: FRB Press Release.