The Directors Registration and Licensing Law, 2014 ("the Law") was published in the Cayman Islands Gazette of The Directors Registration and Licensing Regulations and is now effective and in force. The Law provides that those persons acting as directors of a covered entity must register with, or obtain a license from, the Cayman Islands Monetary Authority. For purposes of the Law, a "covered entity" means a mutual fund regulated under the Mutual Funds Law and certain "Excluded Persons" under the Securities Investment Business Law. Three classes of directors will be regulated: (i) "registered

SEC Commissioner Daniel Gallagher discussed the SEC's corporate disclosure requirements, focusing on the extent to which those requirements have been misdirected to purposes other than providing benefits to investors. Commissioner Gallagher stated that the SEC is imposing too many frivolous reporting requirements, and that these requirements impede economic recovery. He asserted that the "increasing encroachment" of congressionally mandated governance-related disclosure requirements distracts the SEC from its core purpose of requiring material information that is considered significant by the

SEC Chair Mary Jo White delivered significant remarks concerning SEC initiatives on equity market structure. Her speech covered important subjects including algorithmic trading, exchange fees, and a possible review of the authority of the securities exchanges as self-regulatory organizations. Chair White stated that, despite rumors about the current market structure being fundamentally broken or rigged, empirical evidence shows that investors are doing better in today's technology-dominated marketplace than they did in the older manual markets. However, she conceded, potential additional

Timothy Massad was officially sworn in to serve as the Chairman of the CFTC. Mr. Massad will assume his responsibilities immediately. Mr. Massad joined the CFTC after serving as the Assistant Secretary for Financial Stability at the U.S. Treasury Department ("Treasury"). In that capacity, Mr. Massad oversaw the Troubled Asset Relief Program - the principal U.S. governmental response to the 2008 financial crisis - which was designed to help stabilize the economy and provide help to homeowners. Prior to joining the Treasury, Mr. Massad served as a legal advisor to the Congressional Oversight

The SEC obtained a final judgement against Capital Management Associates ("CMA") and its owners for conducting a "cherry-picking" scheme. The complaint found that the owners of CMA placed millions of dollars in securities trades without designating in advance whether they were trading personal funds or client funds, delaying the allocation of the trades so that they could cherry-pick winning trades for their personal accounts and dump losing trades on clients. See: Litigation Release.