FINRA filed with the SEC a proposed rule change to adopt current NASD Rule 2440 and Interpretive Material ("IM") 2440-1 and IM-2440-2 as FINRA Rule 2121 ("Fair Prices and Commissions") and Supplementary Material .01 and .02 (relating to mark-ups), without making any substantive changes to the rules. FINRA also proposed to update references and cross-references within the Supplementary Material and other FINRA rules accordingly. See: Text of Proposed Rule Change.

SEC Commissioner Daniel Gallagher delivered remarks at the Annual Rocky Mountain Securities Conference, focusing on enforcement issues and the need to eliminate repeat offenders. Commissioner Gallagher stated that the SEC has been struggling for decades to find the best approach to root out recidivist misconduct. He referenced a report released 20 years ago called the "Large Firm Project," which reviewed the hiring, retention, and supervisory practices of nine of the country's largest broker-dealers. According to Commissioner Gallagher, the problems identified in this report, such as

The CFTC approved the application of ICAP Global Derivatives Limited ("IGDL") for temporary registration as a swap execution facility ("SEF"). IGDL is a private limited company registered in the United Kingdom and is a wholly-owned subsidiary of ICAP Holdings Limited. See: CFTC Letter of Approval.

At a conference sponsored by the Council of Institutional Investors, SEC Commissioner Kara Stein spoke about ways in which the SEC can make the markets more efficient by better informing and empowering investors. Commissioner Stein stated that federal securities laws are based on the premise that an informed investor is the key to robust and efficient markets, noting that evaluating disclosure requirements is one area where the SEC needs to reexamine its current practices. In doing so, she stated, the SEC should not focus on removing redundancies and outdated disclosures. Instead, it should

The Second Circuit Court of Appeals ruled that plaintiffs cannot assert securities laws claims for foreign-issued shares purchased on a foreign exchange, even if the shares are cross-listed on a U.S. exchange or the "buy order" was placed within the United States. In Morrison v. National Australia Bank Ltd., 561 U.S. 247 (2010), the Supreme Court held that the anti-fraud provisions of Exchange Act Section 10(b) ("Manipulative and Deceptive Devices") and Exchange Act Rule 10b-5 ("Employment of Manipulative and Deceptive Devices") cannot reach purchases of foreign-issued securities by foreign