The House Appropriations Subcommittee on Financial Services and General Government held a budget hearing for the SEC. The hearing focused on the President's FY 2015 Budget Proposal for the SEC. The sole witness, SEC Chair White, discussed her request for funding and how that tied in with various SEC priorities, such as rulemaking with respect to Dodd-Frank and the JOBS Act, a review of Regulation NMS, more examinations of investment advisers and enforcement. Click here to view a summary of the hearing from Delta Strategy Group. Related news: SEC Chair White Highlights High-Frequency Trading in

The Honorable Roslynn R. Mauskopf of the United States District Court for the Eastern District of New York sentenced Fredrick D. Scott to 63 months' imprisonment for conspiracy to commit wire fraud and making a false statement to SEC staff. In September 2013, the SEC filed a civil injunctive action against Scott, alleging that he used his status as a registered investment adviser to bolster his credibility in fraudulently offering too-good-to-be-true investment opportunities. The SEC's complaint further alleged that Scott filed a false Form ADV and aided and abetted his firm's improper

SEC Chair Mary Jo White delivered a speech about the SEC Enforcement program and its use of criminal, civil and regulatory tools to enforce securities laws. Chair White explained that the SEC's cooperation and partnership with criminal authorities is essential to enforcement efforts, since there are "no more powerful tools than a criminal conviction and the prospect – and reality – of imprisonment." According to Chair White, the significant rise in criminal prosecutions of securities cases can be attributed to the SEC Enforcement staff's close work and parallel investigations with criminal

In testimony before the House Committee on Appropriations regarding the SEC's fiscal year 2015 budget, Chair Mary Jo White addressed the $1.7 billion budget request, stating that the funds would enable the SEC to accomplish several key and pressing priorities. Among these priorities, Chair White focused on the following: Bolstering examination coverage for investment advisers and other key areas within the agency's jurisdiction; Strengthening the agency's enforcement program's efforts to detect, investigate and prosecute wrongdoing; Continuing the agency's investments in the technologies

ICE Futures Europe ("IFEU"), the Tokyo Stock Exchange ("TSE") and Osaka Securities Exchange Co., Ltd ("OSE") submitted letters to notify the SEC of their intent to rely on the class no-action relief, issued by the SEC's Division of Trading and Markets, permitting non-U.S. options exchanges and their members to familiarize eligible broker-dealers and QIBs with equity and index options traded on non-U.S. options exchanges. In the class relief, the Division of Trading and Markets stated that it would not recommend enforcement action against non-U.S. options exchanges and their members that